$53.76 Million in Sales Expected for Sumo Logic, Inc. (NASDAQ:SUMO) This Quarter

Equities analysts expect Sumo Logic, Inc. (NASDAQ:SUMO) to report sales of $53.76 million for the current quarter, Zacks reports. Five analysts have issued estimates for Sumo Logic’s earnings, with the lowest sales estimate coming in at $53.50 million and the highest estimate coming in at $54.00 million. The business is expected to announce its next quarterly earnings report on Wednesday, June 9th.

According to Zacks, analysts expect that Sumo Logic will report full-year sales of $233.99 million for the current fiscal year, with estimates ranging from $233.10 million to $235.30 million. For the next year, analysts forecast that the business will report sales of $279.38 million, with estimates ranging from $273.70 million to $286.70 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Sumo Logic.

Sumo Logic (NASDAQ:SUMO) last posted its quarterly earnings results on Wednesday, March 10th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.05. The business had revenue of $54.20 million during the quarter, compared to analyst estimates of $52.13 million. Sumo Logic’s quarterly revenue was up 22.3% on a year-over-year basis.

Several brokerages recently weighed in on SUMO. Cowen lowered their price objective on Sumo Logic from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Thursday, March 11th. Rosenblatt Securities cut their target price on Sumo Logic from $46.00 to $44.00 and set a “buy” rating for the company in a research report on Wednesday, March 17th. BTIG Research cut their target price on Sumo Logic from $42.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, March 17th. Piper Sandler increased their price objective on Sumo Logic from $31.00 to $33.00 and gave the company an “overweight” rating in a research report on Tuesday, January 5th. Finally, Morgan Stanley cut their price objective on Sumo Logic from $28.00 to $26.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 17th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $30.33.

Sumo Logic stock opened at $17.95 on Wednesday. Sumo Logic has a fifty-two week low of $16.50 and a fifty-two week high of $46.37. The stock has a fifty day moving average of $19.31 and a two-hundred day moving average of $25.66.

In other Sumo Logic news, CEO Ramin Sayar sold 150,125 shares of Sumo Logic stock in a transaction that occurred on Tuesday, March 16th. The stock was sold at an average price of $20.53, for a total value of $3,082,066.25. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Christian Beedgen sold 90,000 shares of Sumo Logic stock in a transaction that occurred on Thursday, April 1st. The stock was sold at an average price of $18.03, for a total value of $1,622,700.00. Over the last ninety days, insiders sold 693,613 shares of company stock worth $13,621,767.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC bought a new stake in shares of Sumo Logic during the first quarter valued at approximately $35,000. Valeo Financial Advisors LLC bought a new stake in shares of Sumo Logic during the first quarter valued at approximately $53,000. Envestnet Asset Management Inc. increased its position in shares of Sumo Logic by 33.0% during the first quarter. Envestnet Asset Management Inc. now owns 13,039 shares of the company’s stock valued at $246,000 after purchasing an additional 3,232 shares during the period. Strs Ohio bought a new stake in shares of Sumo Logic during the fourth quarter valued at approximately $100,000. Finally, James Investment Research Inc. bought a new stake in shares of Sumo Logic during the fourth quarter valued at approximately $102,000. Institutional investors and hedge funds own 27.17% of the company’s stock.

Sumo Logic Company 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.

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Earnings History and Estimates for Sumo Logic (NASDAQ:SUMO)

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