Sumo Logic (NASDAQ:SUMO) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Sumo Logic (NASDAQ:SUMO) from a buy rating to a hold rating in a research note issued to investors on Friday morning, 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. “

Several other equities research analysts have also recently commented on SUMO. Piper Sandler cut shares of Sumo Logic from an overweight rating to a neutral rating and cut their price target for the stock from $24.00 to $20.00 in a research report on Friday, September 10th. Rosenblatt Securities cut their price target on shares of Sumo Logic from $44.00 to $35.00 and set a buy rating on the stock in a research report on Friday, June 4th. Royal Bank of Canada cut their price target on shares of Sumo Logic from $30.00 to $25.00 and set an outperform rating on the stock in a research report on Friday, June 4th. BTIG Research cut shares of Sumo Logic from a buy rating to a neutral rating in a report on Friday, September 10th. Finally, Morgan Stanley dropped their target price on shares of Sumo Logic from $26.00 to $22.00 and set an equal weight rating on the stock in a report on Tuesday, May 25th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Sumo Logic currently has a consensus rating of Hold and an average price target of $25.00.

Shares of NASDAQ SUMO opened at $18.54 on Friday. The firm has a market cap of $2.05 billion and a PE ratio of -15.58. Sumo Logic has a 1-year low of $15.80 and a 1-year high of $46.37. The company has a fifty day moving average price of $20.25 and a 200 day moving average price of $20.17.

Sumo Logic (NASDAQ:SUMO) last announced its earnings results on Wednesday, September 8th. The company reported ($0.11) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.03. The firm had revenue of $58.80 million during the quarter, compared to analyst estimates of $56.68 million. Sumo Logic had a negative net margin of 47.23% and a negative return on equity of 21.35%. The firm’s revenue was up 19.0% on a year-over-year basis. Analysts expect that Sumo Logic will post -1.11 earnings per share for the current fiscal year.

In other Sumo Logic news, CMO Suku Krishnaraj Chettiar sold 2,598 shares of the stock in a transaction that occurred on Monday, June 21st. The shares were sold at an average price of $22.00, for a total transaction of $57,156.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Steven D. Fitz sold 16,916 shares of the stock in a transaction that occurred on Monday, June 21st. The stock was sold at an average price of $22.00, for a total transaction of $372,152.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 252,553 shares of company stock worth $5,181,808. 9.40% of the stock is owned by company insiders.

Several large investors have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. grew its position in shares of Sumo Logic by 9.9% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,080 shares of the company’s stock worth $229,000 after purchasing an additional 1,000 shares in the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of Sumo Logic by 237.0% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 61,736 shares of the company’s stock worth $1,275,000 after acquiring an additional 43,415 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of Sumo Logic during the 2nd quarter worth approximately $1,051,000. Invesco Ltd. acquired a new stake in shares of Sumo Logic during the 2nd quarter worth approximately $483,000. Finally, Metropolitan Life Insurance Co NY acquired a new stake in shares of Sumo Logic during the 2nd quarter worth approximately $488,000. Hedge funds and other institutional investors own 69.73% of the company’s stock.

About Sumo Logic

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. Its platform enables organizations to automate the collection, ingestion, and analysis of application, infrastructure, security, and IoT data to derive actionable insights.

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