New Relic (NYSE:NEWR) Updates Q1 2023 Earnings Guidance

New Relic (NYSE:NEWRGet Rating) issued an update on its first quarter 2023 earnings guidance on Thursday morning. The company provided earnings per share guidance of -$0.38–$0.35 for the period, compared to the consensus earnings per share estimate of -$0.08. The company issued revenue guidance of $212.00 million-$214.00 million, compared to the consensus revenue estimate of $211.34 million.New Relic also updated its FY 2023 guidance to -$0.37–$0.31 EPS.

NYSE:NEWR opened at $47.17 on Thursday. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of -12.16 and a beta of 1.01. New Relic has a 1-year low of $41.66 and a 1-year high of $129.70. The firm’s fifty day moving average price is $59.93 and its 200 day moving average price is $81.28. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.15 and a quick ratio of 2.15.

Several research firms have recently issued reports on NEWR. Royal Bank of Canada cut their price target on New Relic from $90.00 to $45.00 in a research note on Friday, May 13th. Cowen cut their target price on shares of New Relic from $80.00 to $65.00 in a research note on Friday, May 13th. Truist Financial cut their target price on shares of New Relic from $110.00 to $95.00 in a research note on Tuesday, May 10th. Robert W. Baird cut their target price on shares of New Relic from $117.00 to $75.00 and set a na rating for the company in a research note on Friday, May 13th. Finally, StockNews.com assumed coverage on shares of New Relic in a research note on Thursday, March 31st. They issued a hold rating for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $88.09.

In related news, CFO Mark Sachleben sold 2,950 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $43.32, for a total transaction of $127,794.00. Following the sale, the chief financial officer now directly owns 2,572 shares of the company’s stock, valued at approximately $111,419.04. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO William Staples sold 13,175 shares of the company’s stock in a transaction that occurred on Wednesday, April 20th. The shares were sold at an average price of $70.54, for a total value of $929,364.50. Following the sale, the chief executive officer now directly owns 45,492 shares in the company, valued at $3,209,005.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,752 shares of company stock worth $6,923,832. 22.00% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of NEWR. Canada Pension Plan Investment Board grew its stake in shares of New Relic by 132.0% in the fourth quarter. Canada Pension Plan Investment Board now owns 559 shares of the software maker’s stock worth $62,000 after purchasing an additional 318 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of New Relic by 129.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,066 shares of the software maker’s stock worth $72,000 after purchasing an additional 601 shares in the last quarter. Penserra Capital Management LLC grew its stake in shares of New Relic by 50.0% in the first quarter. Penserra Capital Management LLC now owns 1,254 shares of the software maker’s stock worth $83,000 after purchasing an additional 418 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of New Relic in the first quarter worth $113,000. Finally, Neo Ivy Capital Management bought a new position in shares of New Relic in the fourth quarter worth $135,000. 88.24% of the stock is currently owned by hedge funds and other institutional investors.

About New Relic (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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Earnings History and Estimates for New Relic (NYSE:NEWR)

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