Sumo Logic, Inc. (NASDAQ:SUMO) has earned a consensus recommendation of "Hold" from the eleven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $25.29.
SUMO has been the subject of several recent analyst reports. Rosenblatt Securities lowered their target price on Sumo Logic from $44.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, June 4th. Piper Sandler lowered Sumo Logic from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $24.00 to $20.00 in a research note on Friday, September 10th. Zacks Investment Research lowered Sumo Logic from a "buy" rating to a "hold" rating in a research report on Friday, September 17th. BTIG Research downgraded shares of Sumo Logic from a "buy" rating to a "neutral" rating in a research report on Friday, September 10th. Finally, Royal Bank of Canada dropped their price target on shares of Sumo Logic from $30.00 to $25.00 and set an "outperform" rating for the company in a research note on Friday, June 4th.
In other Sumo Logic news, CRO Steven D. Fitz sold 3,069 shares of the firm's stock in a transaction on Wednesday, July 7th. The stock was sold at an average price of $22.00, for a total value of $67,518.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Christian Beedgen sold 28,000 shares of Sumo Logic stock in a transaction dated Wednesday, July 21st. The shares were sold at an average price of $20.88, for a total transaction of $584,640.00. The disclosure for this sale can be found here. Insiders have sold 142,549 shares of company stock worth $2,737,372 over the last three months. 9.40% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. Newbridge Financial Services Group Inc. raised its position in shares of Sumo Logic by 9.9% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,080 shares of the company's stock worth $229,000 after buying an additional 1,000 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake in shares of Sumo Logic by 237.0% during the second quarter. Parametric Portfolio Associates LLC now owns 61,736 shares of the company's stock valued at $1,275,000 after acquiring an additional 43,415 shares during the period. Walleye Capital LLC bought a new stake in Sumo Logic during the second quarter worth approximately $1,051,000. Invesco Ltd. acquired a new stake in Sumo Logic in the second quarter worth approximately $483,000. Finally, Metropolitan Life Insurance Co NY bought a new position in Sumo Logic during the 2nd quarter valued at $488,000. 69.73% of the stock is currently owned by institutional investors.
NASDAQ SUMO opened at $17.09 on Monday. Sumo Logic has a fifty-two week low of $15.80 and a fifty-two week high of $46.37. The business has a 50 day moving average price of $19.92 and a two-hundred day moving average price of $19.71. The stock has a market cap of $1.89 billion and a PE ratio of -14.36.
Sumo Logic (NASDAQ:SUMO) last posted its earnings results on Wednesday, September 8th. The company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.14) by $0.03. The business had revenue of $58.80 million for the quarter, compared to analysts' expectations of $56.68 million. Sumo Logic had a negative net margin of 47.23% and a negative return on equity of 21.03%. Sumo Logic's revenue was up 19.0% on a year-over-year basis. Equities analysts anticipate that Sumo Logic will post -1.04 EPS for the current fiscal year.
About Sumo Logic
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.
Featured Article: What is a management fee?
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Before you consider Sumo Logic, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Sumo Logic wasn't on the list.
While Sumo Logic currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The 5 Stocks Here