Sumo Logic (NASDAQ: SUMO) rating downgraded to hold at Zacks Investment Research
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 California, United States. “
SUMO has been the subject of several other research reports. Morgan Stanley lowered its price target on Sumo Logic shares from $ 28.00 to $ 26.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 17. Rosenblatt Securities lowered its price target for Sumo Logic shares from $ 46.00 to $ 44.00 and set a “buy” rating on the stock in a report on Wednesday, March 17. Cowen lowered his price target on the Sumo Logic stock from $ 35.00 to $ 32.00 and established an “outperform” rating on the stock in a report on Thursday, March 11. Piper Sandler raised her price target on Sumo Logic shares from $ 31.00 to $ 33.00 and gave the company an “overweight” rating in a report on Tuesday, January 5. Finally, BTIG Research lowered its price target on Sumo Logic shares from $ 42.00 to $ 35.00 and set a “buy” rating on the stock in a report on Wednesday, March 17. Four analysts rated the stock with a sustaining rating and seven gave the company a buy rating. The company currently has a “Buy” consensus rating and an average price target of $ 30.33.
Actions of Sumo Logic Action open for $ 19.58 on Fridays. Sumo Logic has a 12 month low of $ 16.50 and a 12 month high of $ 46.37. The company’s fifty-day moving average is $ 19.66 and its 200-day moving average is $ 25.74.
Sumo Logic (NASDAQ: SUMO) last released its quarterly earnings data on Wednesday, March 10. The company reported earnings per share of ($ 0.07) for the quarter, beating the consensus estimate of ($ 0.12) by $ 0.05. The company posted revenue of $ 54.20 million in the quarter, compared to the consensus estimate of $ 52.13 million. Sumo Logic’s revenue for the quarter increased 22.3% from the same quarter last year. As a group, selling analysts predict Sumo Logic will post -1.65 earnings per share for the current fiscal year.
Separately, CAO Jennifer Mccord sold 3,794 shares of the company in a transaction dated Tuesday, March 16. The shares were sold for an average price of $ 20.01, for a total transaction of $ 75,917.94. The sale was disclosed in a document filed with the SEC, accessible via this link. In addition, General Counsel Katherine Haar sold 5,424 shares of the company in a transaction dated Tuesday, March 16. The shares were sold for an average price of $ 21.66, for a total transaction of $ 117,483.84. Disclosure of this sale can be found here. Insiders sold 693,613 shares of the company valued at $ 13,621,767 during the last quarter.
Several large investors have recently bought and sold SUMO shares. Elephas Investment Management Ltd purchased a new equity stake in Sumo Logic during the third quarter valued at approximately $ 76,000. Kestra Advisory Services LLC purchased a new equity stake in Sumo Logic during the fourth quarter valued at approximately $ 387,000. Strs Ohio bought a new stake in Sumo Logic in the 4th quarter valued at approximately $ 100,000. GWM Advisors LLC purchased a new stake in Sumo Logic in the 4th quarter valued at approximately $ 697,000. Finally, James Investment Research Inc. purchased a new stake in Sumo Logic in the 4th quarter valued at approximately $ 102,000. 27.17% of the stock is held by institutional investors.
About Sumo Logic
Sumo Logic, Inc provides a cloud-native software-as-a-service platform that empowers organizations to meet the challenges and opportunities presented by digital transformation, modern applications, and cloud computing around the world. Its platform enables organizations to automate the collection, ingestion, and analysis of application, infrastructure, security, and IoT data into actionable insights.
Read more: Preferred stock
For more information on Zacks Investment Research’s research offerings, visit Zacks.com
This instant news alert was powered by storytelling technology and MarketBeat financial data to provide readers with the fastest, most accurate reports. This story was reviewed by the MarketBeat editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Featured article: What is the Consumer Price Index (CPI)?
7 undervalued stocks that deserve more attention
With the Dow Jones Industrial Average (DJIA) hitting new highs every day, it may seem like now isn’t a good time to look at undervalued stocks. Where is it?
From cannabis to cryptocurrencies, not to mention electric vehicles, the market seems to be bubbling everywhere you look. And that’s why now might be a perfect time to zigzag as the market crumbles. And that means looking for undervalued stocks.
But finding undervalued stocks is subjective. Some analysts use specific fundamental metrics. Others use technical analysis.
However, the general idea is that you are looking for stocks that are trading below their fair value.
In some cases, these may be stocks whose financial values are stronger than other stocks in their industry, but they are trading at a lower price. In other cases, a company may have potential that is not reflected in its share price. In other words, undervalued stocks are stocks that are likely to grow. That’s why they deserve a place in your wallet.
And that’s why we’ve put on this special presentation on Undervalued Stocks right now. An investment in these companies is likely to be rewarded as stocks go under the radar of the larger market.
See “7 Undervalued Stocks That Deserve More Attention”.