$172.73 Million in Sales Expected for New Relic, Inc. (NYSE:NEWR) This Quarter

Equities analysts expect New Relic, Inc. (NYSE:NEWR) to report $172.73 million in sales for the current quarter, according to Zacks. Five analysts have made estimates for New Relic’s earnings. The lowest sales estimate is $172.30 million and the highest is $173.01 million. New Relic reported sales of $162.59 million in the same quarter last year, which would suggest a positive year over year growth rate of 6.2%. The firm is scheduled to issue its next quarterly earnings results on Tuesday, August 3rd.

According to Zacks, analysts expect that New Relic will report full-year sales of $711.29 million for the current year, with estimates ranging from $709.70 million to $718.44 million. For the next year, analysts expect that the firm will post sales of $805.48 million, with estimates ranging from $775.70 million to $860.75 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow New Relic.

New Relic (NYSE:NEWR) last released its earnings results on Thursday, May 13th. The software maker reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $0.19. New Relic had a negative return on equity of 39.09% and a negative net margin of 28.85%. The firm had revenue of $172.67 million for the quarter, compared to the consensus estimate of $166.60 million. During the same period in the prior year, the firm earned $0.14 EPS. The firm’s revenue was up 8.1% on a year-over-year basis.

A number of brokerages have recently issued reports on NEWR. BMO Capital Markets cut their price target on shares of New Relic from $71.00 to $58.00 and set a “market perform” rating for the company in a report on Friday, May 14th. Robert W. Baird reissued a “buy” rating on shares of New Relic in a research report on Thursday, April 8th. Morgan Stanley decreased their price objective on shares of New Relic from $71.00 to $64.00 and set an “equal weight” rating for the company in a research report on Friday, May 14th. Zacks Investment Research raised shares of New Relic from a “sell” rating to a “hold” rating in a research report on Thursday, May 27th. Finally, Loop Capital cut their price target on shares of New Relic from $70.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, May 14th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $67.85.

New Relic stock traded up $1.38 during midday trading on Thursday, reaching $67.30. The company had a trading volume of 266,013 shares, compared to its average volume of 808,138. The company has a market capitalization of $4.29 billion, a P/E ratio of -20.93 and a beta of 0.86. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 1.09. New Relic has a 12-month low of $51.52 and a 12-month high of $81.10. The business has a fifty day moving average of $62.81.

In other New Relic news, insider William Staples sold 3,587 shares of the firm’s stock in a transaction dated Monday, May 17th. The shares were sold at an average price of $58.22, for a total transaction of $208,835.14. Following the transaction, the insider now owns 12,015 shares of the company’s stock, valued at approximately $699,513.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Lewis Cirne sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, June 1st. The shares were sold at an average price of $62.43, for a total transaction of $1,872,900.00. Following the transaction, the chief executive officer now directly owns 30,000 shares in the company, valued at approximately $1,872,900. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 102,192 shares of company stock worth $6,331,396. Insiders own 15.90% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Amundi Pioneer Asset Management Inc. raised its position in New Relic by 5.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 13,000 shares of the software maker’s stock valued at $1,283,000 after acquiring an additional 700 shares in the last quarter. CAPROCK Group Inc. boosted its stake in shares of New Relic by 16.5% in the 4th quarter. CAPROCK Group Inc. now owns 8,376 shares of the software maker’s stock valued at $548,000 after purchasing an additional 1,188 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of New Relic by 16.7% in the fourth quarter. Parallel Advisors LLC now owns 12,636 shares of the software maker’s stock valued at $826,000 after buying an additional 1,812 shares during the last quarter. California Public Employees Retirement System raised its holdings in shares of New Relic by 11.5% in the fourth quarter. California Public Employees Retirement System now owns 119,262 shares of the software maker’s stock valued at $7,800,000 after buying an additional 12,262 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its holdings in New Relic by 1.4% during the 4th quarter. Treasurer of the State of North Carolina now owns 19,050 shares of the software maker’s stock worth $1,246,000 after purchasing an additional 270 shares during the last quarter. Institutional investors own 89.68% of the company’s stock.

New Relic Company Profile

New Relic, Inc, a software-as-a-service company, provides platform for engineers to plan, build, deploy, and operate software worldwide. It offers a suite of products on its open and extensible cloud-based platform, New Relic One Platform, which enables users to collect, store, and analyze telemetry data flowing through and about their software.

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