Sumo Logic (NASDAQ:SUMO) Price Target Cut to $10.00 by Analysts at Morgan Stanley

Sumo Logic (NASDAQ:SUMOGet Rating) had its price target cut by Morgan Stanley from $11.00 to $10.00 in a research report report published on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

Sumo Logic Stock Performance

Sumo Logic stock opened at $7.68 on Monday. Sumo Logic has a fifty-two week low of $6.43 and a fifty-two week high of $16.44. The stock has a market cap of $910.46 million, a PE ratio of -6.45 and a beta of 1.23. The firm’s 50-day simple moving average is $7.44 and its 200 day simple moving average is $7.77.

Sumo Logic (NASDAQ:SUMOGet Rating) last released its quarterly earnings results 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). Sumo Logic had a negative return on equity of 28.29% and a negative net margin of 49.82%. The firm had revenue of $74.10 million for the quarter, compared to analysts’ expectations of $71.55 million. During the same quarter last year, the firm posted ($0.24) earnings per share. The firm’s revenue for the quarter was up 26.0% compared to the same quarter last year. As a group, analysts predict that Sumo Logic will post -1.22 EPS for the current fiscal year.

Insider Buying and Selling at Sumo Logic

In other Sumo Logic news, General Counsel Katherine Haar sold 3,500 shares of the business’s stock in a transaction dated Wednesday, September 14th. The shares were 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Sumo Logic news, General Counsel Katherine Haar sold 3,500 shares of the business’s stock in a transaction dated Wednesday, September 14th. The shares were 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Christian Beedgen sold 6,627 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $8.80, for a total transaction of $58,317.60. Following the completion of the transaction, the director now owns 2,246,523 shares in the company, valued at $19,769,402.40. The disclosure for this sale can be found here. Insiders have sold a total of 88,278 shares of company stock worth $753,797 over the last three months. 7.50% of the stock is currently owned by insiders.

Institutional Trading of Sumo Logic

Several hedge funds and other institutional investors have recently modified their holdings of the business. Metropolitan Life Insurance Co NY raised its position in shares of Sumo Logic by 23.4% in the third quarter. Metropolitan Life Insurance Co NY now owns 7,121 shares of the company’s stock valued at $53,000 after purchasing an additional 1,350 shares during the period. WealthShield Partners LLC raised its position in shares of Sumo Logic by 12.1% in the first quarter. WealthShield Partners LLC now owns 12,583 shares of the company’s stock valued at $147,000 after purchasing an additional 1,361 shares during the period. Handelsbanken Fonder AB raised its position in shares of Sumo Logic by 10.9% in the second quarter. Handelsbanken Fonder AB now owns 17,300 shares of the company’s stock valued at $130,000 after purchasing an additional 1,700 shares during the period. Credit Suisse AG raised its position in shares of Sumo Logic by 3.1% in the third quarter. Credit Suisse AG now owns 58,701 shares of the company’s stock valued at $441,000 after purchasing an additional 1,759 shares during the period. Finally, US Bancorp DE raised its position in shares of Sumo Logic by 32.0% in the first quarter. US Bancorp DE now owns 7,741 shares of the company’s stock valued at $90,000 after purchasing an additional 1,875 shares during the period. Institutional investors own 72.04% of the company’s stock.

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.

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Analyst Recommendations for Sumo Logic (NASDAQ:SUMO)

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