Analysts forecast that New Relic, Inc. (NYSE:NEWR) will report $82.95 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for New Relic’s earnings. The highest sales estimate is $83.80 million and the lowest is $82.50 million. New Relic reported sales of $63.44 million during the same quarter last year, which indicates a positive year over year growth rate of 30.8%. The company is expected to issue its next quarterly earnings results on Monday, November 6th.

According to Zacks, analysts expect that New Relic will report full-year sales of $82.95 million for the current fiscal year, with estimates ranging from $346.00 million to $348.00 million. For the next year, analysts expect that the business will report sales of $439.23 million per share, with estimates ranging from $434.54 million to $445.09 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow New Relic.

New Relic (NYSE:NEWR) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.03. New Relic had a negative return on equity of 29.19% and a negative net margin of 20.68%. The business had revenue of $80.10 million for the quarter, compared to the consensus estimate of $78.09 million. During the same quarter in the prior year, the business earned ($0.20) earnings per share. New Relic’s revenue for the quarter was up 36.7% on a year-over-year basis.

NEWR has been the topic of a number of research reports. BidaskClub lowered shares of New Relic from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. First Analysis lowered shares of New Relic from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective on the stock. in a research note on Friday, August 4th. Morgan Stanley lowered shares of New Relic from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $45.00 to $48.00 in a research note on Thursday, July 20th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of New Relic from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. Finally, UBS AG raised their price target on shares of New Relic from $42.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 4th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $47.36.

New Relic (NYSE:NEWR) opened at 47.82 on Friday. The stock’s market cap is $2.61 billion. New Relic has a 1-year low of $27.85 and a 1-year high of $49.39. The company has a 50-day moving average price of $46.70 and a 200 day moving average price of $41.47.

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In other news, VP Robin Schulman sold 5,534 shares of New Relic stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $46.98, for a total value of $259,987.32. Following the sale, the vice president now owns 6,111 shares in the company, valued at $287,094.78. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Mark Sachleben sold 11,500 shares of New Relic stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $40.21, for a total transaction of $462,415.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 227,431 shares of company stock worth $10,080,471. 23.10% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. FMR LLC raised its stake in shares of New Relic by 1.4% in the second quarter. FMR LLC now owns 8,024,872 shares of the software maker’s stock valued at $345,149,000 after buying an additional 108,223 shares during the period. Vanguard Group Inc. raised its stake in shares of New Relic by 7.7% in the second quarter. Vanguard Group Inc. now owns 2,848,100 shares of the software maker’s stock valued at $122,497,000 after buying an additional 204,652 shares during the period. Champlain Investment Partners LLC raised its stake in shares of New Relic by 21.3% in the first quarter. Champlain Investment Partners LLC now owns 1,682,895 shares of the software maker’s stock valued at $62,385,000 after buying an additional 295,085 shares during the period. Clearbridge Investments LLC raised its stake in shares of New Relic by 377.8% in the first quarter. Clearbridge Investments LLC now owns 1,368,733 shares of the software maker’s stock valued at $50,739,000 after buying an additional 1,082,245 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of New Relic by 24.4% in the second quarter. Bank of New York Mellon Corp now owns 1,307,282 shares of the software maker’s stock valued at $56,226,000 after buying an additional 256,257 shares during the period. Institutional investors and hedge funds own 71.79% of the company’s stock.

About New Relic

New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.

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