Sumo Logic (NASDAQ:SUMO) Shares Gap Up After Analyst Upgrade

Sumo Logic, Inc. (NASDAQ:SUMO – Get Rating)’s stock price gapped up prior to trading on Tuesday after Jefferies Financial Group raised their price target on the stock from $8.50 to $11.00. The stock had previously closed at $9.87, but opened at $10.51. Jefferies Financial Group currently has a hold rating on the stock. Sumo Logic shares last traded at $10.48, with a volume of 1,881,620 shares changing hands.

Separately, Morgan Stanley dropped their target price on shares of Sumo Logic from $11.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, December 19th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Sumo Logic currently has an average rating of “Hold” and an average target price of $12.83.

Insiders Place Their Bets

In other Sumo Logic news, insider Lynne Doherty Mcdonald sold 56,527 shares of the business’s stock in a transaction that occurred on Thursday, December 15th. The shares were sold at an average price of $8.30, for a total transaction of $469,174.10. Following the sale, the insider now directly owns 466,504 shares of the company’s stock, valued at approximately $3,871,983.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Lynne Doherty Mcdonald sold 56,527 shares of the company’s stock in a transaction on Thursday, December 15th. The shares were sold at an average price of $8.30, for a total value of $469,174.10. Following the sale, the insider now directly owns 466,504 shares of the company’s stock, valued at approximately $3,871,983.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel Katherine Haar sold 6,794 shares of the company’s stock in a transaction on Thursday, December 15th. The shares were sold at an average price of $8.30, for a total transaction of $56,390.20. Following the completion of the sale, the general counsel now directly owns 195,027 shares in the company, valued at $1,618,724.10. The disclosure for this sale can be found here. Insiders have sold 213,402 shares of company stock valued at $1,771,237 in the last ninety days. 7.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SUMO. Quantbot Technologies LP bought a new position in Sumo Logic in the 2nd quarter worth $38,000. Metropolitan Life Insurance Co NY increased its stake in shares of Sumo Logic by 23.4% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 7,121 shares of the company’s stock worth $53,000 after acquiring an additional 1,350 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Sumo Logic by 282.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 8,525 shares of the company’s stock worth $64,000 after acquiring an additional 6,294 shares in the last quarter. Walleye Capital LLC bought a new position in shares of Sumo Logic in the 2nd quarter worth about $76,000. Finally, Pinnacle Wealth Planning Services Inc. bought a new position in shares of Sumo Logic in the 2nd quarter worth about $76,000. 71.65% of the stock is currently owned by institutional investors.

Sumo Logic Trading Up 11.6 %

The company’s 50 day moving average is $7.87 and its 200-day moving average is $7.79. The company has a market capitalization of $1.32 billion, a P/E ratio of -9.74 and a beta of 1.06.

Sumo Logic (NASDAQ:SUMO – Get Rating) last announced its quarterly earnings data on Monday, December 5th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.15. Sumo Logic had a negative net margin of 45.31% and a negative return on equity of 28.15%. The company had revenue of $79.00 million for the quarter, compared to the consensus estimate of $74.20 million. During the same period in the prior year, the firm posted ($0.24) EPS. Sumo Logic’s revenue for the quarter was up 27.4% on a year-over-year basis. Analysts predict that Sumo Logic, Inc. will post -0.96 EPS for the current fiscal year.

About Sumo Logic

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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.