New Relic, Inc. (NYSE:NEWR) Expected to Post Quarterly Sales of $212.96 Million

Equities research analysts expect that New Relic, Inc. (NYSE:NEWR – Get Rating) will report $212.96 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for New Relic’s earnings. The lowest sales estimate is $212.90 million and the highest is $213.00 million. New Relic posted sales of $180.48 million during the same quarter last year, which suggests a positive year over year growth rate of 18%. The company is expected to announce its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that New Relic will report full year sales of $924.20 million for the current fiscal year, with estimates ranging from $917.95 million to $934.15 million. For the next year, analysts forecast that the company will post sales of $1.10 billion, with estimates ranging from $1.06 billion to $1.17 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover New Relic.

Several analysts have weighed in on NEWR shares. BMO Capital Markets cut their price objective on New Relic from $96.00 to $50.00 in a research report on Friday, May 13th. Cowen cut their price objective on New Relic from $80.00 to $65.00 in a research report on Friday, May 13th. Robert W. Baird cut their price objective on New Relic from $117.00 to $75.00 and set a “na” rating on the stock in a research report on Friday, May 13th. Royal Bank of Canada cut their price objective on New Relic from $90.00 to $45.00 in a research report on Friday, May 13th. Finally, Cowen cut their price objective on New Relic from $80.00 to $65.00 in a research report on Friday, May 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, New Relic currently has an average rating of “Hold” and an average price target of $88.09.

Shares of NYSE:NEWR opened at $48.68 on Friday. New Relic has a 1 year low of $41.66 and a 1 year high of $129.70. The company has a market cap of $3.26 billion, a PE ratio of -12.55 and a beta of 0.99. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.15 and a quick ratio of 2.49. The stock’s 50-day moving average is $61.08 and its 200 day moving average is $82.82.

In related news, Chairman Lewis Cirne sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, May 20th. The stock was sold at an average price of $46.48, for a total value of $92,960.00. Following the transaction, the chairman now directly owns 5,463,151 shares of the company’s stock, valued at approximately $253,927,258.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Kristy Friedrichs sold 3,472 shares of the company’s stock in a transaction that occurred on Wednesday, April 20th. The shares were sold at an average price of $70.47, for a total value of $244,671.84. Following the completion of the transaction, the chief operating officer now directly owns 10,380 shares in the company, valued at $731,478.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,752 shares of company stock worth $6,923,832. Insiders own 22.00% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Eminence Capital LP raised its stake in New Relic by 9.7% during the 1st quarter. Eminence Capital LP now owns 5,153,069 shares of the software maker’s stock valued at $344,637,000 after buying an additional 456,617 shares during the last quarter. Vanguard Group Inc. raised its stake in New Relic by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 4,973,747 shares of the software maker’s stock valued at $332,645,000 after buying an additional 49,388 shares during the last quarter. Clearbridge Investments LLC raised its stake in New Relic by 0.5% during the 1st quarter. Clearbridge Investments LLC now owns 1,889,144 shares of the software maker’s stock valued at $126,346,000 after buying an additional 9,341 shares during the last quarter. Engaged Capital LLC raised its stake in New Relic by 36.0% during the 3rd quarter. Engaged Capital LLC now owns 1,599,746 shares of the software maker’s stock valued at $114,814,000 after buying an additional 423,054 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in New Relic by 8.9% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,562,561 shares of the software maker’s stock valued at $104,504,000 after buying an additional 127,940 shares during the last quarter. 88.24% of the stock is currently owned by institutional investors and hedge funds.

New Relic Company Profile (Get Rating)

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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