New Relic (NYSE:NEWR) Issues 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 -$0.37–$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 FY23 guidance to $(0.37)-$(0.31) EPS.

Shares of NEWR stock opened at $47.82 on Friday. The stock has a market cap of $3.16 billion, a P/E ratio of -11.90 and a beta of 0.99. The company has a fifty day moving average price of $64.69 and a two-hundred day moving average price of $86.11. New Relic has a one year low of $45.32 and a one year high of $129.70. The company has a debt-to-equity ratio of 1.47, a current ratio of 2.49 and a quick ratio of 2.49.

New Relic (NYSE:NEWRGet Rating) last released its earnings results on Tuesday, February 8th. The software maker reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.79) by ($0.17). New Relic had a negative net margin of 34.10% and a negative return on equity of 68.08%. The firm had revenue of $203.59 million during the quarter, compared to the consensus estimate of $200.44 million. During the same period in the prior year, the business earned ($0.75) earnings per share. New Relic’s quarterly revenue was up 22.4% compared to the same quarter last year. As a group, equities research analysts anticipate that New Relic will post -3.63 EPS for the current fiscal year.

A number of research firms have issued reports on NEWR. Zacks Investment Research downgraded shares of New Relic from a hold rating to a sell rating in a report on Saturday, April 9th. Morgan Stanley cut their price target on shares of New Relic from $150.00 to $138.00 and set an overweight rating on the stock in a report on Wednesday, February 9th. Truist Financial lowered their price target on New Relic from $110.00 to $95.00 in a research report on Tuesday. Needham & Company LLC downgraded New Relic from a buy rating to a hold rating in a research note on Friday. Finally, StockNews.com started coverage on New Relic in a report on Thursday, March 31st. They set a hold rating on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, New Relic currently has a consensus rating of Hold and a consensus price target of $102.89.

In other New Relic news, insider Steve Hurn sold 2,139 shares of the company’s stock in a transaction on Tuesday, February 15th. The shares were sold at an average price of $70.93, for a total transaction of $151,719.27. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Lewis Cirne sold 30,000 shares of the company’s stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $57.71, for a total transaction of $1,731,300.00. Following the completion of the transaction, the chairman now owns 42,918 shares in the company, valued at $2,476,797.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 106,748 shares of company stock valued at $7,014,959. 22.00% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of NEWR. Raymond James & Associates boosted its stake in shares of New Relic by 71.3% during the first quarter. Raymond James & Associates now owns 59,633 shares of the software maker’s stock valued at $3,988,000 after purchasing an additional 24,817 shares during the period. Parametric Portfolio Associates LLC boosted its holdings in New Relic by 35.8% in the 4th quarter. Parametric Portfolio Associates LLC now owns 81,449 shares of the software maker’s stock worth $8,956,000 after buying an additional 21,465 shares during the period. Comerica Bank purchased a new stake in New Relic in the 4th quarter worth $1,193,000. Millennium Management LLC purchased a new stake in New Relic in the 2nd quarter worth $618,000. Finally, Invesco Ltd. raised its position in shares of New Relic by 10.5% during 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. 88.24% of the stock is owned by institutional investors and hedge funds.

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

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