New Relic (NYSE:NEWR) Announces Earnings Results, Beats Estimates By $0.12 EPS

New Relic (NYSE:NEWR) posted its quarterly earnings data on Friday. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.12, Briefing.com reports. New Relic had a negative return on equity of 13.21% and a negative net margin of 14.92%. The company had revenue of $242.80 million during the quarter, compared to analysts’ expectations of $250.58 million. During the same quarter in the previous year, the business earned $0.13 EPS. New Relic’s revenue was up 7.0% compared to the same quarter last year.

New Relic Trading Up 0.3 %

NEWR opened at $86.68 on Monday. The firm has a market cap of $6.09 billion, a price-to-earnings ratio of -41.47 and a beta of 0.84. New Relic has a 12 month low of $50.30 and a 12 month high of $86.81. The stock has a fifty day moving average price of $85.55 and a 200-day moving average price of $77.83.

Insider Transactions at New Relic

In other news, insider Thomas J. Lloyd sold 1,314 shares of the business’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $84.00, for a total value of $110,376.00. Following the completion of the transaction, the insider now directly owns 6,540 shares of the company’s stock, valued at approximately $549,360. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Thomas J. Lloyd sold 1,314 shares of the company’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $84.00, for a total transaction of $110,376.00. Following the transaction, the insider now directly owns 6,540 shares of the company’s stock, valued at approximately $549,360. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William Staples sold 8,658 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $84.04, for a total value of $727,618.32. Following the transaction, the chief executive officer now directly owns 123,243 shares in the company, valued at $10,357,341.72. The disclosure for this sale can be found here. In the last three months, insiders sold 19,510 shares of company stock valued at $1,639,502. Corporate insiders own 23.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NEWR. PNC Financial Services Group Inc. increased its position in New Relic by 78.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 901 shares of the software maker’s stock valued at $51,000 after buying an additional 396 shares in the last quarter. SRS Capital Advisors Inc. acquired a new position in shares of New Relic in the first quarter valued at about $75,000. Penserra Capital Management LLC increased its holdings 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 valued at $83,000 after purchasing an additional 418 shares during the period. Acadian Asset Management LLC acquired a new position in shares of New Relic in the first quarter valued at about $113,000. Finally, Neo Ivy Capital Management acquired a new position in shares of New Relic in the second quarter valued at about $121,000. 85.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on NEWR. Robert W. Baird cut New Relic from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $92.00 to $87.00 in a report on Tuesday, August 1st. DA Davidson cut New Relic from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $95.00 to $87.00 in a report on Thursday, September 14th. Loop Capital boosted their price objective on New Relic from $80.00 to $87.00 and gave the company a “hold” rating in a report on Tuesday, August 1st. Royal Bank of Canada cut New Relic from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $95.00 to $87.00 in a report on Monday, July 31st. Finally, TD Cowen boosted their price objective on New Relic from $73.00 to $87.00 and gave the company a “market perform” rating in a report on Tuesday, August 1st. Twelve analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, New Relic presently has an average rating of “Hold” and an average target price of $83.21.

New Relic Company Profile

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.