New Relic (NYSE:NEWR) Issues FY 2023 Earnings Guidance

New Relic (NYSE:NEWR – Get Rating) updated its FY 2023 earnings guidance on Thursday. The company provided EPS guidance of -$0.37–$0.31 for the period, compared to the consensus EPS estimate of $0.10. The company issued revenue guidance of $920.00 million-$930.00 million, compared to the consensus revenue estimate of $913.87 million.New Relic also updated its Q1 2023 guidance to -$0.38–$0.35 EPS.

NEWR opened at $46.62 on Friday. The business’s 50-day moving average is $62.65 and its two-hundred day moving average is $84.46. New Relic has a 1 year low of $41.66 and a 1 year high of $129.70. 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 firm has a market capitalization of $3.12 billion, a PE ratio of -12.02 and a beta of 0.99.

NEWR has been the topic of a number of research analyst reports. Zacks Investment Research lowered New Relic from a hold rating to a sell rating in a research note on Saturday, April 9th. Cowen dropped their price target on New Relic from $80.00 to $65.00 in a research note on Friday, May 13th. Cowen dropped their price target on New Relic from $80.00 to $65.00 in a research note on Friday, May 13th. Royal Bank of Canada dropped their price target on New Relic from $90.00 to $45.00 in a research note on Friday, May 13th. Finally, Truist Financial dropped their price target on New Relic from $110.00 to $95.00 in a research note on Tuesday, May 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $88.09.

In related news, insider Steve Hurn sold 2,230 shares of the business’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $43.36, for a total transaction of $96,692.80. Following the completion of the sale, the insider now directly owns 26,509 shares in the company, valued at $1,149,430.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Lewis Cirne sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 6th. The stock was sold at an average price of $66.12, for a total value of $1,983,600.00. The disclosure for this sale can be found here. Insiders sold 108,752 shares of company stock valued at $6,830,872 over the last 90 days. Company insiders own 22.00% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of NEWR. Millennium Management LLC purchased a new stake in New Relic in the 2nd quarter valued at $618,000. LPL Financial LLC purchased a new stake in New Relic in the 3rd quarter valued at $233,000. Invesco Ltd. grew its holdings in New Relic by 10.5% in the 4th quarter. Invesco Ltd. now owns 69,077 shares of the software maker’s stock valued at $7,596,000 after buying an additional 6,568 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in New Relic by 132.0% in the 4th quarter. Canada Pension Plan Investment Board now owns 559 shares of the software maker’s stock valued at $62,000 after buying an additional 318 shares in the last quarter. Finally, Amalgamated Bank grew its holdings in New Relic by 16.6% in the 4th quarter. Amalgamated Bank now owns 10,897 shares of the software maker’s stock valued at $1,198,000 after buying an additional 1,552 shares in the last quarter. Hedge funds and other institutional investors own 88.24% of the company’s stock.

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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