Brokerages Anticipate New Relic Inc (NEWR) Will Post Quarterly Sales of $112.15 Million

Brokerages forecast that New Relic Inc (NYSE:NEWR) will announce sales of $112.15 million for the current quarter, according to Zacks Investment Research. Eight analysts have issued estimates for New Relic’s earnings. The highest sales estimate is $114.00 million and the lowest is $111.05 million. New Relic posted sales of $84.69 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 32.4%. The firm is expected to report its next earnings report after the market closes on Tuesday, November 6th.

According to Zacks, analysts expect that New Relic will report full year sales of $462.65 million for the current financial year, with estimates ranging from $459.04 million to $473.40 million. For the next financial year, analysts anticipate that the company will report sales of $582.10 million, with estimates ranging from $565.57 million to $605.70 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for New Relic.

New Relic (NYSE:NEWR) last announced its quarterly earnings results on Tuesday, August 7th. The software maker reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.04. The company had revenue of $108.22 million for the quarter, compared to analyst estimates of $106.09 million. New Relic had a negative net margin of 9.13% and a negative return on equity of 12.19%.



Several equities analysts have commented on NEWR shares. DA Davidson started coverage on shares of New Relic in a research note on Wednesday, July 11th. They issued a “neutral” rating and a $105.00 price target on the stock. Argus assumed coverage on New Relic in a report on Tuesday, July 17th. They issued a “hold” rating for the company. ValuEngine downgraded New Relic from a “strong-buy” rating to a “buy” rating in a report on Monday, July 30th. Wedbush increased their price objective on New Relic from $116.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, August 8th. Finally, BMO Capital Markets increased their price objective on New Relic from $110.00 to $117.00 and gave the company an “outperform” rating in a report on Wednesday, August 8th. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. New Relic presently has an average rating of “Buy” and an average price target of $97.00.

In related news, CEO Lewis Cirne sold 89,000 shares of the stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $101.80, for a total transaction of $9,060,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider James R. Gochee sold 508 shares of the stock in a transaction on Monday, September 17th. The stock was sold at an average price of $101.48, for a total value of $51,551.84. Following the sale, the insider now directly owns 311,454 shares of the company’s stock, valued at $31,606,351.92. The disclosure for this sale can be found here. Insiders sold 435,742 shares of company stock valued at $42,865,771 over the last three months. Corporate insiders own 20.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in shares of New Relic by 28.6% during the second quarter. BlackRock Inc. now owns 3,288,310 shares of the software maker’s stock worth $330,772,000 after purchasing an additional 731,705 shares during the period. First Trust Advisors LP lifted its holdings in shares of New Relic by 8.5% during the third quarter. First Trust Advisors LP now owns 1,453,714 shares of the software maker’s stock worth $136,983,000 after purchasing an additional 113,834 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of New Relic by 158.5% during the second quarter. Renaissance Technologies LLC now owns 1,091,000 shares of the software maker’s stock worth $109,744,000 after purchasing an additional 669,000 shares during the period. Baillie Gifford & Co. lifted its holdings in shares of New Relic by 8.7% during the second quarter. Baillie Gifford & Co. now owns 735,425 shares of the software maker’s stock worth $73,977,000 after purchasing an additional 58,817 shares during the period. Finally, Nomura Holdings Inc. acquired a new stake in shares of New Relic during the second quarter worth $64,051,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

New Relic stock traded down $1.21 during mid-day trading on Friday, hitting $83.82. The company had a trading volume of 789,372 shares, compared to its average volume of 977,475. The firm has a market capitalization of $4.74 billion, a P/E ratio of -113.27 and a beta of 0.78. New Relic has a 1 year low of $49.56 and a 1 year high of $114.78. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 1.28.

About New Relic

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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