Brokerages Anticipate New Relic Inc (NEWR) Will Announce Quarterly Sales of $120.11 Million

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Analysts expect New Relic Inc (NYSE:NEWR) to report $120.11 million in sales for the current quarter, Zacks Investment Research reports. Eight analysts have made estimates for New Relic’s earnings. The lowest sales estimate is $119.38 million and the highest is $122.10 million. New Relic posted sales of $91.83 million during the same quarter last year, which would suggest a positive year over year growth rate of 30.8%. The business is expected to report its next earnings results on Tuesday, February 5th.

According to Zacks, analysts expect that New Relic will report full year sales of $469.05 million for the current year, with estimates ranging from $467.48 million to $473.70 million. For the next financial year, analysts anticipate that the firm will report sales of $591.29 million, with estimates ranging from $577.42 million to $603.70 million. Zacks’ sales calculations are an average based on a survey of research firms that cover New Relic.

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 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 7.97%. The firm had revenue of $114.90 million during the quarter, compared to analysts’ expectations of $112.26 million. During the same quarter in the previous year, the company posted ($0.06) EPS. New Relic’s revenue for the quarter was up 35.7% on a year-over-year basis.

Several research firms recently commented on NEWR. TheStreet upgraded New Relic from a “d” rating to a “c” rating in a research note on Thursday, August 23rd. Zacks Investment Research upgraded New Relic from a “hold” rating to a “buy” rating and set a $118.00 price objective on the stock in a research note on Tuesday, August 14th. DA Davidson upgraded New Relic from a “neutral” rating to a “buy” rating and set a $105.00 price objective on the stock in a research note on Tuesday, October 23rd. They noted that the move was a valuation call. First Analysis upgraded New Relic from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $114.00 to $116.00 in a research note on Wednesday, November 7th. Finally, BMO Capital Markets dropped their price objective on New Relic from $117.00 to $110.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 7th. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $103.47.

In related news, CFO Mark Sachleben sold 7,500 shares of the stock in a transaction on Thursday, December 6th. The stock was sold at an average price of $80.69, for a total value of $605,175.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO Erica Schultz sold 2,739 shares of the stock in a transaction on Monday, September 17th. The stock was sold at an average price of $104.59, for a total value of $286,472.01. Following the completion of the sale, the executive now owns 21,155 shares in the company, valued at approximately $2,212,601.45. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 444,866 shares of company stock worth $40,331,341. Company insiders own 20.40% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of New Relic by 11.5% in the third quarter. Vanguard Group Inc. now owns 4,552,159 shares of the software maker’s stock worth $428,950,000 after buying an additional 468,506 shares in the last quarter. BlackRock Inc. raised its position in shares of New Relic by 11.8% in the third quarter. BlackRock Inc. now owns 3,676,730 shares of the software maker’s stock worth $346,458,000 after buying an additional 388,420 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of New Relic by 20.6% in the third quarter. Alliancebernstein L.P. now owns 1,831,207 shares of the software maker’s stock worth $172,555,000 after buying an additional 312,460 shares in the last quarter. First Trust Advisors LP raised its position in shares of New Relic by 8.5% in the third quarter. First Trust Advisors LP now owns 1,453,714 shares of the software maker’s stock worth $136,983,000 after buying an additional 113,834 shares in the last quarter. Finally, Clearbridge Investments LLC raised its position in shares of New Relic by 7.7% in the third quarter. Clearbridge Investments LLC now owns 1,426,105 shares of the software maker’s stock worth $134,382,000 after buying an additional 101,991 shares in the last quarter. Institutional investors own 77.28% of the company’s stock.

New Relic stock opened at $83.16 on Friday. New Relic has a 12 month low of $56.01 and a 12 month high of $114.78. The company has a current ratio of 3.81, a quick ratio of 3.81 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $4.73 billion, a P/E ratio of -112.38 and a beta of 0.80.

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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