New Relic, Inc. (NYSE:NEWR) Expected to Post Earnings of -$0.28 Per Share

Wall Street brokerages expect that New Relic, Inc. (NYSE:NEWR) will post ($0.28) earnings per share (EPS) for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for New Relic’s earnings. The lowest EPS estimate is ($0.29) and the highest is ($0.28). New Relic reported earnings of ($0.34) per share in the same quarter last year, which would suggest a positive year over year growth rate of 17.6%. The firm is expected to report its next earnings report after the market closes on Thursday, August 3rd.

On average, analysts expect that New Relic will report full-year earnings of ($0.98) per share for the current year, with EPS estimates ranging from ($0.99) to ($0.96). For the next financial year, analysts forecast that the business will post earnings of ($0.57) per share, with EPS estimates ranging from ($0.61) to ($0.53). Zacks’ earnings per share averages are a mean average based on a survey of sell-side research analysts that that provide coverage for New Relic.

New Relic (NYSE:NEWR) last released its earnings results on Tuesday, May 9th. The software maker reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.04. New Relic had a negative net margin of 23.18% and a negative return on equity of 30.80%. The business had revenue of $73.30 million during the quarter, compared to analysts’ expectations of $73.04 million. During the same period last year, the business earned ($0.24) earnings per share. The firm’s revenue was up 39.6% on a year-over-year basis.

A number of research firms recently commented on NEWR. Morgan Stanley lowered New Relic from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $45.00 to $48.00 in a research report on Thursday. They noted that the move was a valuation call. Robert W. Baird increased their price target on New Relic from $40.00 to $42.00 and gave the company an “outperform” rating in a research report on Thursday, April 6th. Zacks Investment Research lowered New Relic from a “buy” rating to a “hold” rating in a research report on Tuesday, May 16th. Stephens began coverage on New Relic in a research report on Thursday, May 25th. They issued an “overweight” rating and a $55.00 price target for the company. Finally, Oppenheimer Holdings, Inc. set a $40.00 price target on New Relic and gave the company a “buy” rating in a research report on Tuesday, April 4th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $46.20.

In other news, CFO Mark Sachleben sold 5,000 shares of the stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $48.14, for a total transaction of $240,700.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lewis Cirne sold 33,000 shares of the stock in a transaction on Friday, May 5th. The stock was sold at an average price of $40.81, for a total value of $1,346,730.00. The disclosure for this sale can be found here. Insiders sold a total of 234,035 shares of company stock valued at $10,104,605 in the last 90 days. Corporate insiders own 23.10% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its position in New Relic by 36.5% in the first quarter. Russell Investments Group Ltd. now owns 23,447 shares of the software maker’s stock valued at $868,000 after buying an additional 6,269 shares during the last quarter. Granite Investment Partners LLC increased its position in New Relic by 835.1% in the first quarter. Granite Investment Partners LLC now owns 431,364 shares of the software maker’s stock valued at $15,991,000 after buying an additional 385,233 shares during the last quarter. Independent Portfolio Consultants Inc. purchased a new position in New Relic during the first quarter valued at $321,000. Pier 88 Investment Partners LLC purchased a new position in New Relic during the first quarter valued at $374,000. Finally, Hamilton Lane Advisors LLC increased its position in New Relic by 2.6% in the first quarter. Hamilton Lane Advisors LLC now owns 123,409 shares of the software maker’s stock valued at $4,575,000 after buying an additional 3,175 shares during the last quarter. Institutional investors own 70.59% of the company’s stock.

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New Relic (NEWR) traded down 1.30% during trading on Monday, hitting $47.08. 381,760 shares of the company traded hands. The firm’s market capitalization is $2.52 billion. The stock has a 50-day moving average price of $44.07 and a 200-day moving average price of $39.09. New Relic has a 12-month low of $27.85 and a 12-month high of $49.19.

New Relic Company Profile

New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.

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