Sumo Logic (NASDAQ:SUMO – Get Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of -$0.56–$0.54 for the period, compared to the consensus estimate of -$0.61. The company issued revenue guidance of $289.00 million-$293.00 million, compared to the consensus revenue estimate of $290.40 million. Sumo Logic also updated its FY 2026 guidance to EPS.
Sumo Logic Stock Down 3.2 %
Shares of NASDAQ SUMO traded down $0.23 on Friday, hitting $7.01. The company's stock had a trading volume of 36,460 shares, compared to its average volume of 1,209,829. Sumo Logic has a 12-month low of $6.57 and a 12-month high of $17.80. The stock has a 50 day moving average of $8.09 and a 200-day moving average of $8.75.
Get Sumo Logic alerts:Sumo Logic (NASDAQ:SUMO – Get Rating) last announced its quarterly earnings data on Thursday, August 25th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.04. The business had revenue of $74.10 million for the quarter, compared to the consensus estimate of $71.55 million. Sumo Logic had a negative net margin of 49.82% and a negative return on equity of 28.29%. The company's quarterly revenue was up 26.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.24) earnings per share. Equities analysts anticipate that Sumo Logic will post -1.22 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on SUMO shares. Piper Sandler reduced their price objective on shares of Sumo Logic from $10.00 to $8.00 in a research note on Wednesday, July 13th. Morgan Stanley upped their price target on shares of Sumo Logic from $10.00 to $11.00 and gave the stock an equal weight rating in a research report on Friday, August 26th. Finally, Cowen dropped their price target on shares of Sumo Logic to $13.00 in a research report on Friday, May 27th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $13.07.Insider Transactions at Sumo Logic
In other news, CEO Ramin Sayar sold 30,883 shares of the stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $8.80, for a total value of $271,770.40. Following the completion of the sale, the chief executive officer now owns 790,025 shares of the company's stock, valued at $6,952,220. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Ramin Sayar sold 30,883 shares of the firm's stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $8.80, for a total transaction of $271,770.40. Following the completion of the sale, the chief executive officer now directly owns 790,025 shares of the company's stock, valued at approximately $6,952,220. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Christian Beedgen sold 6,627 shares of the firm's stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $8.80, for a total transaction of $58,317.60. Following the sale, the director now directly owns 2,246,523 shares of the company's stock, valued at $19,769,402.40. The disclosure for this sale can be found here. Insiders sold 86,304 shares of company stock valued at $750,790 over the last 90 days. Corporate insiders own 7.50% of the company's stock.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Sumo Logic by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 8,931,782 shares of the company's stock worth $104,234,000 after buying an additional 397,968 shares during the last quarter. BlackRock Inc. lifted its position in shares of Sumo Logic by 1.4% in the 1st quarter. BlackRock Inc. now owns 6,312,734 shares of the company's stock worth $73,670,000 after buying an additional 86,882 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Sumo Logic by 3.4% in the 2nd quarter. Legal & General Group Plc now owns 2,670,145 shares of the company's stock worth $19,999,000 after buying an additional 88,510 shares during the last quarter. Millennium Management LLC lifted its position in shares of Sumo Logic by 219.2% in the 2nd quarter. Millennium Management LLC now owns 2,480,141 shares of the company's stock worth $18,576,000 after buying an additional 1,703,168 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Sumo Logic by 6.7% in the 2nd quarter. State Street Corp now owns 2,026,889 shares of the company's stock worth $15,181,000 after buying an additional 127,899 shares during the last quarter. 72.04% of the stock is currently owned by institutional investors.
Sumo Logic Company Profile
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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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