Sumo Logic, Inc. (NASDAQ:SUMO – Get Rating) CMO Suku Krishnaraj Chettiar sold 15,677 shares of the business's stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $8.57, for a total value of $134,351.89. Following the sale, the chief marketing officer now directly owns 369,805 shares in the company, valued at $3,169,228.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Sumo Logic Stock Performance
Shares of NASDAQ SUMO opened at $8.16 on Friday. The business's 50-day moving average price is $8.07 and its two-hundred day moving average price is $8.86. Sumo Logic, Inc. has a one year low of $6.57 and a one year high of $18.88.
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Sumo Logic (NASDAQ:SUMO – Get Rating) last issued its earnings results on Thursday, August 25th. The company reported ($0.10) EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.04. Sumo Logic had a negative return on equity of 28.29% and a negative net margin of 49.82%. The firm had revenue of $74.10 million for the quarter, compared to the consensus estimate of $71.55 million. During the same quarter in the previous year, the company posted ($0.24) earnings per share. The business's quarterly revenue was up 26.0% compared to the same quarter last year. On average, sell-side analysts predict that Sumo Logic, Inc. will post -1.22 EPS for the current year.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on the company. Morgan Stanley boosted their target price on Sumo Logic from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research report on Friday, August 26th. Piper Sandler dropped their price target on Sumo Logic from $10.00 to $8.00 in a research report on Wednesday, July 13th. Cowen dropped their price target on Sumo Logic to $13.00 in a research report on Friday, May 27th. Royal Bank of Canada dropped their price target on Sumo Logic from $17.00 to $14.00 in a research report on Monday, May 23rd. Finally, Jefferies Financial Group dropped their price target on Sumo Logic from $12.00 to $8.50 in a research report on Monday, May 23rd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $13.07.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Sumo Logic by 4.7% in the first quarter. Vanguard Group Inc. now owns 8,931,782 shares of the company's stock valued at $104,234,000 after purchasing an additional 397,968 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Sumo Logic by 1.4% during the 1st quarter. BlackRock Inc. now owns 6,312,734 shares of the company's stock worth $73,670,000 after acquiring an additional 86,882 shares in the last quarter. Artemis Investment Management LLP boosted its stake in shares of Sumo Logic by 10.0% during the 1st quarter. Artemis Investment Management LLP now owns 5,433,946 shares of the company's stock worth $63,296,000 after acquiring an additional 492,080 shares in the last quarter. Brown Advisory Inc. boosted its stake in shares of Sumo Logic by 0.9% during the 2nd quarter. Brown Advisory Inc. now owns 3,223,206 shares of the company's stock worth $24,142,000 after acquiring an additional 28,470 shares in the last quarter. Finally, ETF Managers Group LLC boosted its stake in shares of Sumo Logic by 29.4% during the 4th quarter. ETF Managers Group LLC now owns 3,104,045 shares of the company's stock worth $43,177,000 after acquiring an additional 705,212 shares in the last quarter. Hedge funds and other institutional investors own 72.04% of the company's stock.
About Sumo Logic
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Sumo Logic, Inc provides cloud-native software-as-a-service platform that enables organizations to address the challenges and opportunities presented by digital transformation, modern applications, and cloud computing worldwide. It offers Continuous Intelligence Platform, a cloud-native, multi-tenant, and secure service that leverages to enable reliability and security of cloud applications and workloads.
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