Sumo Logic, Inc. (NASDAQ:SUMO) Expected to Post Quarterly Sales of $66.13 Million

Equities analysts forecast that Sumo Logic, Inc. (NASDAQ:SUMOGet Rating) will report $66.13 million in sales for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Sumo Logic’s earnings, with the highest sales estimate coming in at $66.30 million and the lowest estimate coming in at $66.00 million. Sumo Logic posted sales of $54.22 million during the same quarter last year, which suggests a positive year-over-year growth rate of 22%. The company is scheduled to issue its next earnings results after the market closes on Monday, January 1st.

According to Zacks, analysts expect that Sumo Logic will report full-year sales of $290.58 million for the current year, with estimates ranging from $290.00 million to $291.50 million. For the next fiscal year, analysts anticipate that the company will report sales of $343.89 million, with estimates ranging from $340.22 million to $349.80 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Sumo Logic.

Sumo Logic (NASDAQ:SUMOGet Rating) last issued its quarterly earnings results on Tuesday, March 8th. The company reported ($0.27) EPS for the quarter, topping 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 firm had revenue of $67.05 million for the quarter, compared to analysts’ expectations of $64.33 million. During the same period in the previous year, the firm posted ($0.19) EPS. The company’s revenue for the quarter was up 23.8% on a year-over-year basis.

Several research firms have recently weighed in on SUMO. Rosenblatt Securities lowered their price objective on shares of Sumo Logic from $27.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, March 9th. Zacks Investment Research upgraded shares of Sumo Logic from a “sell” rating to a “hold” rating in a research note on Wednesday, May 11th. Royal Bank of Canada decreased their price target on shares of Sumo Logic from $19.00 to $17.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 9th. Piper Sandler decreased their price target on shares of Sumo Logic from $15.00 to $12.50 and set a “neutral” rating on the stock in a research note on Wednesday, March 9th. Finally, Morgan Stanley decreased their price target on shares of Sumo Logic from $20.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 23rd. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $17.31.

In other Sumo Logic news, Director Christian Beedgen sold 5,778 shares of the stock in a transaction that occurred 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 is available at this hyperlink. Corporate insiders own 9.40% of the company’s stock.

Large investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC grew its position in shares of Sumo Logic by 358.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,980 shares of the company’s stock worth $35,000 after purchasing an additional 2,330 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Sumo Logic by 32.0% during the 1st quarter. US Bancorp DE now owns 7,741 shares of the company’s stock worth $90,000 after acquiring an additional 1,875 shares during the period. XTX Topco Ltd bought a new stake in shares of Sumo Logic during the 1st quarter worth approximately $129,000. WealthShield Partners LLC lifted its holdings in shares of Sumo Logic by 12.1% during the 1st quarter. WealthShield Partners LLC now owns 12,583 shares of the company’s stock worth $147,000 after acquiring an additional 1,361 shares during the period. Finally, Waldron Private Wealth LLC bought a new stake in shares of Sumo Logic during the 4th quarter worth approximately $153,000. Hedge funds and other institutional investors own 69.99% of the company’s stock.

Sumo Logic stock opened at $8.05 on Monday. The firm has a market capitalization of $918.49 million, a PE ratio of -7.06 and a beta of 2.27. The company’s 50-day moving average is $10.24 and its 200-day moving average is $12.31. Sumo Logic has a fifty-two week low of $6.87 and a fifty-two week high of $23.48.

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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