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New Relic (NYSE:NEWR) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.12-0.13 for the period, compared to the Thomson Reuters consensus estimate of $0.09. The company issued revenue guidance of $118.5-120.5 million, compared to the consensus revenue estimate of $117.77 million.New Relic also updated its FY 2019 guidance to $0.42-0.48 EPS.
Several research firms have recently weighed in on NEWR. ValuEngine lowered New Relic from a buy rating to a hold rating in a research note on Tuesday. Zacks Investment Research raised New Relic from a hold rating to a strong-buy rating and set a $94.00 price objective on the stock in a research note on Friday, October 26th. DA Davidson raised New Relic from a neutral rating to a buy rating and set a $105.00 price target on the stock in a research report on Tuesday, October 23rd. They noted that the move was a valuation call. Wedbush reissued an outperform rating and set a $116.00 price target (down from $126.00) on shares of New Relic in a research report on Wednesday, October 10th. Finally, TheStreet raised New Relic from a d rating to a c rating in a research report on Thursday, August 23rd. Eight equities research badysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $97.00.
New Relic stock remained flat at $$86.07 during midday trading on Tuesday. The company had a trading volume of 766,802 shares, compared to its average volume of 881,866. The firm has a market cap of $4.92 billion, a price-to-earnings ratio of -116.31 and a beta of 0.82. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 1.28. New Relic has a 12-month low of $50.27 and a 12-month high of $114.78.
New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, August 7th. The software maker reported $0.15 EPS for the quarter, topping the consensus estimate of $0.11 by $0.04. The firm had revenue of $108.22 million for the quarter, compared to badyst estimates of $106.09 million. New Relic had a negative return on equity of 12.19% and a negative net margin of 9.13%. On average, sell-side badysts anticipate that New Relic will post -0.38 earnings per share for the current year.
In other New Relic news, CFO Mark Sachleben sold 22,500 shares of the company’s stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $84.10, for a total value of $1,892,250.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Peter H. Fenton sold 51,971 shares of the company’s stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $109.45, for a total value of $5,688,225.95. Following the completion of the transaction, the director now directly owns 154 shares in the company, valued at $16,855.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 435,742 shares of company stock worth $41,658,041. 20.40% of the stock is currently owned by corporate insiders.
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 badyze 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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