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.
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