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

New Relic (NYSE:NEWRGet Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided EPS guidance of $0.10-$0.17 for the period, compared to the consensus EPS estimate of -$0.34. The company issued revenue guidance of $920.00 million-$930.00 million, compared to the consensus revenue estimate of $944.06 million. New Relic also updated its FY23 guidance to $0.10-0.17 EPS.

New Relic Stock Up 10.1 %

Shares of New Relic stock traded up $6.21 during midday trading on Friday, hitting $67.53. The company’s stock had a trading volume of 1,253,342 shares, compared to its average volume of 838,069. The firm has a market capitalization of $4.54 billion, a P/E ratio of -19.86 and a beta of 0.97. The stock has a 50-day simple moving average of $53.00 and a 200-day simple moving average of $63.33. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 1.54. New Relic has a 1-year low of $41.66 and a 1-year high of $129.70.

New Relic (NYSE:NEWRGet Rating) last issued its earnings results on Thursday, May 12th. The software maker reported ($0.84) EPS for the quarter, topping the consensus estimate of ($0.88) by $0.04. The business had revenue of $205.75 million during the quarter, compared to analysts’ expectations of $204.92 million. New Relic had a negative return on equity of 67.04% and a negative net margin of 27.05%. As a group, sell-side analysts expect that New Relic will post -2.78 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Robert W. Baird dropped their price objective on New Relic from $117.00 to $75.00 and set a na rating on the stock in a research note on Friday, May 13th. Royal Bank of Canada lifted their price objective on New Relic from $45.00 to $62.00 in a research note on Thursday, July 21st. Canaccord Genuity Group assumed coverage on New Relic in a research note on Thursday, July 7th. They issued a buy rating and a $81.00 price objective on the stock. Canaccord Genuity Group assumed coverage on New Relic in a research note on Thursday, July 7th. They issued a buy rating on the stock. Finally, Cowen dropped their price objective on New Relic from $80.00 to $65.00 in a research note on Friday, May 13th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $77.00.

Insiders Place Their Bets

In other New Relic news, insider Steve Hurn sold 2,230 shares of the company’s stock in a transaction 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 transaction, the insider now owns 26,509 shares of the company’s stock, valued at approximately $1,149,430.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other New Relic news, insider Steve Hurn sold 2,230 shares of the company’s stock in a transaction on Monday, May 16th. The shares were 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 owns 26,509 shares in the company, valued at approximately $1,149,430.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Sachleben sold 2,950 shares of the company’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $43.32, for a total transaction of $127,794.00. Following the sale, the chief financial officer now owns 2,572 shares of the company’s stock, valued at approximately $111,419.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 73,847 shares of company stock valued at $3,694,801. 21.00% of the stock is currently owned by corporate insiders.

Institutional Trading of New Relic

Large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its holdings in New Relic by 129.2% during the 1st 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 increased its holdings in New Relic by 50.0% during the 1st 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 New Relic during the 1st quarter worth about $113,000. International Assets Investment Management LLC bought a new position in New Relic during the 1st quarter worth about $223,000. Finally, MetLife Investment Management LLC bought a new position in New Relic during the 1st quarter worth about $228,000. Institutional investors own 88.24% of the company’s stock.

About New Relic

(Get Rating)

New Relic, Inc, a software-as-a-service company, delivers a software platform for customers to collect telemetry data and derive insights from that data in a unified front-end application. It offers a suite of products on its open and extensible cloud-based platform, which enables users to collect, store, and analyze telemetry data.

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

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