Sumo Logic (NASDAQ:SUMO) Price Target Cut to $10.00

Sumo Logic (NASDAQ:SUMOGet Rating) had its target price lowered by investment analysts at Morgan Stanley from $11.00 to $10.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 36.80% from the company’s previous close.

Sumo Logic Price Performance

NASDAQ SUMO opened at $7.31 on Monday. The firm has a market capitalization of $866.58 million, a P/E ratio of -6.12 and a beta of 1.23. Sumo Logic has a 1-year low of $6.43 and a 1-year high of $16.44. The business’s 50-day simple moving average is $7.49 and its 200-day simple moving average is $7.77.

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

Insider Activity

In related news, General Counsel Katherine Haar sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $8.92, for a total transaction of $31,220.00. Following the transaction, the general counsel now directly owns 217,412 shares of the company’s stock, valued at approximately $1,939,315.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Ramin Sayar sold 4,035 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $8.60, for a total transaction of $34,701.00. Following the transaction, the chief executive officer now directly owns 820,908 shares of the company’s stock, valued at approximately $7,059,808.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Katherine Haar sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $8.92, for a total value of $31,220.00. Following the transaction, the general counsel now directly owns 217,412 shares in the company, valued at $1,939,315.04. The disclosure for this sale can be found here. Insiders have sold 88,278 shares of company stock valued at $753,797 in the last three months. Corporate insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Sumo Logic

Hedge funds and other institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC increased its holdings in Sumo Logic by 555.7% during the 1st quarter. Nisa Investment Advisors LLC now owns 19,540 shares of the company’s stock worth $228,000 after purchasing an additional 16,560 shares during the last quarter. Brown Advisory Inc. increased its holdings in Sumo Logic by 0.8% during the 2nd quarter. Brown Advisory Inc. now owns 3,220,543 shares of the company’s stock worth $24,289,000 after purchasing an additional 27,071 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its holdings in Sumo Logic by 19.5% during the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 39,839 shares of the company’s stock worth $465,000 after purchasing an additional 6,500 shares during the last quarter. New York State Common Retirement Fund increased its holdings in Sumo Logic by 7.2% during the 1st quarter. New York State Common Retirement Fund now owns 63,043 shares of the company’s stock worth $736,000 after purchasing an additional 4,210 shares during the last quarter. Finally, WealthShield Partners LLC increased its holdings in Sumo Logic by 12.1% during the 1st quarter. WealthShield Partners LLC now owns 12,583 shares of the company’s stock worth $147,000 after purchasing an additional 1,361 shares during the last quarter. 72.04% of the stock is currently owned by hedge funds and other institutional investors.

Sumo Logic Company 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.

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