Sumo Logic, Inc. (NASDAQ:SUMO – Get Rating) has received a consensus recommendation of "Hold" from the seven research firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $13.07.
A number of research firms have commented on SUMO. Piper Sandler lowered their price target on Sumo Logic from $10.00 to $8.00 in a research report on Wednesday, July 13th. Jefferies Financial Group lowered their price target on Sumo Logic from $12.00 to $8.50 in a research report on Monday, May 23rd. Royal Bank of Canada lowered their price target on Sumo Logic from $17.00 to $14.00 in a research report on Monday, May 23rd. Cowen lowered their price target on Sumo Logic to $13.00 in a research report on Friday, May 27th. Finally, Morgan Stanley upped their price target on Sumo Logic from $10.00 to $11.00 and gave the company an "equal weight" rating in a research report on Friday, August 26th.
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Insiders Place Their Bets
In other Sumo Logic news, General Counsel Katherine Haar sold 3,500 shares of the company's stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $8.92, for a total transaction of $31,220.00. Following the transaction, the general counsel now owns 217,412 shares in the company, valued at approximately $1,939,315.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Ramin Sayar sold 41,496 shares of the company's stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $7.66, for a total value of $317,859.36. Following the sale, the chief executive officer now owns 854,836 shares in the company, valued at approximately $6,548,043.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Katherine Haar sold 3,500 shares of the company's stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $8.92, for a total value of $31,220.00. Following the completion of the sale, the general counsel now owns 217,412 shares in the company, valued at approximately $1,939,315.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,851 shares of company stock worth $768,512. Company insiders own 7.50% of the company's stock.
Institutional Trading of Sumo Logic
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Aaron Wealth Advisors LLC purchased a new stake in Sumo Logic during the 1st quarter valued at $242,000. Quantbot Technologies LP purchased a new stake in Sumo Logic during the 2nd quarter valued at $38,000. US Bancorp DE boosted its stake in Sumo Logic by 32.0% during the 1st quarter. US Bancorp DE now owns 7,741 shares of the company's stock valued at $90,000 after purchasing an additional 1,875 shares during the last quarter. Pinnacle Wealth Planning Services Inc. purchased a new stake in Sumo Logic during the 2nd quarter valued at $76,000. Finally, Walleye Capital LLC purchased a new stake in Sumo Logic during the 2nd quarter valued at $76,000. Hedge funds and other institutional investors own 72.04% of the company's stock.
Sumo Logic Price Performance
NASDAQ SUMO opened at $8.16 on Monday. Sumo Logic has a 1-year low of $6.57 and a 1-year high of $18.88. The stock has a 50-day moving average of $8.07 and a 200-day moving average of $8.82.
Sumo Logic (NASDAQ:SUMO – Get Rating) last released its earnings results on Thursday, August 25th. The company reported ($0.10) earnings per share 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 company had revenue of $74.10 million during the quarter, compared to analyst estimates of $71.55 million. During the same quarter in the previous year, the company posted ($0.24) EPS. Sumo Logic's revenue for the quarter was up 26.0% on a year-over-year basis. As a group, equities research analysts forecast that Sumo Logic will post -1.22 earnings per share for the current year.
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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