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

New Relic (NYSE:NEWRGet 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.

Further Reading

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

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