Sumo Logic (NASDAQ:SUMO) Updates FY23 Earnings Guidance

Sumo Logic (NASDAQ:SUMO – Get Rating) updated its FY23 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-$292 million, compared to the consensus revenue estimate of $290.60 million.Sumo Logic also updated its FY 2023 guidance to -$0.64–$0.62 EPS.

Several research firms have commented on SUMO. 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 note on Wednesday, March 9th. Zacks Investment Research upgraded Sumo Logic from a sell rating to a hold rating in a research note on Wednesday, May 11th. 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 note on Thursday, May 19th. 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 note on Wednesday, March 9th. Finally, Jefferies Financial Group cut their target price 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $15.75.

Shares of Sumo Logic stock traded up $0.17 on Thursday, reaching $7.71. 1,186,807 shares of the company were exchanged, compared to its average volume of 1,192,151. Sumo Logic has a one year low of $6.87 and a one year high of $23.48. 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 company has a 50-day moving average of $9.84 and a 200 day moving average of $11.85.

Sumo Logic (NASDAQ:SUMO – Get Rating) last announced its quarterly earnings data on Tuesday, March 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $67.05 million for the quarter, compared to analysts’ expectations of $64.33 million. During the same quarter in the prior year, the business posted ($0.19) EPS. The business’s revenue was up 23.8% compared to the same quarter last year. Analysts anticipate that Sumo Logic will post -1.17 EPS for the current year.

In related news, Director Christian Beedgen sold 5,778 shares of the business’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 document filed with the SEC, which is available through this hyperlink. Corporate insiders own 9.40% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Sumo Logic by 4.7% during the 1st 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. BlackRock Inc. increased its holdings in shares of Sumo Logic by 1.4% during the 1st quarter. BlackRock Inc. now owns 6,312,734 shares of the company’s stock worth $73,670,000 after acquiring an additional 86,882 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Sumo Logic by 32.8% during the 4th 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. State Street Corp increased its holdings in shares of Sumo Logic by 2.1% during the 1st quarter. State Street Corp now owns 1,898,990 shares of the company’s stock worth $22,161,000 after acquiring an additional 38,435 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Sumo Logic by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 1,584,722 shares of the company’s stock worth $21,488,000 after acquiring an additional 67,371 shares during the last quarter. 69.99% of the stock is currently owned by institutional investors and hedge funds.

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.

Recommended Stories