Sumo Logic (NASDAQ:SUMO) Stock Price Up 4.7%

Sumo Logic, Inc. (NASDAQ:SUMO – Get Rating)’s stock price rose 4.7% on Monday . The company traded as high as $11.60 and last traded at $11.56. Approximately 5,583 shares changed hands during trading, a decline of 99% from the average daily volume of 1,011,325 shares. The stock had previously closed at $11.04.

SUMO has been the subject of a number of recent research reports. Jefferies Financial Group decreased their price target on shares of Sumo Logic from $16.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, January 6th. Morgan Stanley cut their price objective on shares of Sumo Logic from $20.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 23rd. Piper Sandler cut their price objective on shares of Sumo Logic from $15.00 to $12.50 and set a “neutral” rating for the company in a research report on Wednesday, March 9th. Berenberg Bank downgraded shares of Sumo Logic from a “buy” rating to a “hold” rating and set a $16.00 price objective for the company. in a research report on Friday, December 10th. Finally, Royal Bank of Canada cut their price objective on shares of Sumo Logic from $19.00 to $17.00 and set an “outperform” rating for the company in a research report on Wednesday, March 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $17.31.

The stock’s fifty day moving average price is $11.39 and its 200-day moving average price is $14.26. The firm has a market cap of $1.34 billion, a PE ratio of -10.32 and a beta of 2.51.

Sumo Logic (NASDAQ:SUMO – Get Rating) last announced its quarterly earnings results on Tuesday, March 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.03. The business had revenue of $67.05 million during the quarter, compared to the consensus estimate of $64.33 million. Sumo Logic had a negative net margin of 50.95% and a negative return on equity of 24.66%. The business’s revenue was up 23.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.19) EPS. On average, analysts predict that Sumo Logic, Inc. will post -1.17 earnings per share for the current year.

In related news, CEO Ramin Sayar sold 3,800 shares of the stock in a transaction dated Thursday, January 20th. The shares were sold at an average price of $11.65, for a total value of $44,270.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Christian Beedgen sold 5,778 shares of the stock in a transaction dated Thursday, March 17th. The shares were sold at an average price of $10.27, for a total transaction of $59,340.06. The disclosure for this sale can be found here. Company insiders own 9.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. grew its stake in Sumo Logic by 11.7% in the 4th quarter. BlackRock Inc. now owns 6,225,852 shares of the company’s stock valued at $84,423,000 after acquiring an additional 653,842 shares during the last quarter. Vident Investment Advisory LLC boosted its stake in shares of Sumo Logic by 439.3% during the 4th quarter. Vident Investment Advisory LLC now owns 91,020 shares of the company’s stock worth $1,234,000 after purchasing an additional 74,143 shares during the last quarter. Weiss Multi Strategy Advisers LLC acquired a new stake in shares of Sumo Logic during the 4th quarter worth about $2,170,000. Cross Creek Advisors LLC acquired a new stake in shares of Sumo Logic during the 4th quarter worth about $15,968,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Sumo Logic by 4.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 45,375 shares of the company’s stock worth $615,000 after purchasing an additional 2,093 shares during the last quarter. 71.37% of the stock is currently owned by hedge funds and other institutional investors.

Sumo Logic Company Profile (NASDAQ:SUMO)

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. Its platform enables organizations to automate the collection, ingestion, and analysis of application, infrastructure, security, and IoT data to derive actionable insights.

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