Sumo Logic, Inc. (NASDAQ:SUMO) Expected to Post Earnings of -$0.14 Per Share

Wall Street brokerages predict that Sumo Logic, Inc. (NASDAQ:SUMO) will post earnings per share of ($0.14) for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Sumo Logic’s earnings. The highest EPS estimate is ($0.14) and the lowest is ($0.15). Sumo Logic reported earnings of ($0.06) per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 133.3%. The firm is scheduled to report its next quarterly earnings results on Monday, December 6th.

On average, analysts expect that Sumo Logic will report full year earnings of ($0.52) per share for the current fiscal year, with EPS estimates ranging from ($0.57) to ($0.51). For the next financial year, analysts forecast that the company will report earnings of ($0.49) per share, with EPS estimates ranging from ($0.50) to ($0.46). Zacks’ earnings per share averages are a mean average based on a survey of analysts that follow Sumo Logic.

Sumo Logic (NASDAQ:SUMO) last issued its quarterly earnings results on Wednesday, September 8th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.03. Sumo Logic had a negative return on equity of 21.35% and a negative net margin of 47.23%. The company had revenue of $58.80 million for the quarter, compared to analyst estimates of $56.68 million. The company’s quarterly revenue was up 19.0% on a year-over-year basis.

A number of analysts have recently commented on SUMO shares. Morgan Stanley dropped their price objective on Sumo Logic from $26.00 to $22.00 and set an “equal weight” rating for the company in a report on Tuesday, May 25th. Rosenblatt Securities dropped their price objective on Sumo Logic from $44.00 to $35.00 and set a “buy” rating for the company in a report on Friday, June 4th. Royal Bank of Canada dropped their price objective on Sumo Logic from $30.00 to $25.00 and set an “outperform” rating for the company in a report on Friday, June 4th. Piper Sandler downgraded Sumo Logic from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $24.00 to $20.00 in a report on Friday, September 10th. Finally, BTIG Research downgraded Sumo Logic from a “buy” rating to a “neutral” rating in a report on Friday, September 10th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $25.00.

Shares of Sumo Logic stock opened at $18.54 on Wednesday. Sumo Logic has a fifty-two week low of $15.80 and a fifty-two week high of $46.37. The firm has a market cap of $2.05 billion and a PE ratio of -15.58. The business’s fifty day moving average is $20.25 and its two-hundred day moving average is $20.17.

In other Sumo Logic news, CFO Sydney Carey sold 2,187 shares of Sumo Logic stock in a transaction that occurred on Monday, June 21st. The shares were sold at an average price of $22.00, for a total value of $48,114.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ramin Sayar sold 100,300 shares of Sumo Logic stock in a transaction that occurred on Monday, June 21st. The stock was sold at an average price of $21.80, for a total transaction of $2,186,540.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 252,553 shares of company stock worth $5,181,808. Corporate insiders own 9.40% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Artemis Investment Management LLP bought a new position in Sumo Logic in the 2nd quarter worth $29,006,000. UBS Asset Management Americas Inc. raised its holdings in Sumo Logic by 3.7% in the 1st quarter. UBS Asset Management Americas Inc. now owns 358,082 shares of the company’s stock worth $6,753,000 after acquiring an additional 12,757 shares during the period. Nuveen Asset Management LLC raised its holdings in Sumo Logic by 1.6% in the 1st quarter. Nuveen Asset Management LLC now owns 53,398 shares of the company’s stock worth $1,007,000 after acquiring an additional 863 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of Sumo Logic during the 1st quarter worth about $3,301,000. Finally, Altshuler Shaham Ltd bought a new position in shares of Sumo Logic during the 1st quarter worth about $206,000. 69.73% of the stock is owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Sumo Logic (NASDAQ:SUMO)

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