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

Sumo Logic (NASDAQ:SUMOGet Rating) updated its FY 2023 earnings guidance on Thursday. The company provided EPS guidance of -$0.64–$0.62 for the period, compared to the consensus EPS 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.

A number of research firms recently commented on SUMO. Rosenblatt Securities lowered their price target on shares of Sumo Logic from $27.00 to $21.00 and set a buy rating for the company in a report on Wednesday, March 9th. Royal Bank of Canada lowered their price target on shares of Sumo Logic from $17.00 to $14.00 in a report on Monday. Zacks Investment Research upgraded shares of Sumo Logic from a sell rating to a hold rating in a report on Wednesday, May 11th. Piper Sandler lowered their price target on shares of Sumo Logic from $15.00 to $12.50 and set a neutral rating for the company in a report on Wednesday, March 9th. Finally, Morgan Stanley lowered their price target on shares of Sumo Logic from $15.00 to $11.00 and set an equal weight rating for the company in a report on Thursday, May 19th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Sumo Logic has a consensus rating of Hold and an average target price of $15.75.

Shares of NASDAQ:SUMO traded up $0.17 during midday trading on Thursday, reaching $7.71. The company’s stock had a trading volume of 1,191,767 shares, compared to its average volume of 1,192,032. The firm has a 50 day moving average of $9.84 and a 200-day moving average of $11.85. The firm has a market capitalization of $879.70 million, a P/E ratio of -6.74 and a beta of 2.27. Sumo Logic has a 12-month low of $6.87 and a 12-month high of $23.48.

Sumo Logic (NASDAQ:SUMOGet Rating) last released its earnings results on Tuesday, March 8th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.03. The firm had revenue of $67.05 million for the quarter, compared to the consensus estimate of $64.33 million. Sumo Logic had a negative net margin of 50.95% and a negative return on equity of 24.66%. The company’s revenue was up 23.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.19) EPS. As a group, analysts predict that Sumo Logic will post -1.17 EPS for the current fiscal year.

In related news, Director Christian Beedgen sold 5,778 shares of the stock in a transaction dated 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 filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 9.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System lifted its stake in Sumo Logic by 3.0% during the 4th quarter. California State Teachers Retirement System now owns 47,768 shares of the company’s stock valued at $648,000 after acquiring an additional 1,410 shares during the period. US Bancorp DE lifted its stake in Sumo Logic by 32.0% during the 1st quarter. US Bancorp DE now owns 7,741 shares of the company’s stock valued at $90,000 after acquiring an additional 1,875 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Sumo Logic by 4.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 45,375 shares of the company’s stock valued at $615,000 after acquiring an additional 2,093 shares during the period. Hsbc Holdings PLC lifted its stake in Sumo Logic by 22.6% during the 1st quarter. Hsbc Holdings PLC now owns 21,464 shares of the company’s stock valued at $250,000 after acquiring an additional 3,955 shares during the period. Finally, Rhumbline Advisers lifted its stake in Sumo Logic by 7.5% during the 1st quarter. Rhumbline Advisers now owns 91,587 shares of the company’s stock valued at $1,069,000 after acquiring an additional 6,379 shares during the period. 69.99% of the stock is currently owned by institutional investors.

About Sumo Logic (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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