Sumo Logic (NASDAQ:SUMO) Stock Price Up 6.7%


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Sumo Logic, Inc. (NASDAQ:SUMO) rose 6.7% during mid-day trading on Tuesday . The company traded as high as $20.41 and last traded at $20.31. Approximately 36,930 shares traded hands during trading, a decline of 98% from the average daily volume of 1,534,350 shares. The stock had previously closed at $19.04.

SUMO has been the subject of a number of recent analyst reports. Piper Sandler raised their price target on shares of Sumo Logic from $31.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, January 5th. Rosenblatt Securities cut their price target on shares of Sumo Logic from $46.00 to $44.00 and set a “buy” rating for the company in a report on Wednesday, March 17th. Cowen cut their price target on shares of Sumo Logic from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Thursday, March 11th. Morgan Stanley dropped their target price on shares of Sumo Logic from $28.00 to $26.00 and set an “equal weight” rating for the company in a report on Wednesday, March 17th. Finally, BTIG Research dropped their target price on shares of Sumo Logic from $42.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, March 17th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Sumo Logic presently has a consensus rating of “Buy” and a consensus price target of $31.38.

The business’s fifty day moving average is $23.13.

Sumo Logic (NASDAQ:SUMO) last issued its quarterly earnings results on Wednesday, March 10th. The company reported ($0.07) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.05. The business had revenue of $54.20 million during the quarter, compared to analysts’ expectations of $52.13 million. Sumo Logic’s revenue was up 22.3% on a year-over-year basis. On average, analysts anticipate that Sumo Logic, Inc. will post -1.65 earnings per share for the current year.

In other Sumo Logic news, Director Christian Beedgen sold 90,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 1st. The shares were sold at an average price of $18.03, for a total value of $1,622,700.00. Also, CEO Ramin Sayar sold 150,125 shares of the firm’s stock in a transaction that occurred on Tuesday, March 16th. The shares were sold at an average price of $20.53, for a total transaction of $3,082,066.25. The disclosure for this sale can be found here. Insiders sold a total of 631,613 shares of company stock valued at $12,503,907 in the last three months.

Institutional investors have recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC purchased a new stake in shares of Sumo Logic during the 1st quarter worth $53,000. Elephas Investment Management Ltd purchased a new stake in shares of Sumo Logic during the 3rd quarter worth $76,000. Strs Ohio purchased a new stake in shares of Sumo Logic during the 4th quarter worth $100,000. James Investment Research Inc. purchased a new stake in shares of Sumo Logic during the 4th quarter worth $102,000. Finally, Steward Partners Investment Advisory LLC purchased a new stake in shares of Sumo Logic during the 4th quarter worth $181,000. 27.17% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading: P/E Growth (PEG)

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