Sumo Logic, Inc. (NASDAQ:SUMO) Receives Consensus Recommendation of “Hold” from Analysts

Sumo Logic, Inc. (NASDAQ:SUMOGet Rating) has received a consensus rating of “Hold” from the eight ratings firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $15.92.

Several analysts have commented on the company. Piper Sandler reduced their price objective on Sumo Logic from $15.00 to $12.50 and set a “neutral” rating for the company in a research note on Wednesday, March 9th. Zacks Investment Research downgraded Sumo Logic from a “hold” rating to a “sell” rating in a research note on Saturday, March 12th. Royal Bank of Canada reduced their price objective on Sumo Logic from $19.00 to $17.00 and set an “outperform” rating for the company in a research note on Wednesday, March 9th. Jefferies Financial Group cut their target price on Sumo Logic from $16.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, January 6th. Finally, Morgan Stanley cut their target price on Sumo Logic from $20.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 23rd.

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

Large investors have recently made changes to their positions in the business. Sanders Morris Harris LLC boosted its holdings in shares of Sumo Logic by 52.5% during the first quarter. Sanders Morris Harris LLC now owns 262,328 shares of the company’s stock worth $3,061,000 after purchasing an additional 90,347 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Sumo Logic by 11.7% during the fourth quarter. BlackRock Inc. now owns 6,225,852 shares of the company’s stock worth $84,423,000 after purchasing an additional 653,842 shares during the last quarter. Vident Investment Advisory LLC boosted its holdings in shares of Sumo Logic by 439.3% during the fourth 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 fourth quarter worth $2,170,000. Finally, Cross Creek Advisors LLC acquired a new stake in shares of Sumo Logic during the fourth quarter worth $15,968,000. Hedge funds and other institutional investors own 71.37% of the company’s stock.

SUMO opened at $10.66 on Friday. The business has a 50 day moving average price of $11.35 and a two-hundred day moving average price of $13.43. The company has a market cap of $1.22 billion, a PE ratio of -9.35 and a beta of 2.47. Sumo Logic has a 52 week low of $8.86 and a 52 week high of $23.48.

Sumo Logic (NASDAQ:SUMOGet Rating) last posted its quarterly earnings data on Tuesday, March 8th. The company reported ($0.27) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.03. The firm had revenue of $67.05 million during the quarter, compared to the consensus estimate of $64.33 million. Sumo Logic had a negative return on equity of 24.66% and a negative net margin of 50.95%. The firm’s revenue was up 23.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.19) EPS. Analysts predict that Sumo Logic will post -1.17 earnings per share for the current fiscal year.

About Sumo Logic (Get Rating)

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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Analyst Recommendations for Sumo Logic (NASDAQ:SUMO)

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