Sumo Logic (NASDAQ:SUMO) Issues Q2 Earnings Guidance

Sumo Logic (NASDAQ:SUMOGet Rating) updated its second quarter earnings guidance on Thursday. The company provided earnings per share guidance of $(0.15) for the period, compared to the consensus earnings per share estimate of ($0.16). The company issued revenue guidance of $71-$72 million, compared to the consensus revenue estimate of $70.48 million.Sumo Logic also updated its FY 2023 guidance to -$0.64–$0.62 EPS.

A number of brokerages have issued reports on SUMO. Piper Sandler cut their price target on Sumo Logic from $15.00 to $12.50 and set a neutral rating for the company in a research note on Wednesday, March 9th. Morgan Stanley cut their price target on 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 cut their price objective on Sumo Logic from $17.00 to $14.00 in a research report on Monday. Rosenblatt Securities cut their price objective on Sumo Logic from $27.00 to $21.00 and set a buy rating for the company in a research report on Wednesday, March 9th. Finally, Jefferies Financial Group cut their price objective on Sumo Logic from $12.00 to $8.50 in a research report on Monday. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $15.75.

Shares of Sumo Logic stock traded up $0.17 on Thursday, hitting $7.71. 1,186,807 shares of the company traded hands, compared to its average volume of 1,192,151. The company has a market cap of $879.70 million, a PE ratio of -6.76 and a beta of 2.27. The stock’s 50 day moving average price is $9.84 and its 200-day moving average price is $11.85. Sumo Logic has a 52 week low of $6.87 and a 52 week high of $23.48.

Sumo Logic (NASDAQ:SUMOGet Rating) last issued its quarterly earnings data on Tuesday, March 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.03. Sumo Logic had a negative net margin of 50.95% and a negative return on equity of 24.66%. The company had revenue of $67.05 million for the quarter, compared to analyst estimates of $64.33 million. During the same period last year, the company posted ($0.19) earnings per share. Sumo Logic’s revenue was up 23.8% compared to the same quarter last year. On average, analysts forecast that Sumo Logic will post -1.17 EPS for the current fiscal year.

In other news, Director Christian Beedgen sold 5,778 shares of the business’s stock in a transaction on Thursday, March 17th. The shares were sold at an average price of $10.27, for a total transaction of $59,340.06. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 9.40% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System lifted its position in Sumo Logic by 3.0% during the fourth quarter. California State Teachers Retirement System now owns 47,768 shares of the company’s stock valued at $648,000 after purchasing an additional 1,410 shares during the period. US Bancorp DE lifted its position in Sumo Logic by 32.0% during 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. The Manufacturers Life Insurance Company raised its position in shares of Sumo Logic by 4.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 45,375 shares of the company’s stock worth $615,000 after acquiring an additional 2,093 shares during the period. Hsbc Holdings PLC raised its position in shares of Sumo Logic by 22.6% in the first quarter. Hsbc Holdings PLC now owns 21,464 shares of the company’s stock worth $250,000 after acquiring an additional 3,955 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Sumo Logic by 7.5% in the first quarter. Rhumbline Advisers now owns 91,587 shares of the company’s stock worth $1,069,000 after acquiring an additional 6,379 shares during the period. 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.

Further Reading

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

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