Sumo Logic (NASDAQ:SUMO) PT Lowered to $13.00

Sumo Logic (NASDAQ:SUMO – Get Rating) had its price target decreased by analysts at Cowen to $13.00 in a note issued to investors on Friday, Stock Target Advisor reports. Cowen’s price target would indicate a potential upside of 53.85% from the stock’s previous close.

Other analysts also recently issued reports about the company. Piper Sandler lowered their price target on Sumo Logic from $12.50 to $10.00 in a research report on Friday. Zacks Investment Research raised shares of Sumo Logic from a “sell” rating to a “hold” rating in a research note on Wednesday, May 11th. Jefferies Financial Group lowered their target price on shares of Sumo Logic from $12.00 to $8.50 in a research note on Monday. Rosenblatt Securities reduced their price target on shares of Sumo Logic from $27.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, March 9th. Finally, Royal Bank of Canada lowered their price objective on shares of Sumo Logic from $17.00 to $14.00 in a research report on Monday. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.17.

SUMO stock traded up $0.74 during trading on Friday, reaching $8.45. The company’s stock had a trading volume of 106,931 shares, compared to its average volume of 1,192,151. The company’s fifty day moving average is $9.78 and its 200-day moving average is $11.78. Sumo Logic has a 1 year low of $6.87 and a 1 year high of $23.48. The company has a market capitalization of $964.13 million, a P/E ratio of -7.46 and a beta of 2.27.

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

In other news, Director Christian Beedgen sold 5,778 shares of the company’s 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 9.40% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in SUMO. Nisa Investment Advisors LLC increased its holdings in Sumo Logic by 358.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,980 shares of the company’s stock worth $35,000 after buying an additional 2,330 shares during the period. US Bancorp DE raised its holdings in shares of Sumo Logic by 32.0% during 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 during the last quarter. XTX Topco Ltd purchased a new stake in Sumo Logic in the first quarter valued at $129,000. Circle Wealth Management LLC acquired a new stake in Sumo Logic during the 1st quarter worth about $131,000. Finally, Delphia USA Inc. purchased a new position in shares of Sumo Logic during the 1st quarter valued at about $143,000. 69.99% of the stock is owned by hedge funds and other institutional investors.

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.

Further Reading

• Get a free copy of the StockNews.com research report on Sumo Logic (SUMO)
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