Sumo Logic, Inc. (NASDAQ:SUMO – Get Rating) Director Christian Beedgen sold 6,627 shares of the company's stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $8.80, for a total transaction of $58,317.60. Following the completion of the transaction, the director now owns 2,246,523 shares in the company, valued at approximately $19,769,402.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Sumo Logic Stock Performance
Shares of SUMO opened at $8.02 on Tuesday. The stock's 50-day simple moving average is $8.08 and its 200 day simple moving average is $8.79. The stock has a market capitalization of $950.75 million, a price-to-earnings ratio of -6.74 and a beta of 1.28. Sumo Logic, Inc. has a 52-week low of $6.57 and a 52-week high of $17.90.
Get Sumo Logic alerts:Sumo Logic (NASDAQ:SUMO – Get Rating) last released its quarterly 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 business had revenue of $74.10 million for the quarter, compared to the consensus estimate of $71.55 million. During the same quarter last year, the business posted ($0.24) earnings per share. The company's revenue for the quarter was up 26.0% on a year-over-year basis. On average, research analysts forecast that Sumo Logic, Inc. will post -1.22 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of brokerages have weighed in on SUMO. Piper Sandler reduced their price target on shares of Sumo Logic from $10.00 to $8.00 in a report on Wednesday, July 13th. Royal Bank of Canada reduced their price target on shares of Sumo Logic from $17.00 to $14.00 in a research report on Monday, May 23rd. Jefferies Financial Group dropped their price objective on Sumo Logic from $12.00 to $8.50 in a report on Monday, May 23rd. Cowen decreased their target price on Sumo Logic to $13.00 in a research report on Friday, May 27th. Finally, Morgan Stanley boosted their price objective 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. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $13.07.Hedge Funds Weigh In On Sumo Logic
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Aaron Wealth Advisors LLC bought a new stake in shares of Sumo Logic during the 1st quarter valued at $242,000. Quantbot Technologies LP bought a new position in shares of Sumo Logic during the second quarter valued at $38,000. US Bancorp DE boosted its holdings in shares of 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 acquiring an additional 1,875 shares during the last quarter. Pinnacle Wealth Planning Services Inc. bought a new position in shares of Sumo Logic during the 2nd quarter valued at $76,000. Finally, Walleye Capital LLC purchased a new position in Sumo Logic in the second quarter worth about $76,000. 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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