New Relic (NEWR) Issues Q3 Earnings Guidance

New Relic (NYSE:NEWR) updated its third quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.12-0.13 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.09. The company issued revenue guidance of $118.5-120.5 million, compared to the consensus revenue estimate of $117.77 million.New Relic also updated its FY 2019 guidance to $0.42-0.48 EPS.

Several brokerages recently weighed in on NEWR. BMO Capital Markets boosted their target price on shares of New Relic from $110.00 to $117.00 and gave the company an outperform rating in a research note on Wednesday, August 8th. Zacks Investment Research downgraded shares of New Relic from a strong-buy rating to a hold rating in a research note on Wednesday, October 10th. DA Davidson raised shares of New Relic from a neutral rating to a buy rating and set a $105.00 target price for the company in a research note on Tuesday, October 23rd. They noted that the move was a valuation call. ValuEngine downgraded shares of New Relic from a buy rating to a hold rating in a research note on Tuesday. Finally, Morgan Stanley boosted their target price on shares of New Relic from $80.00 to $102.00 and gave the company an equal weight rating in a research note on Wednesday, August 8th. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $97.71.

Shares of NYSE NEWR traded down $4.06 on Thursday, reaching $92.05. 950,681 shares of the company traded hands, compared to its average volume of 849,397. New Relic has a fifty-two week low of $51.57 and a fifty-two week high of $114.78. The company has a debt-to-equity ratio of 1.28, a current ratio of 3.83 and a quick ratio of 3.83. The company has a market cap of $4.86 billion, a P/E ratio of -124.39 and a beta of 0.82.

New Relic (NYSE:NEWR) last posted its quarterly earnings data on Tuesday, November 6th. The software maker reported ($0.11) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.03). New Relic had a negative net margin of 6.93% and a negative return on equity of 8.61%. The company had revenue of $114.90 million for the quarter, compared to analyst estimates of $112.26 million. During the same period in the prior year, the company earned ($0.06) EPS. The company’s revenue was up 35.7% compared to the same quarter last year. As a group, equities research analysts anticipate that New Relic will post -0.38 EPS for the current year.

In related news, insider James R. Gochee sold 5,826 shares of the stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $103.34, for a total transaction of $602,058.84. Following the completion of the sale, the insider now owns 317,376 shares of the company’s stock, valued at approximately $32,797,635.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lewis Cirne sold 89,000 shares of the stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $88.23, for a total transaction of $7,852,470.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 428,242 shares of company stock valued at $40,887,416. Corporate insiders own 20.40% of the company’s stock.

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About New Relic

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

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Earnings History and Estimates for New Relic (NYSE:NEWR)

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