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

New Relic (NYSE:NEWR – Get Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of -$0.37–$0.31 for the period, compared to the consensus 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 Q1 2023 guidance to -$0.38–$0.35 EPS.

Shares of New Relic stock traded up $0.77 during trading on Friday, hitting $48.50. 18,994 shares of the company were exchanged, compared to its average volume of 1,138,584. The company has a quick ratio of 2.49, a current ratio of 2.15 and a debt-to-equity ratio of 1.54. New Relic has a fifty-two week low of $41.66 and a fifty-two week high of $129.70. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of -12.30 and a beta of 0.99. The firm has a 50 day moving average price of $61.42 and a 200 day moving average price of $83.35.

Several analysts have recently issued reports on NEWR shares. Morgan Stanley lowered their price objective on shares of New Relic from $150.00 to $138.00 and set an overweight rating for the company in a research note on Wednesday, February 9th. Cowen lowered their price objective on shares of New Relic from $80.00 to $65.00 in a research note on Friday, May 13th. Zacks Investment Research cut shares of New Relic from a hold rating to a sell rating in a research report on Wednesday. Truist Financial decreased their price target on shares of New Relic from $110.00 to $95.00 in a research report on Tuesday, May 10th. Finally, Needham & Company LLC cut shares of New Relic from a buy rating to a hold rating in a research report on Friday, May 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $88.09.

In related news, Chairman Lewis Cirne sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 6th. The shares were sold at an average price of $66.12, for a total value of $1,983,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steve Hurn sold 4,642 shares of the firm’s stock in a transaction on Wednesday, April 20th. The shares were sold at an average price of $70.52, for a total transaction of $327,353.84. Following the transaction, the insider now owns 24,329 shares in the company, valued at approximately $1,715,681.08. The disclosure for this sale can be found here. Insiders have sold 110,752 shares of company stock valued at $6,923,832 over the last 90 days. 22.00% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in NEWR. Millennium Management LLC bought a new position in New Relic during the 2nd quarter valued at about $618,000. LPL Financial LLC bought a new position in shares of New Relic in the third quarter worth about $233,000. Invesco Ltd. raised its stake in shares of New Relic by 10.5% in the fourth quarter. Invesco Ltd. now owns 69,077 shares of the software maker’s stock worth $7,596,000 after acquiring an additional 6,568 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of New Relic by 132.0% in the fourth quarter. Canada Pension Plan Investment Board now owns 559 shares of the software maker’s stock worth $62,000 after acquiring an additional 318 shares during the last quarter. Finally, Amalgamated Bank raised its stake in shares of New Relic by 16.6% in the fourth quarter. Amalgamated Bank now owns 10,897 shares of the software maker’s stock worth $1,198,000 after acquiring an additional 1,552 shares during the last quarter. 88.24% of the stock is owned by hedge funds and other institutional investors.

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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