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

Sumo Logic (NASDAQ:SUMOGet Rating) updated its second quarter 2023 earnings guidance on Thursday. The company provided EPS guidance of -$0.15–$0.15 for the period, compared to the consensus EPS 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.

A number of equities analysts have recently weighed in on the stock. Rosenblatt Securities reduced their price target on shares of 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 reduced their price target on shares of Sumo Logic from $17.00 to $14.00 in a research report on Monday, May 23rd. Piper Sandler dropped their price objective on shares of Sumo Logic from $12.50 to $10.00 in a report on Friday, May 27th. Morgan Stanley dropped their price objective on shares of Sumo Logic from $15.00 to $11.00 and set an equal weight rating on the stock in a report on Thursday, May 19th. Finally, Zacks Investment Research upgraded shares of Sumo Logic from a sell rating to a hold rating in a report on Wednesday, May 11th. 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, Sumo Logic has a consensus rating of Hold and a consensus target price of $15.17.

Shares of SUMO stock opened at $8.22 on Thursday. Sumo Logic has a 1 year low of $6.87 and a 1 year high of $23.48. The firm’s fifty day moving average price is $9.53 and its two-hundred day moving average price is $11.54. The firm has a market capitalization of $951.30 million, a P/E ratio of -6.97 and a beta of 2.29.

Sumo Logic (NASDAQ:SUMOGet Rating) last issued its quarterly earnings results on Thursday, May 26th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.04. Sumo Logic had a negative net margin of 51.30% and a negative return on equity of 26.10%. The firm had revenue of $67.90 million for the quarter, compared to analyst estimates of $66.09 million. During the same period in the previous year, the business earned ($0.24) EPS. The company’s revenue was up 25.3% compared to the same quarter last year. Equities analysts expect that Sumo Logic will post -1.16 earnings per share for the current fiscal year.

In other Sumo Logic news, Director Christian Beedgen sold 5,778 shares of Sumo Logic stock in a transaction on Thursday, March 17th. The shares were sold at an average price of $10.27, for a total value of $59,340.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.50% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in SUMO. US Bancorp DE increased its stake 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 purchasing an additional 1,875 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Sumo Logic during the 1st quarter worth about $129,000. Delphia USA Inc. acquired a new position in shares of Sumo Logic during the 1st quarter worth about $143,000. Graham Capital Management L.P. acquired a new position in shares of Sumo Logic during the 1st quarter worth about $179,000. Finally, Hsbc Holdings PLC increased its stake in shares of Sumo Logic by 22.6% during the 1st quarter. Hsbc Holdings PLC now owns 21,464 shares of the company’s stock worth $250,000 after purchasing an additional 3,955 shares during the last quarter. 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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