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

Sumo Logic (NASDAQ:SUMOGet Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. 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 $289.00 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.

NASDAQ SUMO opened at $8.29 on Thursday. Sumo Logic has a 1-year low of $6.87 and a 1-year high of $23.48. The business has a 50 day moving average price of $9.17 and a 200 day moving average price of $11.28.

Sumo Logic (NASDAQ:SUMOGet Rating) last issued its quarterly earnings results on Thursday, May 26th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $67.90 million during the quarter, compared to the consensus estimate of $66.09 million. During the same period in the previous year, the firm posted ($0.24) earnings per share. The company’s quarterly revenue was up 25.3% compared to the same quarter last year. On average, equities research analysts expect that Sumo Logic will post -0.91 EPS for the current fiscal year.

SUMO has been the topic of a number of recent analyst reports. Piper Sandler cut their price objective on shares of Sumo Logic from $12.50 to $10.00 in a report on Friday, May 27th. Morgan Stanley reduced their price target on Sumo Logic from $15.00 to $11.00 and set an equal weight rating for the company in a report on Thursday, May 19th. Zacks Investment Research upgraded Sumo Logic from a hold rating to a buy rating and set a $9.25 price objective on the stock in a report on Friday, June 3rd. Cowen reduced their target price on Sumo Logic to $13.00 in a research note on Friday, May 27th. Finally, Rosenblatt Securities dropped their price target on shares of Sumo Logic from $27.00 to $21.00 and set a buy rating for the company in a research note on Wednesday, March 9th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Sumo Logic currently has an average rating of Hold and an average target price of $12.84.

In other Sumo Logic news, Director Christian Beedgen sold 5,778 shares of the stock in a transaction 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 legal filing with the SEC, which is available through the SEC website. Corporate insiders own 7.50% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System increased its stake in shares of Sumo Logic by 3.0% in the fourth quarter. California State Teachers Retirement System now owns 47,768 shares of the company’s stock valued at $648,000 after purchasing an additional 1,410 shares during the period. US Bancorp DE boosted its position 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 valued at $90,000 after purchasing an additional 1,875 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Sumo Logic by 4.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 45,375 shares of the company’s stock worth $615,000 after purchasing an additional 2,093 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of Sumo Logic by 22.6% in 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 in the last quarter. Finally, Rhumbline Advisers lifted its stake in Sumo Logic by 7.5% during the first quarter. Rhumbline Advisers now owns 91,587 shares of the company’s stock valued at $1,069,000 after purchasing an additional 6,379 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.

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