Insider Selling: Sumo Logic, Inc. (NASDAQ:SUMO) CEO Sells $258,254.08 in Stock

Sumo Logic, Inc. (NASDAQ:SUMO – Get Rating) CEO Ramin Sayar sold 21,812 shares of the business’s stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $11.84, for a total transaction of $258,254.08. Following the transaction, the chief executive officer now directly owns 735,495 shares in the company, valued at $8,708,260.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Sumo Logic Trading Down 0.2 %

SUMO opened at $11.88 on Friday. The company’s 50-day moving average price is $10.98 and its 200 day moving average price is $8.87. Sumo Logic, Inc. has a fifty-two week low of $6.43 and a fifty-two week high of $12.60.

Analysts Set New Price Targets

Several analysts recently issued reports on SUMO shares. Morgan Stanley cut their price target on shares of Sumo Logic from $11.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, December 19th. William Blair cut shares of Sumo Logic from an “outperform” rating to a “market perform” rating in a report on Friday, February 10th. Royal Bank of Canada cut shares of Sumo Logic from an “outperform” rating to a “sector perform” rating and set a $12.00 price target on the stock. in a report on Thursday, February 9th. Cowen cut shares of Sumo Logic from an “outperform” rating to a “market perform” rating in a report on Tuesday, February 14th. Finally, Jefferies Financial Group upped their price target on shares of Sumo Logic from $8.50 to $11.00 and gave the company a “hold” rating in a report on Tuesday, January 24th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Sumo Logic currently has an average rating of “Hold” and an average price target of $10.80.

Hedge Funds Weigh In On Sumo Logic

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in shares of Sumo Logic by 24.4% in the 3rd quarter. BlackRock Inc. now owns 9,127,877 shares of the company’s stock worth $68,459,000 after purchasing an additional 1,788,618 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its stake in Sumo Logic by 52.8% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 5,068,632 shares of the company’s stock valued at $41,056,000 after buying an additional 1,750,607 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Sumo Logic by 219.2% during the second quarter. Millennium Management LLC now owns 2,480,141 shares of the company’s stock valued at $18,576,000 after acquiring an additional 1,703,168 shares during the period. Renaissance Technologies LLC grew its position in shares of Sumo Logic by 421.6% during the second quarter. Renaissance Technologies LLC now owns 1,850,100 shares of the company’s stock worth $13,857,000 after acquiring an additional 1,495,400 shares during the last quarter. Finally, Washington Harbour Partners LP acquired a new stake in shares of Sumo Logic in the 1st quarter worth about $12,366,000. 71.65% of the stock is owned by institutional investors.

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.