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Sumo Logic, Inc. (SUMO)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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7.67+0.18 (+2.40%)
At close: 04:00PM EDT
7.50 -0.17 (-2.22%)
After hours: 04:01PM EDT
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  • R
    Raymond
    Significant increase in short interest here over the last 2 months - from mid-April to mid-June, short interest is up over 1m shares to 5.6m shares. SUMO stock price is starting to edge up a bit, the shorts will have to start to buy to cover if this continues.
    Bullish
  • R
    Raymond
    Intelligence agencies in Russia have increased the number of cyberattacks against countries that have provided aid to Ukraine, according to new research published Wednesday by Microsoft, which said it had observed Russian hacking attempts in over 40 countries. So far just under 33% of the cyber-espionage attacks successfully compromised the targets, Microsoft said, and at least 25% of those successful attacks have led to confirmed theft of data.

    The following is from the SUMO web site:
    IT organizations that store data in the cloud must implement comprehensive data security to prevent data theft.

    Sumo's data protection technology includes three types of separate-but-related software tools:

    Security Information Management (SIM) tools that collect and aggregate event log data from applications and other cloud infrastructure
    Security Event Management (SEM) tools that analyze event log data for suspicious events that may correlate with a security breach
    Security Information & Event Management (SIEM) tools that incorporate features of both SIM and SEM applications

    SIEM tools with real-time alerting capabilities can function as an early detection system for possible data security events.

    Sumo Logic helps IT organizations turn their event and application logs into actionable insights that help maintain network and data security in the cloud.
    Bullish
  • M
    MAROQUIN
    Thanks, I'll check them out.Thanks for the tip!Thanks for the update!
  • R
    Raymond
    The CEO of Cisco was on Bloomberg Technology on Tuesday. When asked about M&A targets he said that Cisco is looking for companies with security and observability products. Since SUMO has both of these, Cisco is probably taking a close look.
    Bullish
  • R
    Raymond
    Scott Rubner at Goldman Sachs is out with a note on Monday saying that this is the best technical setup for a rally that he has seen in 2022. Goldman bought 335,000 shares of SUMO during Jan-Feb-March, and they owned a total of 1m shares as of March 31. SUMO is a stock that they're probably still buying now.
    Bullish
  • T
    Tex
    Insider selling tells you all you need to know about this company. I found out too late!
  • R
    Raymond
    CNBC did a survey of CFOs. 68% of companies are increasing their spending on cybersecurity.
    Bullish
  • I
    Intelinv
    btw, if this company has more revenue, they will have more loss, not good in this kind of markets
  • R
    Raymond
    One of the more widely followed strategists on Wall St, Marko Kolanovic at JP Morgan, is out with a note: "We remain positive on risky assets. Our view is that there will be no recession. We expect the stock market to recover its year to date losses by year end."

    Note that SUMO is a stock that JP Morgan likes. During Jan-Feb-March, JPM bought 65,000 shares, and they owned a total of 365,000 shares as of March 31. Cybersecurity is one of the stronger sectors in the stock market right now, so JPM is most likely continuing to buy.
    Bullish
  • R
    Raymond
    Analysts are getting more positive on cybersecurity stocks. Joel Fishbein from Truist was on The Exchange on CNBC on Thursday and said that this is his top sector pick right now. One thing he mentioned is that there has already been M&A activity (Mandiant) in the sector and he expects more of this. He said Private Equity has $2T to put to work and they're looking at cybersecurity stocks.

    Dan Ives from Wedbush was on Closing Bell/Overtime and also likes cybersecurity stocks, calling them a "pillar of strength" for the stock market.
    Bullish
  • R
    Raymond
    In case you haven't heard, SUMO's presentation at the Cowen 50th Annual Technology, Media & Telecom Conference was cancelled due to some medical issues among SUMO staff.
    Bullish
  • R
    Raymond
    “We started our fiscal year strong as we delivered 25% revenue growth in the first quarter. Escalating security threats are driving a healthy demand environment, and we remain well positioned with a unified platform that delivers both observability and security,” said Ramin Sayar, President and CEO of Sumo Logic.
    Bullish
  • R
    Raymond
    Conference call highlights:
    In the markets we serve, digital transformation, cloud migration and security modernization initiatives remain a high priority. As customers embark on their cloud journey, our leading SaaS analytics platform helps address the challenges and needs for reliable and secured cloud native applications, which ultimately helps their broader desk SecOps requirements for both observability and security. About 40 plus percent of our business comes from security and the remainder from observability.

    We continue to see wins across our customer base with our largest customers continuing to increase their adoption and usage of our platform. Customers are increasingly utilizing Sumo through the breadth of both our observability and security suite. We are winning new customers in both the security and observability markets, while also successfully cross selling the benefits of our entire cloud analytics platform as we enable our customers to deliver reliable and secure cloud applications. APAC for us is becoming a more of a major market, we're going to continue invest in go-to-market around channel alliances and direct capacity.

    Our customers continue to expand their existing use cases, as they increase the adoption of our platform. We had a couple of million dollar upgrades with some of our largest customers that increase their commitment, and more importantly, strategic business and technology partnership with us.

    We've continued to see strong traction with our channel partners, and in particular, our MSSP partners. MSSP has continued to be an important part of our strategy. We are focused on becoming the easiest vendor for them to partner with.

    Our platform is powered by patented analytics and proprietary machine learning for any type of data. Escalating security threats and continued focus on securing customers digital experiences, coupled with a shortage of security and IT professionals, has created durable demand for our analytics platform. Our comprehensive solution automates and correlates security events, threats and reliability issues for troubleshooting and diagnosis.

    We are well capitalized as we ended the period with 358.9 million in cash and marketable securities.

    In summary, we are pleased with a strong start to this fiscal year. Our unified platform for reliability and security continues to resonate with our customers. And we believe we are well positioned for the large market opportunity driven by digital transformations, cloud migration and security modernization.

    Our cloud native platform, we believe is very uniquely positioned to help customers reliably and securely manage their mission critical applications. As such, we are steadfast in our belief that we have a differentiated product that resonates with our customers and believe that we're still in the very early innings of digital transformation, cloud migration, and security modernization initiatives. I'm very pleased with the operational and organizational changes that are already underway and the large and growing market opportunity ahead of us
    Bullish
  • R
    Raymond
    More 13Fs have been filed. In Q1, Washington Harbour Partners in Virginia came in as a new investor with a buy of 1m shares. They only own 32 stocks, so they must have checked out SUMO very carefully and liked what they saw. Intrinsic Edge Capital Management in Chicago came in as a new investor with a buy of 700,000 shares.

    Federated in Pittsburgh bought 171,000 shares in Q1 and was holding a total of 1.4m shares as of March 31. Morgan Stanley, which is bearish overall, bought 500,000 shares in Q1. Even though they're bearish on the market they like SUMO. Deutsche Bank, another company that is bearish, bought 140,000 shares in Q1. Goldman Sachs bought 335,000 shares in Q1. Goldman is influential - lots of investors look at what they're buying and will consider buying themselves.
    Bullish
  • R
    Raymond
    Vanguard has filed their 13F. In Q1 they added another 400,000 shares to their position in SUMO, and they were holding a total of 9m shares as of March 31. Obviously they like the stock.
    Bullish
  • R
    Raymond
    JP Morgan has filed their 13F. During Jan-Feb-March they bought 87,000 shares of SUMO, and they owned a total of 317,000 shares as of March 31. JP Morgan is an influential investor - other investors watch what they do and will consider buying a stock that JPM is buying.
    Bullish
  • R
    Raymond
    Brown Advisory in Baltimore has filed their 13F. They bought over 300,000 shares of SUMO during Jan-Feb-March, and they owned a total of over 3m shares as of March 31. Obviously they like the outlook for the stock.
    Bullish
  • R
    Raymond
    The Healthcare of Ontario Pension Plan has filed their 13F. During Jan-Feb-March they more than doubled their position in SUMO with a buy of 185,000 shares. Obviously they believe that the time is now to buy this stock.
    Bullish
  • B
    BROTIE BROTIE
    2.00 after earnings lol
  • I
    Intelinv
    excellent opportunity to sell and move to other stocks which can bounce back much more.
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