TimesSquare Capital Management LLC Lowers Holdings in Sumo Logic, Inc. (NASDAQ:SUMO)

TimesSquare Capital Management LLC decreased its holdings in Sumo Logic, Inc. (NASDAQ:SUMO) by 24.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 314,570 shares of the company’s stock after selling 104,125 shares during the quarter. TimesSquare Capital Management LLC owned 0.31% of Sumo Logic worth $5,933,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of SUMO. Greylock Xiii GP LLC purchased a new position in Sumo Logic in the 4th quarter worth about $527,098,000. Glynn Capital Management LLC raised its position in Sumo Logic by 1,680.8% in the 1st quarter. Glynn Capital Management LLC now owns 2,938,274 shares of the company’s stock worth $55,416,000 after buying an additional 2,773,274 shares during the last quarter. ETF Managers Group LLC purchased a new position in Sumo Logic in the 4th quarter worth about $46,581,000. BlackRock Inc. raised its position in Sumo Logic by 135.2% in the 4th quarter. BlackRock Inc. now owns 1,193,345 shares of the company’s stock worth $34,106,000 after buying an additional 686,017 shares during the last quarter. Finally, Needham Investment Management LLC purchased a new position in Sumo Logic in the 4th quarter worth about $8,619,000. 63.99% of the stock is owned by institutional investors and hedge funds.

In other news, Director Christian Beedgen sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 9th. The stock was sold at an average price of $21.00, for a total transaction of $94,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Jennifer Mccord sold 3,794 shares of the company’s stock in a transaction that occurred on Tuesday, March 16th. The stock was sold at an average price of $20.01, for a total value of $75,917.94. The disclosure for this sale can be found here. Insiders sold a total of 783,613 shares of company stock valued at $15,331,932 over the last 90 days.

A number of brokerages have weighed in on SUMO. Morgan Stanley decreased their target price on Sumo Logic from $26.00 to $22.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 25th. Cowen reduced their price target on shares of Sumo Logic from $35.00 to $32.00 and set an “outperform” rating for the company in a research report on Thursday, March 11th. Zacks Investment Research lowered shares of Sumo Logic from a “hold” rating to a “sell” rating in a research report on Thursday. Jefferies Financial Group reduced their price target on shares of Sumo Logic from $27.00 to $19.00 and set a “hold” rating for the company in a research report on Tuesday, May 18th. They noted that the move was a valuation call. Finally, Rosenblatt Securities reduced their price target on shares of Sumo Logic from $44.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, June 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $26.56.

Shares of NASDAQ:SUMO opened at $21.49 on Friday. Sumo Logic, Inc. has a 12-month low of $15.80 and a 12-month high of $46.37. The company has a market cap of $2.30 billion and a P/E ratio of -14.23. The company’s 50 day moving average is $18.85.

Sumo Logic (NASDAQ:SUMO) last posted its quarterly earnings results on Wednesday, June 2nd. The company reported ($0.11) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.01. The business had revenue of $54.22 million during the quarter, compared to the consensus estimate of $53.89 million. During the same quarter in the previous year, the company earned ($0.91) earnings per share. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. As a group, sell-side analysts expect that Sumo Logic, Inc. will post -1.04 EPS for the current fiscal year.

Sumo Logic Profile

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.

Recommended Story: What is included in the gross domestic product?

Want to see what other hedge funds are holding SUMO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sumo Logic, Inc. (NASDAQ:SUMO).

Institutional Ownership by Quarter for Sumo Logic (NASDAQ:SUMO)

Receive News & Ratings for Sumo Logic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sumo Logic and related companies with MarketBeat.com's FREE daily email newsletter.