Sumo Logic (NASDAQ:SUMO) Downgraded by Zacks Investment Research

Sumo Logic (NASDAQ:SUMOGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday, Zacks.com reports.

According to Zacks, “Sumo Logic Inc. provides software solutions. The company’s Sumo Logic Continuous Intelligence Platform(TM) automates the collection, ingestion and analysis of application, infrastructure, security, and IoT data to derive actionable insights. Sumo Logic Inc. is based in CA, United States. “

A number of other analysts have also commented on SUMO. Cowen reduced their target price on Sumo Logic to $13.00 in a report on Friday, May 27th. Rosenblatt Securities reduced their price objective on Sumo Logic from $27.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, March 9th. Jefferies Financial Group lowered their target price on shares of Sumo Logic from $12.00 to $8.50 in a research note on Monday, May 23rd. Royal Bank of Canada reduced their price target on shares of Sumo Logic from $17.00 to $14.00 in a research note on Monday, May 23rd. Finally, Morgan Stanley decreased their price objective on shares of Sumo Logic from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Thursday, May 19th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.84.

NASDAQ:SUMO opened at $8.11 on Friday. Sumo Logic has a one year low of $6.87 and a one year high of $23.48. The company’s 50-day simple moving average is $9.10 and its 200 day simple moving average is $11.24. The firm has a market capitalization of $938.59 million, a P/E ratio of -6.87 and a beta of 2.29.

Sumo Logic (NASDAQ:SUMOGet Rating) last announced its quarterly earnings data on Thursday, May 26th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.04. Sumo Logic had a negative return on equity of 26.10% and a negative net margin of 51.30%. The business had revenue of $67.90 million during the quarter, compared to analysts’ expectations of $66.09 million. During the same quarter in the previous year, the business earned ($0.24) earnings per share. The firm’s quarterly revenue was up 25.3% compared to the same quarter last year. As a group, analysts anticipate that Sumo Logic will post -0.91 earnings per share for the current year.

In other news, Director Christian Beedgen sold 5,778 shares of the business’s stock in a transaction dated Thursday, March 17th. The stock was sold at an average price of $10.27, for a total value of $59,340.06. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 7.50% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Northern Trust Corp increased its stake in Sumo Logic by 1.9% in the 4th quarter. Northern Trust Corp now owns 815,124 shares of the company’s stock worth $11,053,000 after acquiring an additional 15,372 shares during the last quarter. Stanley Laman Group Ltd. purchased a new stake in Sumo Logic during the fourth quarter valued at $1,604,000. Champlain Investment Partners LLC lifted its position in Sumo Logic by 0.3% during the fourth quarter. Champlain Investment Partners LLC now owns 5,159,690 shares of the company’s stock valued at $69,965,000 after purchasing an additional 15,325 shares during the last quarter. WealthShield Partners LLC bought a new position in Sumo Logic during the fourth quarter valued at $152,000. Finally, Bessemer Group Inc. grew its stake in shares of Sumo Logic by 56.0% in the 4th quarter. Bessemer Group Inc. now owns 12,103 shares of the company’s stock worth $164,000 after buying an additional 4,344 shares in the last quarter. Institutional investors own 69.99% of the company’s stock.

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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