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Circle Wealth Management LLC Takes Position in Sumo Logic, Inc. (NASDAQ:SUMO)

Circle Wealth Management LLC acquired a new stake in Sumo Logic, Inc. (NASDAQ:SUMOGet Rating) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,245 shares of the company’s stock, valued at approximately $131,000.

A number of other institutional investors have also modified their holdings of the company. Aaron Wealth Advisors LLC purchased a new stake in Sumo Logic in the first quarter valued at approximately $242,000. US Bancorp DE grew its holdings in 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. XTX Topco Ltd purchased a new stake in Sumo Logic in the first quarter valued at approximately $129,000. WealthShield Partners LLC purchased a new stake in Sumo Logic in the fourth quarter valued at approximately $152,000. Finally, Point72 Asset Management L.P. purchased a new stake in Sumo Logic in the fourth quarter valued at approximately $176,000. Institutional investors and hedge funds own 72.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SUMO. Piper Sandler lowered their target price on shares of Sumo Logic from $10.00 to $8.00 in a report on Wednesday, July 13th. Cowen lowered their target price on shares of Sumo Logic to $13.00 in a report on Friday, May 27th. Morgan Stanley boosted their target price on shares of Sumo Logic from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Friday, August 26th. Royal Bank of Canada decreased their price objective on shares of Sumo Logic from $17.00 to $14.00 in a research note on Monday, May 23rd. Finally, Jefferies Financial Group decreased their price objective on shares of Sumo Logic from $12.00 to $8.50 in a research note on Monday, May 23rd. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $13.07.

Insider Activity at Sumo Logic

In related news, CMO Suku Krishnaraj Chettiar sold 8,946 shares of the company’s stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $7.31, for a total value of $65,395.26. Following the sale, the chief marketing officer now directly owns 370,945 shares of the company’s stock, valued at $2,711,607.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Sumo Logic news, CAO Jennifer Mccord sold 4,712 shares of the stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $7.31, for a total transaction of $34,444.72. Following the sale, the chief accounting officer now directly owns 208,550 shares of the company’s stock, valued at $1,524,500.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Suku Krishnaraj Chettiar sold 8,946 shares of the stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $7.31, for a total transaction of $65,395.26. Following the sale, the chief marketing officer now directly owns 370,945 shares in the company, valued at $2,711,607.95. The disclosure for this sale can be found here. Insiders have sold 133,390 shares of company stock valued at $1,017,534 over the last ninety days. Corporate insiders own 7.50% of the company’s stock.

Sumo Logic Trading Up 3.1 %

SUMO opened at $8.98 on Friday. Sumo Logic, Inc. has a 52-week low of $6.57 and a 52-week high of $19.49. The company has a 50 day moving average of $8.02 and a two-hundred day moving average of $8.97.

Sumo Logic (NASDAQ:SUMOGet Rating) last posted its earnings results on Thursday, August 25th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.04. The business had revenue of $74.10 million for the quarter, compared to analysts’ expectations of $71.55 million. Sumo Logic had a negative net margin of 49.82% and a negative return on equity of 28.29%. The business’s revenue for the quarter was up 26.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.24) earnings per share. On average, research analysts expect that Sumo Logic, Inc. will post -1.22 EPS for the current fiscal year.

About Sumo Logic

(Get Rating)

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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