Sumo Logic (NASDAQ:SUMO) Updates Q2 2023 Earnings Guidance

Sumo Logic (NASDAQ:SUMOGet Rating) issued an update on its second quarter 2023 earnings guidance on Thursday morning. The company provided earnings per share guidance of -$0.15–$0.15 for the period, compared to the consensus earnings per share estimate of -$0.16. The company issued revenue guidance of $71.00 million-$72.00 million, compared to the consensus revenue estimate of $70.47 million.Sumo Logic also updated its FY 2023 guidance to -$0.64–$0.62 EPS.

SUMO stock traded up $0.17 during mid-day trading on Thursday, reaching $7.71. The company had a trading volume of 1,191,767 shares, compared to its average volume of 1,192,032. The company has a market capitalization of $879.70 million, a price-to-earnings ratio of -6.76 and a beta of 2.27. The firm has a fifty day simple moving average of $9.84 and a 200 day simple moving average of $11.85. Sumo Logic has a fifty-two week low of $6.87 and a fifty-two week high of $23.48.

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

Several brokerages have recently weighed in on SUMO. Piper Sandler cut their target price on Sumo Logic from $15.00 to $12.50 and set a neutral rating on the stock in a research report on Wednesday, March 9th. Morgan Stanley cut their target price on Sumo Logic from $15.00 to $11.00 and set an equal weight rating on the stock in a research report on Thursday, May 19th. Rosenblatt Securities cut their target price on Sumo Logic from $27.00 to $21.00 and set a buy rating on the stock in a research report on Wednesday, March 9th. Royal Bank of Canada dropped their price target on Sumo Logic from $17.00 to $14.00 in a research note on Monday. Finally, Jefferies Financial Group dropped their price target on Sumo Logic from $12.00 to $8.50 in a research note on Monday. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $15.75.

In related news, Director Christian Beedgen sold 5,778 shares of the firm’s stock in a transaction that occurred on Thursday, March 17th. The stock was sold at an average price of $10.27, for a total transaction of $59,340.06. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 9.40% of the company’s stock.

Several institutional investors have recently bought and sold shares of SUMO. Washington Harbour Partners LP purchased a new stake in shares of Sumo Logic in the first quarter valued at approximately $12,366,000. BlackRock Inc. raised its holdings in shares of Sumo Logic by 11.7% in the fourth quarter. BlackRock Inc. now owns 6,225,852 shares of the company’s stock worth $84,423,000 after acquiring an additional 653,842 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Sumo Logic by 32.8% in the fourth quarter. Legal & General Group Plc now owns 2,003,713 shares of the company’s stock worth $27,170,000 after acquiring an additional 495,159 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Sumo Logic by 244.4% in the fourth quarter. Millennium Management LLC now owns 656,040 shares of the company’s stock worth $8,896,000 after acquiring an additional 465,545 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Sumo Logic by 4.7% in the first quarter. Vanguard Group Inc. now owns 8,931,782 shares of the company’s stock worth $104,234,000 after acquiring an additional 397,968 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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