New Relic, Inc. (NYSE:NEWR) Expected to Announce Earnings of -$0.28 Per Share
Analysts expect that New Relic, Inc. (NYSE:NEWR) will post earnings per share of ($0.28) for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for New Relic’s earnings, with the highest EPS estimate coming in at ($0.28) and the lowest estimate coming in at ($0.29). New Relic reported earnings of ($0.34) per share during the same quarter last year, which indicates a positive year-over-year growth rate of 17.6%. The firm is scheduled to issue its next earnings results after the market closes on Thursday, August 3rd.
According to Zacks, 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 fiscal year, analysts forecast that the firm will report earnings of ($0.57) per share, with EPS estimates ranging from ($0.61) to ($0.53). Zacks’ earnings per share calculations 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 quarterly earnings data on Tuesday, May 9th. The software maker reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.04. The company had revenue of $73.30 million during the quarter, compared to the consensus estimate of $73.04 million. New Relic had a negative return on equity of 30.80% and a negative net margin of 23.18%. The firm’s revenue for the quarter was up 39.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.24) EPS.
Several research analysts recently issued reports on NEWR shares. Oppenheimer Holdings, Inc. set a $40.00 target price on New Relic and gave the company a “buy” rating in a research report on Tuesday, April 4th. Zacks Investment Research raised New Relic from a “sell” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Wednesday, April 12th. Robert W. Baird lifted their target price on New Relic from $40.00 to $42.00 and gave the company an “outperform” rating in a research report on Thursday, April 6th. CIBC lifted their target price on New Relic from $40.00 to $46.00 and gave the company an “outperform” rating in a research report on Monday, May 15th. Finally, Stephens initiated coverage on New Relic in a research report on Thursday, May 25th. They set an “overweight” rating and a $55.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. New Relic presently has a consensus rating of “Buy” and a consensus price target of $45.70.
In other news, insider James R. Gochee sold 4,000 shares of the company’s stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $46.68, for a total transaction of $186,720.00. Following the transaction, the insider now owns 353,310 shares of the company’s stock, valued at approximately $16,492,510.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Robin Schulman sold 668 shares of the company’s stock in a transaction on Wednesday, April 19th. The shares were sold at an average price of $39.98, for a total value of $26,706.64. Following the transaction, the vice president now directly owns 1,245 shares in the company, valued at approximately $49,775.10. The disclosure for this sale can be found here. Insiders have sold a total of 233,579 shares of company stock worth $10,045,651 in the last ninety days. Insiders own 23.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Fortaleza Asset Management Inc. raised its stake in New Relic by 73.8% in the first quarter. Fortaleza Asset Management Inc. now owns 4,910 shares of the software maker’s stock worth $182,000 after buying an additional 2,085 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in New Relic by 203.4% in the first quarter. Envestnet Asset Management Inc. now owns 5,473 shares of the software maker’s stock worth $204,000 after buying an additional 3,669 shares during the last quarter. GSA Capital Partners LLP bought a new stake in New Relic during the fourth quarter worth about $212,000. Cipher Capital LP bought a new stake in New Relic during the first quarter worth about $278,000. Finally, Independent Portfolio Consultants Inc. bought a new stake in New Relic during the first quarter worth about $321,000. Institutional investors own 70.59% of the company’s stock.
New Relic (NEWR) traded up 0.27% during midday trading on Monday, hitting $47.83. The stock had a trading volume of 168,272 shares. New Relic has a 1-year low of $27.85 and a 1-year high of $48.35. The stock’s 50-day moving average is $43.07 and its 200-day moving average is $37.36. The stock’s market capitalization is $2.56 billion.
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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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