Equities analysts predict that Sumo Logic, Inc. (NASDAQ:SUMO) will report $53.76 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Sumo Logic’s earnings. The highest sales estimate is $54.00 million and the lowest is $53.50 million. The business is expected to announce its next quarterly earnings results on Wednesday, June 9th.
On average, analysts expect that Sumo Logic will report full year sales of $233.99 million for the current year, with estimates ranging from $233.10 million to $235.30 million. For the next fiscal year, analysts forecast that the business will report sales of $279.38 million, with estimates ranging from $273.70 million to $286.70 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Sumo Logic.
Sumo Logic (NASDAQ:SUMO) last released its quarterly earnings results on Wednesday, March 10th. The company reported ($0.07) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.05. The firm had revenue of $54.20 million during the quarter, compared to analyst estimates of $52.13 million. The business’s revenue was up 22.3% compared to the same quarter last year.
A number of equities analysts have commented on SUMO shares. BTIG Research reduced their price target on shares of Sumo Logic from $42.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, March 17th. Zacks Investment Research raised shares of Sumo Logic from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research note on Tuesday. Cowen dropped their target price on shares of Sumo Logic from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Thursday, March 11th. Morgan Stanley dropped their target price on shares of Sumo Logic from $28.00 to $26.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 17th. Finally, Rosenblatt Securities dropped their target price on shares of Sumo Logic from $46.00 to $44.00 and set a “buy” rating for the company in a research note on Wednesday, March 17th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $30.33.
In other news, CEO Ramin Sayar sold 62,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 20th. The shares were sold at an average price of $18.03, for a total value of $1,117,860.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christian Beedgen sold 8,970 shares of the company’s stock in a transaction that occurred on Tuesday, March 16th. The shares were sold at an average price of $21.66, for a total transaction of $194,290.20. The disclosure for this sale can be found here. Insiders sold 693,613 shares of company stock valued at $13,621,767 in the last ninety days.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Greylock Xiii GP LLC acquired a new position in Sumo Logic during the fourth quarter worth $527,098,000. Glynn Capital Management LLC boosted its holdings in Sumo Logic by 1,680.8% during the first quarter. Glynn Capital Management LLC now owns 2,938,274 shares of the company’s stock worth $55,416,000 after purchasing an additional 2,773,274 shares during the last quarter. ETF Managers Group LLC acquired a new position in Sumo Logic during the fourth quarter worth $46,581,000. BlackRock Inc. boosted its holdings in Sumo Logic by 135.2% during the fourth quarter. BlackRock Inc. now owns 1,193,345 shares of the company’s stock worth $34,106,000 after purchasing an additional 686,017 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in Sumo Logic by 28.0% during the fourth quarter. Clearbridge Investments LLC now owns 644,110 shares of the company’s stock worth $18,409,000 after purchasing an additional 140,810 shares during the last quarter. Institutional investors and hedge funds own 27.17% of the company’s stock.
NASDAQ:SUMO opened at $17.95 on Wednesday. Sumo Logic has a 12 month low of $16.50 and a 12 month high of $46.37. The company’s 50-day moving average price is $19.31 and its two-hundred day moving average price is $25.66.
Sumo Logic Company Profile
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.
Read More: CAC 40 Index
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.