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

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 (EPS) guidance of -$0.15–$0.15 for the period, compared to the consensus 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.

NASDAQ:SUMO traded up $0.19 during trading hours on Thursday, reaching $7.95. 33,149 shares of the company were exchanged, compared to its average volume of 1,203,081. The firm has a market cap of $920.05 million, a price-to-earnings ratio of -6.58 and a beta of 2.29. Sumo Logic has a 52-week low of $6.87 and a 52-week high of $23.48. The stock has a 50 day simple moving average of $8.44 and a 200 day simple moving average of $10.82.

Sumo Logic (NASDAQ:SUMO – Get Rating) last released its quarterly earnings data on Thursday, May 26th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping 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 company had revenue of $67.90 million during the quarter, compared to analyst estimates of $66.09 million. During the same quarter in the prior year, the business earned ($0.24) earnings per share. The business’s quarterly revenue was up 25.3% compared to the same quarter last year. On average, analysts forecast that Sumo Logic will post -0.91 EPS for the current fiscal year.

Several equities research analysts have recently issued reports on SUMO shares. Jefferies Financial Group dropped their price objective on shares of Sumo Logic from $12.00 to $8.50 in a research report on Monday, May 23rd. Rosenblatt Securities lowered their price target on shares of Sumo Logic from $27.00 to $21.00 and set a buy rating for the company in a report on Wednesday, March 9th. Piper Sandler lowered their price target on shares of Sumo Logic from $12.50 to $10.00 in a report on Friday, May 27th. Cowen lowered their price target on shares of Sumo Logic to $13.00 in a report on Friday, May 27th. Finally, Morgan Stanley lowered their price target on shares of Sumo Logic from $15.00 to $11.00 and set an equal weight rating for the company in a report on Thursday, May 19th. Five investment 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 has an average rating of Hold and a consensus target price of $13.36.

In related news, CMO Suku Krishnaraj Chettiar sold 8,946 shares of Sumo Logic stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $7.31, for a total value of $65,395.26. Following the sale, the chief marketing officer now directly owns 370,945 shares in the company, valued at approximately $2,711,607.95. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Jennifer Mccord sold 4,712 shares of the firm’s stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $7.31, for a total transaction of $34,444.72. Following the transaction, the chief accounting officer now directly owns 208,550 shares in the company, valued at approximately $1,524,500.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,966 shares of company stock worth $424,394. Insiders own 7.50% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Vident Investment Advisory LLC increased its stake in Sumo Logic by 8.8% during the 1st quarter. Vident Investment Advisory LLC now owns 99,048 shares of the company’s stock valued at $1,156,000 after buying an additional 8,028 shares during the period. Engineers Gate Manager LP increased its stake in Sumo Logic by 192.2% during the 1st quarter. Engineers Gate Manager LP now owns 97,452 shares of the company’s stock valued at $1,137,000 after buying an additional 64,097 shares during the period. Rhumbline Advisers increased its stake in Sumo Logic by 7.5% during the 1st quarter. Rhumbline Advisers now owns 91,587 shares of the company’s stock valued at $1,069,000 after buying an additional 6,379 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Sumo Logic during the 1st quarter valued at about $807,000. Finally, MetLife Investment Management LLC increased its stake in Sumo Logic by 58.5% during the 1st quarter. MetLife Investment Management LLC now owns 48,880 shares of the company’s stock valued at $570,000 after buying an additional 18,040 shares during the period. 69.99% of the stock is currently owned by hedge funds and other institutional investors.

About Sumo Logic (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.

See Also