Equities research analysts expect Sumo Logic, Inc. (NASDAQ:SUMO - Get Rating) to report sales of $66.13 million for the current quarter, according to Zacks. Six analysts have provided estimates for Sumo Logic's earnings, with the lowest sales estimate coming in at $66.00 million and the highest estimate coming in at $66.30 million. Sumo Logic reported sales of $54.22 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 22%. The company is scheduled to issue its next quarterly earnings report after the market closes on Monday, January 1st.
On average, analysts expect that Sumo Logic will report full year sales of $290.58 million for the current year, with estimates ranging from $290.00 million to $291.50 million. For the next fiscal year, analysts forecast that the business will post sales of $343.89 million, with estimates ranging from $340.22 million to $349.80 million. Zacks' sales calculations are a mean average based on a survey of research analysts that cover Sumo Logic.
Sumo Logic (NASDAQ:SUMO - Get Rating) last announced its earnings results on Tuesday, March 8th. The company reported ($0.27) EPS for the quarter, beating analysts' consensus estimates of ($0.30) by $0.03. Sumo Logic had a negative net margin of 50.95% and a negative return on equity of 24.66%. The business had revenue of $67.05 million during the quarter, compared to analysts' expectations of $64.33 million. During the same period in the prior year, the company earned ($0.19) earnings per share. The firm's revenue was up 23.8% on a year-over-year basis.
A number of analysts have commented on the stock. Morgan Stanley reduced their target price on shares of Sumo Logic from $20.00 to $15.00 and set an "equal weight" rating for the company in a report on Wednesday, February 23rd. Zacks Investment Research raised shares of Sumo Logic from a "sell" rating to a "hold" rating in a research note on Wednesday, May 11th. Royal Bank of Canada reduced their price objective on shares of Sumo Logic from $19.00 to $17.00 and set an "outperform" rating for the company in a research note on Wednesday, March 9th. Piper Sandler reduced their price objective on shares of Sumo Logic from $15.00 to $12.50 and set a "neutral" rating for the company in a research note on Wednesday, March 9th. Finally, Rosenblatt Securities reduced their price objective 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. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $17.31.
Shares of SUMO stock opened at $8.05 on Monday. Sumo Logic has a 12 month low of $6.87 and a 12 month high of $23.48. The stock has a market cap of $918.49 million, a P/E ratio of -7.06 and a beta of 2.27. The company has a 50 day simple moving average of $10.24 and a two-hundred day simple moving average of $12.31.
In related news, Director Christian Beedgen sold 5,778 shares of the firm's 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 9.40% of the company's stock.
A number of hedge funds have recently added to or reduced their stakes in SUMO. Artemis Investment Management LLP lifted its position in Sumo Logic by 44.7% during the fourth quarter. Artemis Investment Management LLP now owns 4,941,866 shares of the company's stock valued at $66,989,000 after purchasing an additional 1,526,625 shares during the last quarter. Brown Advisory Inc. lifted its position in Sumo Logic by 88.7% during the fourth quarter. Brown Advisory Inc. now owns 2,874,379 shares of the company's stock valued at $38,977,000 after purchasing an additional 1,350,897 shares during the last quarter. BlackRock Inc. lifted its position in Sumo Logic by 22.2% during the third quarter. BlackRock Inc. now owns 5,572,010 shares of the company's stock valued at $89,820,000 after purchasing an additional 1,012,961 shares during the last quarter. Cross Creek Advisors LLC bought a new position in Sumo Logic during the fourth quarter valued at $15,968,000. Finally, ETF Managers Group LLC lifted its position in Sumo Logic by 29.4% during the fourth quarter. ETF Managers Group LLC now owns 3,104,045 shares of the company's stock valued at $43,177,000 after purchasing an additional 705,212 shares during the last quarter. Institutional investors and hedge funds 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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