Sumo Logic (NASDAQ:SUMO – Get Rating) updated its third quarter 2023 earnings guidance on Tuesday. The company provided EPS guidance of -$0.15–$0.15 for the period, compared to the consensus EPS estimate of -$0.16. The company issued revenue guidance of $73.50 million-$74.50 million, compared to the consensus revenue estimate of $73.00 million. Sumo Logic also updated its FY 2023 guidance to -$0.56–$0.54 EPS.
Sumo Logic Stock Down 3.6 %
NASDAQ:SUMO traded down $0.26 during midday trading on Friday, hitting $6.98. The stock had a trading volume of 37,820 shares, compared to its average volume of 1,209,829. Sumo Logic has a one year low of $6.57 and a one year high of $17.80. The stock has a 50-day moving average of $8.09 and a 200 day moving average of $8.75.
Sumo Logic (NASDAQ:SUMO – Get Rating) last posted its quarterly earnings data on Thursday, August 25th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.04. The firm had revenue of $74.10 million during the quarter, compared to analysts’ expectations of $71.55 million. Sumo Logic had a negative return on equity of 28.29% and a negative net margin of 49.82%. The business’s quarterly revenue was up 26.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.24) EPS. Sell-side analysts predict that Sumo Logic will post -1.22 EPS for the current year.
Wall Street Analysts Forecast Growth
Insider Transactions at Sumo Logic
In other news, CEO Ramin Sayar sold 4,035 shares of Sumo Logic stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $8.22, for a total transaction of $33,167.70. Following the sale, the chief executive officer now owns 824,943 shares of the company’s stock, valued at approximately $6,781,031.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Sumo Logic news, General Counsel Katherine Haar sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $8.92, for a total value of $31,220.00. Following the sale, the general counsel now owns 217,412 shares of the company’s stock, valued at $1,939,315.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ramin Sayar sold 4,035 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $8.22, for a total value of $33,167.70. Following the completion of the sale, the chief executive officer now directly owns 824,943 shares in the company, valued at approximately $6,781,031.46. The disclosure for this sale can be found here. Insiders have sold a total of 86,304 shares of company stock worth $750,790 in the last ninety days. Insiders own 7.50% of the company’s stock.
Institutional Trading of Sumo Logic
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SUMO. Quantbot Technologies LP acquired a new position in shares of Sumo Logic during the second quarter worth $38,000. Walleye Capital LLC acquired a new position in shares of Sumo Logic during the second quarter worth $76,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Sumo Logic during the second quarter worth $85,000. US Bancorp DE grew its stake in shares of Sumo Logic by 32.0% during the first quarter. US Bancorp DE now owns 7,741 shares of the company’s stock worth $90,000 after purchasing an additional 1,875 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in shares of Sumo Logic during the second quarter worth $100,000. Hedge funds and other institutional investors own 72.04% of the company’s stock.
About Sumo Logic
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.
- Get a free copy of the StockNews.com research report on Sumo Logic (SUMO)
- Why Does Tesla Stock Remain Resilient?
- Are Layoffs At A Small-Cap Tech A Bellwether For Housing Stocks?
- 2 Semiconductor Stocks To Watch For Reversals
- Is Costco’s Post-Earnings Price Weakness A Good Time To Buy?
- Will Crowdstrike Get A Boost From Increased EPS Guidance?
Receive News & Ratings for Sumo Logic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sumo Logic and related companies with MarketBeat.com's FREE daily email newsletter.