New Relic, Inc. (NEWR) Expected to Post Quarterly Sales of $89.37 Million

Equities analysts expect New Relic, Inc. (NYSE:NEWR) to post $89.37 million in sales for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for New Relic’s earnings, with the highest sales estimate coming in at $89.60 million and the lowest estimate coming in at $89.10 million. New Relic posted sales of $68.10 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 31.2%. The firm is scheduled to issue its next earnings report on Tuesday, February 6th.

On average, analysts expect that New Relic will report full year sales of $89.37 million for the current year, with estimates ranging from $346.00 million to $349.80 million. For the next financial year, analysts anticipate that the company will post sales of $439.73 million per share, with estimates ranging from $435.38 million to $441.38 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for New Relic.

New Relic (NYSE:NEWR) last issued its quarterly earnings data on Tuesday, November 7th. The software maker reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.04. New Relic had a negative net margin of 19.43% and a negative return on equity of 29.19%. The firm had revenue of $84.68 million for the quarter, compared to analyst estimates of $82.98 million. During the same period in the prior year, the business posted ($0.09) EPS. The business’s revenue for the quarter was up 33.5% compared to the same quarter last year.

Several equities analysts have recently commented on NEWR shares. Needham & Company LLC started coverage on shares of New Relic in a report on Monday, October 23rd. They issued a “buy” rating and a $69.00 price objective on the stock. Zacks Investment Research downgraded shares of New Relic from a “buy” rating to a “hold” rating in a research note on Thursday, October 5th. BidaskClub downgraded shares of New Relic from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Robert W. Baird set a $55.00 target price on shares of New Relic and gave the stock a “buy” rating in a research note on Monday, September 11th. Finally, Morgan Stanley upped their target price on shares of New Relic from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 8th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. New Relic presently has a consensus rating of “Buy” and an average target price of $54.23.

In other New Relic news, CEO Lewis Cirne sold 33,000 shares of the stock in a transaction that occurred on Friday, October 6th. The shares were sold at an average price of $50.72, for a total value of $1,673,760.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Mark Sachleben sold 836 shares of the stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $48.31, for a total transaction of $40,387.16. Following the completion of the sale, the chief financial officer now directly owns 2,203 shares in the company, valued at $106,426.93. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 185,591 shares of company stock worth $9,860,912. 23.10% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in NEWR. Ameritas Investment Partners Inc. increased its position in shares of New Relic by 50.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock valued at $111,000 after purchasing an additional 862 shares during the last quarter. ETF Managers Group LLC purchased a new stake in shares of New Relic in the 2nd quarter valued at approximately $118,000. BNP Paribas Arbitrage SA increased its position in shares of New Relic by 507.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,813 shares of the software maker’s stock valued at $164,000 after purchasing an additional 3,185 shares during the last quarter. BT Investment Management Ltd purchased a new stake in shares of New Relic in the 2nd quarter valued at approximately $186,000. Finally, Turner Investments LLC purchased a new stake in shares of New Relic in the 2nd quarter valued at approximately $194,000. 77.16% of the stock is currently owned by institutional investors.

New Relic (NEWR) opened at $59.68 on Friday. New Relic has a fifty-two week low of $27.85 and a fifty-two week high of $60.85.

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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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