The Potential Rise in the Price of Sumo Logic Inc. (SUMO) following insiders activity


Sumo Logic Inc.’s recently made public that its President WWD Field Operations McDonald Lynne Doherty unloaded Company’s shares for reported $0.47 million on Dec 15. In the deal valued at $8.30 per share,56,527 shares were sold. As a result of this transaction, McDonald Lynne Doherty now holds 466,504 shares worth roughly $ 5.56 million.

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Then, Grierson Stewart sold 55,480 shares, generating $460,706 in total proceeds. Upon selling the shares at $8.30, the Chief Financial Officer now owns 424,520 shares.

Before that, Chettiar Suku Krishnaraj sold 45,554 shares. Sumo Logic Inc. shares valued at $378,280 were divested by the Chief Marketing Officer at a price of $8.30 per share. As a result of the transaction, Chettiar Suku Krishnaraj now holds 315,305 shares, worth roughly $3.76 million.

Berenberg downgraded its Sumo Logic Inc. [SUMO] rating to a Hold from a a Buy in a research note published on Monday. PT values the company’s stock at a premium of 25.56 to its Monday closing price. A number of analysts have revised their coverage, including Piper Sandler’s analysts, who decreased its forecast for the stock in early September from “an Overweight” to “a Neutral”. BTIG Research also remained covering SUMO and has decreased its forecast on September 10, 2021 with a “Neutral” recommendation from previously “Buy” rating. Rosenblatt started covering the stock on February 11, 2021. It rated SUMO as “a Buy”.

Price Performance Review of SUMO

On Monday, Sumo Logic Inc. [NASDAQ:SUMO] saw its stock fall -0.08% to $11.91. On the same session, the stock had its day’s lowest price of $11.89, but rose to a high of $11.92. Sumo Logic Inc. shares have risen nearly 47.04% since the year began. Nevertheless, the stocks have risen 2.94% over the past one year. While a 52-week high of $12.60 was reached on 02/09/23, a 52-week low of $6.43 was recorded on 01/06/23. SMA at 50 days reached $10.17, while 200 days put it at $8.39. A total of 1.33 million shares were traded, compared to the trading of 1.74 million shares in the previous session.

Levels Of Support And Resistance For SUMO Stock

The 24-hour chart illustrates a support level at 11.89, which if violated will result in even more drops to 11.88. On the upside, there is a resistance level at 11.92. A further resistance level may holdings at 11.94. The Relative Strength Index (RSI) on the 14-day chart is 68.62, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.02, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 20.00%. Stochastics %K at 75.56% indicates the stock is a holding.

How much short interest is there in Sumo Logic Inc.?

A steep rise in short interest was recorded in Sumo Logic Inc. stocks on Jan 12, 2023, growing by 40000.0 shares to a total of 3.32 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2022 was 3.28 million shares. There was a rise of 1.2%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 2.84% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.76.

Sumo Logic Inc. [SUMO] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 10,785,162 shares, or roughly 8.99% of the outstanding SUMO shares. In other words, the investor’s shares have risen by 580,010 from its previous 13-F filing of 10205152.0. Additionally, BlackRock Fund Advisors increased 39.27% of its stake after which the total value it holdings stand at $95,598,952, while ArrowMark Colorado Holdings LLC added 52.76% of its stake to hold $59.96 million in the firm. Over the last quarter, Legal & General Investment Manage sold -194,982 shares of Sumo Logic Inc., while SSgA Funds Management, Inc. sold 68,298 shares. At present, Millennium Management LLC is holding 2,195,709 shares valued at $25.98 million. Geode Capital Management LLC owned 2,109,944 shares of the company at the time of its most recent 13F filing, worth $24.96 million.

According to FactSet, Sumo Logic Inc.’s share price will average $13.19 in the next year, based on opinions of analysts polled by the firm. This is up nearly 1.09 percent from its previous closing price of $11.92. Analysts expect Sumo Logic Inc. stock to reach the higher price of $19.00, while the lowest price estimate is $12.00. However, 8 analysts have rated SUMO stock as a Hold in their predictions for 2023. The most recent change occurred on October 12, 2020 when William Blair began covering the stock and recommended ‘”an Outperform”‘ rating.


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