M&T Bank Corp Has $268,000 Stock Position in Sumo Logic, Inc. (NASDAQ:SUMO)

M&T Bank Corp increased its stake in Sumo Logic, Inc. (NASDAQ:SUMOGet Rating) by 100.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,832 shares of the company’s stock after acquiring an additional 17,916 shares during the quarter. M&T Bank Corp’s holdings in Sumo Logic were worth $268,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SUMO. Pinnacle Wealth Planning Services Inc. acquired a new position in shares of Sumo Logic in the second quarter worth approximately $76,000. US Bancorp DE increased its holdings in Sumo Logic by 32.0% in the first quarter. US Bancorp DE now owns 7,741 shares of the company’s stock worth $90,000 after purchasing an additional 1,875 shares in the last quarter. XTX Topco Ltd bought a new stake in Sumo Logic in the first quarter worth approximately $129,000. Handelsbanken Fonder AB increased its holdings in Sumo Logic by 10.9% in the second quarter. Handelsbanken Fonder AB now owns 17,300 shares of the company’s stock worth $130,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Circle Wealth Management LLC bought a new stake in Sumo Logic in the first quarter worth approximately $131,000. 72.04% of the stock is owned by institutional investors and hedge funds.

Sumo Logic Stock Up 4.5 %

NASDAQ SUMO opened at $8.21 on Wednesday. The company has a market cap of $973.27 million, a price-to-earnings ratio of -6.90 and a beta of 1.23. Sumo Logic, Inc. has a 52 week low of $6.43 and a 52 week high of $16.44. The business has a 50 day moving average price of $7.59 and a 200-day moving average price of $7.84.

Sumo Logic (NASDAQ:SUMOGet Rating) last released its quarterly earnings data on Thursday, August 25th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The firm had revenue of $74.10 million for the quarter, compared to the consensus estimate of $71.55 million. Sumo Logic had a negative net margin of 49.82% and a negative return on equity of 28.29%. The company’s revenue was up 26.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.24) EPS. On average, equities research analysts anticipate that Sumo Logic, Inc. will post -1.22 earnings per share for the current year.

Insider Activity

In related news, CEO Ramin Sayar sold 30,883 shares of Sumo Logic stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $8.80, for a total transaction of $271,770.40. Following the transaction, the chief executive officer now owns 790,025 shares of the company’s stock, valued at $6,952,220. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Ramin Sayar sold 30,883 shares of Sumo Logic stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $8.80, for a total transaction of $271,770.40. Following the transaction, the chief executive officer now owns 790,025 shares of the company’s stock, valued at $6,952,220. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Suku Krishnaraj Chettiar sold 15,677 shares of Sumo Logic stock in a transaction that occurred on Tuesday, September 13th. The shares were sold at an average price of $8.57, for a total value of $134,351.89. Following the transaction, the chief marketing officer now directly owns 369,805 shares in the company, valued at approximately $3,169,228.85. The disclosure for this sale can be found here. Insiders sold a total of 88,278 shares of company stock worth $753,797 over the last quarter. 7.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Morgan Stanley lifted their target price on Sumo Logic from $10.00 to $11.00 and gave the stock an “equal weight” rating in a 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $13.07.

Sumo Logic Profile

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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.

Further Reading

Institutional Ownership by Quarter for Sumo Logic (NASDAQ:SUMO)

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