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

Thursday, June 23, 2022 | MarketBeat

Sumo Logic (NASDAQ:SUMO - Get 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.

Shares of NASDAQ:SUMO opened at $7.76 on Thursday. Sumo Logic has a fifty-two week low of $6.87 and a fifty-two week high of $23.48. The business has a 50-day moving average of $8.44 and a two-hundred day moving average of $10.82. The stock has a market capitalization of $898.06 million, a P/E ratio of -6.58 and a beta of 2.29.

Sumo Logic (NASDAQ:SUMO - Get Rating) last announced its quarterly earnings results on Thursday, May 26th. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.17) by $0.04. Sumo Logic had a negative return on equity of 26.10% and a negative net margin of 51.30%. The company had revenue of $67.90 million during the quarter, compared to analysts' expectations of $66.09 million. During the same quarter in the previous year, the firm earned ($0.24) earnings per share. The business's quarterly revenue was up 25.3% compared to the same quarter last year. As a group, equities analysts forecast that Sumo Logic will post -0.91 earnings per share for the current fiscal year.


A number of analysts have weighed in on SUMO shares. Cowen reduced their price target on Sumo Logic to $13.00 in a research report on Friday, May 27th. Morgan Stanley dropped their price objective 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. Rosenblatt Securities dropped their price objective 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. Royal Bank of Canada dropped their price objective on Sumo Logic from $17.00 to $14.00 in a research note on Monday, May 23rd. Finally, Jefferies Financial Group dropped their price objective on Sumo Logic from $12.00 to $8.50 in a research note on Monday, May 23rd. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $13.36.

In other Sumo Logic news, CAO Jennifer Mccord sold 4,712 shares of the stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $7.31, for a total transaction of $34,444.72. Following the completion of the transaction, the chief accounting officer now owns 208,550 shares in the company, valued at approximately $1,524,500.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ramin Sayar sold 30,883 shares of the stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $7.31, for a total transaction of $225,754.73. Following the transaction, the chief executive officer now owns 896,332 shares of the company's stock, valued at $6,552,186.92. The disclosure for this sale can be found here. In the last three months, insiders sold 57,966 shares of company stock worth $424,394. 7.50% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in SUMO. Washington Harbour Partners LP bought a new stake in shares of Sumo Logic during the first quarter worth $12,366,000. Vanguard Group Inc. lifted its holdings in shares of Sumo Logic by 4.7% during the first quarter. Vanguard Group Inc. now owns 8,931,782 shares of the company's stock worth $104,234,000 after purchasing an additional 397,968 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Sumo Logic during the first quarter worth $4,139,000. Goldman Sachs Group Inc. lifted its holdings in Sumo Logic by 51.1% in the first quarter. Goldman Sachs Group Inc. now owns 993,428 shares of the company's stock valued at $11,593,000 after buying an additional 335,908 shares during the period. Finally, Penn Capital Management Company LLC bought a new stake in Sumo Logic in the first quarter valued at $2,243,000. 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.

Further Reading

Earnings History and Estimates for Sumo Logic (NASDAQ:SUMO)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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