Sumo Logic (NASDAQ:SUMO) Updates FY 2023 Earnings Guidance

Sumo Logic (NASDAQ:SUMOGet Rating) updated its FY 2023 earnings guidance on Thursday. The company provided earnings per share guidance of -$0.64–$0.62 for the period, compared to the consensus earnings per share estimate of -$0.67. The company issued revenue guidance of $289.00 million-$292.00 million, compared to the consensus revenue estimate of $290.57 million. Sumo Logic also updated its Q2 2023 guidance to -$0.15–$0.15 EPS.

Several equities analysts recently issued reports on the stock. Morgan Stanley decreased their target price on shares of Sumo Logic from $15.00 to $11.00 and set an equal weight rating for the company in a research note on Thursday, May 19th. Royal Bank of Canada reduced their price objective on shares of Sumo Logic from $17.00 to $14.00 in a research report on Monday, May 23rd. Cowen reduced their price objective on shares of Sumo Logic to $13.00 in a research report on Friday, May 27th. Jefferies Financial Group reduced their price objective on shares of Sumo Logic from $12.00 to $8.50 in a research report on Monday, May 23rd. Finally, Piper Sandler reduced their price objective on shares of Sumo Logic from $12.50 to $10.00 in a research report on Friday, May 27th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Sumo Logic presently has a consensus rating of Hold and an average price target of $13.36.

Shares of NASDAQ SUMO traded up $0.19 during mid-day trading on Thursday, reaching $7.95. The company’s stock had a trading volume of 33,149 shares, compared to its average volume of 1,203,081. The stock has a 50-day moving average of $8.44 and a two-hundred day moving average of $10.82. The stock has a market capitalization of $920.05 million, a P/E ratio of -6.58 and a beta of 2.29. Sumo Logic has a 1-year low of $6.87 and a 1-year high of $23.48.

Sumo Logic (NASDAQ:SUMOGet Rating) last issued its earnings results on Thursday, May 26th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.04. The business had revenue of $67.90 million during the quarter, compared to analysts’ expectations of $66.09 million. Sumo Logic had a negative net margin of 51.30% and a negative return on equity of 26.10%. The company’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.24) earnings per share. As a group, equities analysts predict that Sumo Logic will post -0.91 EPS for the current fiscal year.

In other Sumo Logic news, CMO Suku Krishnaraj Chettiar sold 8,946 shares of the stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $7.31, for a total transaction of $65,395.26. Following the completion of the transaction, the chief marketing officer now owns 370,945 shares of the company’s stock, valued at $2,711,607.95. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jennifer Mccord sold 4,712 shares of Sumo Logic stock in a transaction dated 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 owns 208,550 shares of the company’s stock, valued at $1,524,500.50. The disclosure for this sale can be found here. Insiders sold 57,966 shares of company stock valued at $424,394 in the last three months. 7.50% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the stock. US Bancorp DE increased its holdings in Sumo Logic by 32.0% in the 1st 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 last quarter. XTX Topco Ltd acquired a new stake in Sumo Logic in the 1st quarter valued at approximately $129,000. Delphia USA Inc. acquired a new stake in Sumo Logic in the 1st quarter valued at approximately $143,000. Graham Capital Management L.P. acquired a new stake in Sumo Logic in the 1st quarter valued at approximately $179,000. Finally, Hsbc Holdings PLC increased its holdings in Sumo Logic by 22.6% in the 1st quarter. Hsbc Holdings PLC now owns 21,464 shares of the company’s stock valued at $250,000 after purchasing an additional 3,955 shares during the last quarter. Hedge funds and other institutional investors own 69.99% of the company’s stock.

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

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