Sumo Logic (NASDAQ:SUMO) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Sumo Logic (NASDAQ:SUMO) posted its quarterly earnings data on Wednesday. The company reported ($0.11) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.03, Briefing.com reports. The company had revenue of $58.80 million for the quarter, compared to analyst estimates of $56.68 million. The firm’s quarterly revenue was up 19.0% on a year-over-year basis.

NASDAQ SUMO opened at $20.12 on Friday. The stock has a market cap of $2.15 billion and a PE ratio of -13.32. Sumo Logic has a fifty-two week low of $15.80 and a fifty-two week high of $46.37. The business has a 50 day moving average price of $20.62 and a two-hundred day moving average price of $20.70.

In other Sumo Logic news, Director Christian Beedgen sold 23,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 18th. The stock was sold at an average price of $19.45, for a total value of $457,075.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Katherine Haar sold 2,980 shares of the company’s stock in a transaction that occurred on Thursday, June 17th. The shares were sold at an average price of $19.10, for a total value of $56,918.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 319,630 shares of company stock valued at $6,771,006. 9.40% of the stock is owned by company insiders.

A number of research firms have recently commented on SUMO. Jefferies Financial Group dropped their price objective on shares of Sumo Logic from $27.00 to $19.00 and set a “hold” rating for the company in a research note on Tuesday, May 18th. They noted that the move was a valuation call. BTIG Research downgraded shares of Sumo Logic from a “buy” rating to a “neutral” rating in a research note on Friday. Rosenblatt Securities dropped their price objective on shares of Sumo Logic from $44.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, June 4th. Zacks Investment Research raised shares of Sumo Logic from a “sell” rating to a “hold” rating in a research note on Thursday, August 5th. Finally, Royal Bank of Canada dropped their price objective on shares of Sumo Logic from $30.00 to $25.00 and set an “outperform” rating for the company in a research note on Friday, June 4th. Six analysts have rated the stock with a hold rating and five have issued 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 $26.56.

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. Its platform enables organizations to automate the collection, ingestion, and analysis of application, infrastructure, security, and IoT data to derive actionable insights.

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