New Relic Inc (NYSE:NEWR) – Research analysts at Wedbush boosted their Q3 2020 earnings per share (EPS) estimates for shares of New Relic in a research report issued on Thursday, February 7th. Wedbush analyst S. Koenig now forecasts that the software maker will earn $0.00 per share for the quarter, up from their prior forecast of ($0.01). Wedbush currently has a “Outperform” rating and a $124.00 price objective on the stock.
New Relic (NYSE:NEWR) last issued its quarterly earnings data on Wednesday, February 6th. The software maker reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.03. New Relic had a negative return on equity of 6.08% and a negative net margin of 6.96%. The company had revenue of $124.00 million for the quarter, compared to analyst estimates of $120.18 million. During the same period last year, the company earned $0.05 earnings per share. New Relic’s quarterly revenue was up 35.1% compared to the same quarter last year.
Several other analysts have also commented on NEWR. Zacks Investment Research lowered New Relic from a “buy” rating to a “hold” rating in a report on Wednesday, November 14th. JMP Securities reissued a “hold” rating on shares of New Relic in a report on Monday. BMO Capital Markets reissued an “outperform” rating and issued a $118.00 price objective (up from $110.00) on shares of New Relic in a report on Thursday, February 7th. JPMorgan Chase & Co. raised their price objective on New Relic to $114.00 and gave the company an “overweight” rating in a report on Thursday, February 7th. Finally, Oppenheimer raised their price objective on New Relic from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, February 7th. Four research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $110.14.
Shares of NEWR opened at $103.10 on Monday. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.23. New Relic has a 12 month low of $63.52 and a 12 month high of $114.78. The company has a market capitalization of $5.92 billion, a price-to-earnings ratio of -139.32 and a beta of 1.05.
In related news, CRO Erica Schultz sold 382 shares of New Relic stock in a transaction that occurred on Friday, November 23rd. The stock was sold at an average price of $75.16, for a total transaction of $28,711.12. Following the transaction, the executive now owns 23,881 shares in the company, valued at $1,794,895.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Lewis Cirne sold 4,000 shares of New Relic stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $106.31, for a total value of $425,240.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 287,647 shares of company stock worth $23,976,366. Company insiders own 20.40% of the company’s stock.
A number of institutional investors have recently made changes to their positions in NEWR. Winslow Evans & Crocker Inc. purchased a new position in New Relic during the fourth quarter worth approximately $40,000. IFP Advisors Inc lifted its position in New Relic by 1,120.3% during the fourth quarter. IFP Advisors Inc now owns 720 shares of the software maker’s stock worth $58,000 after buying an additional 661 shares in the last quarter. Pearl River Capital LLC purchased a new position in New Relic during the fourth quarter worth approximately $73,000. DekaBank Deutsche Girozentrale lifted its position in New Relic by 84.7% during the third quarter. DekaBank Deutsche Girozentrale now owns 1,293 shares of the software maker’s stock worth $133,000 after buying an additional 593 shares in the last quarter. Finally, First Quadrant L P CA purchased a new position in New Relic during the third quarter worth approximately $139,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.
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 analyze 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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