New Relic (NYSE:NEWR) Releases Q3 Earnings Guidance

New Relic (NYSE:NEWR – Get Rating) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.14-0.17 for the period, compared to the consensus estimate of $0.14. The company issued revenue guidance of $230-235 million, compared to the consensus revenue estimate of $235.63 million. New Relic also updated its FY23 guidance to $0.16-0.22 EPS.

Wall Street Analysts Forecast Growth

NEWR has been the topic of several research reports. Royal Bank of Canada raised their price objective on New Relic from $45.00 to $62.00 in a research report on Thursday, July 21st. Truist Financial cut their price objective on New Relic from $85.00 to $80.00 and set a buy rating on the stock in a research report on Monday, July 18th. Credit Suisse Group initiated coverage on New Relic in a research report on Friday, September 23rd. They issued an outperform rating and a $78.00 price objective on the stock. StockNews.com raised New Relic from a hold rating to a buy rating in a research report on Tuesday, November 1st. Finally, Morgan Stanley cut their price objective on New Relic from $70.00 to $67.00 and set an equal weight rating on the stock in a research report on Thursday, October 20th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $69.36.

New Relic Stock Up 2.6 %

NEWR stock traded up $1.30 during midday trading on Tuesday, reaching $52.02. The company had a trading volume of 874,640 shares, compared to its average volume of 883,637. The stock has a 50 day moving average price of $57.54 and a 200 day moving average price of $56.16. New Relic has a fifty-two week low of $41.66 and a fifty-two week high of $129.70. The firm has a market capitalization of $3.50 billion, a PE ratio of -15.30 and a beta of 0.92.

Insider Transactions at New Relic

In other news, CEO William Staples sold 6,412 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $66.57, for a total transaction of $426,846.84. Following the completion of the transaction, the chief executive officer now directly owns 57,680 shares in the company, valued at $3,839,757.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO William Staples sold 6,412 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $66.57, for a total transaction of $426,846.84. Following the sale, the chief executive officer now owns 57,680 shares of the company’s stock, valued at $3,839,757.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Kristy Friedrichs sold 3,733 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $66.55, for a total value of $248,431.15. Following the sale, the chief operating officer now directly owns 14,026 shares in the company, valued at approximately $933,430.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 123,265 shares of company stock worth $7,387,528. Company insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its holdings in shares of New Relic by 129.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,066 shares of the software maker’s stock valued at $72,000 after buying an additional 601 shares in the last quarter. Penserra Capital Management LLC raised its stake in New Relic by 50.0% during the 1st 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 stake in New Relic during the 1st quarter valued at $113,000. Prelude Capital Management LLC acquired a new stake in New Relic during the 2nd quarter valued at $204,000. Finally, International Assets Investment Management LLC acquired a new stake in New Relic during the 1st quarter valued at $223,000. Institutional investors own 87.21% of the company’s stock.

 

Leave a Reply

Your email address will not be published. Required fields are marked *