Zacks: Brokerages Anticipate New Relic Inc (NEWR) Will Post Quarterly Sales of $120.11 Million

Equities analysts expect New Relic Inc (NYSE:NEWR) to post $120.11 million in sales for the current fiscal quarter, according to Zacks. Eight analysts have provided estimates for New Relic’s earnings, with the highest sales estimate coming in at $122.10 million and the lowest estimate coming in at $119.38 million. New Relic reported sales of $91.83 million during the same quarter last year, which indicates a positive year-over-year growth rate of 30.8%. The firm is scheduled to announce its next earnings report 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 expect that the firm will post sales of $591.29 million, with estimates ranging from $577.42 million to $603.70 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover New Relic.

New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, November 6th. The software maker reported ($0.11) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.03). The company had revenue of $114.90 million for the quarter, compared to analyst estimates of $112.26 million. New Relic had a negative return on equity of 7.97% and a negative net margin of 6.93%. The firm’s quarterly revenue was up 35.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) earnings per share.

NEWR has been the topic of a number of recent analyst reports. Wedbush reissued an “outperform” rating and issued a $116.00 price objective (down from $126.00) on shares of New Relic in a research note on Wednesday, October 10th. First Analysis raised New Relic from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from $114.00 to $116.00 in a research note on Wednesday, November 7th. 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. ValuEngine downgraded New Relic from a “buy” rating to a “hold” rating in a research note on Monday, November 12th. Finally, TheStreet raised New Relic from a “d” rating to a “c” rating in a research note on Thursday, August 23rd. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $103.47.

In related news, Director Peter H. Fenton sold 51,971 shares of the business’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $109.45, for a total value of $5,688,225.95. Following the completion of the sale, the director now directly owns 154 shares of the company’s stock, valued at approximately $16,855.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lewis Cirne sold 89,000 shares of the business’s stock in a transaction dated Tuesday, October 2nd. The shares were sold at an average price of $88.09, for a total value of $7,840,010.00. The disclosure for this sale can be found here. Insiders sold a total of 444,866 shares of company stock worth $40,331,341 over the last three months. 20.40% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its position in New Relic by 95.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,198 shares of the software maker’s stock valued at $121,000 after buying an additional 584 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in New Relic by 84.7% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,293 shares of the software maker’s stock valued at $133,000 after buying an additional 593 shares in the last quarter. Granite Investment Partners LLC increased its position in New Relic by 10.9% in the 3rd quarter. Granite Investment Partners LLC now owns 6,506 shares of the software maker’s stock valued at $613,000 after buying an additional 639 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in New Relic by 43.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,553 shares of the software maker’s stock valued at $257,000 after buying an additional 768 shares in the last quarter. Finally, Swiss National Bank increased its position in New Relic by 1.1% in the 3rd quarter. Swiss National Bank now owns 73,197 shares of the software maker’s stock valued at $6,897,000 after buying an additional 800 shares in the last quarter. 77.28% of the stock is owned by institutional investors and hedge funds.

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

New Relic Company Profile

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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