New Relic (NEWR) Issues FY19 Earnings Guidance
New Relic (NYSE:NEWR) issued an update on its FY19 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.42-0.48 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.45. The company issued revenue guidance of $466.5-469.5 million, compared to the consensus revenue estimate of $462.90 million.New Relic also updated its FY 2019 guidance to $0.42-0.48 EPS.
Several analysts have recently weighed in on the company. BMO Capital Markets lifted their price objective on New Relic from $110.00 to $117.00 and gave the stock an outperform rating in a report on Wednesday, August 8th. Zacks Investment Research lowered New Relic from a strong-buy rating to a hold rating in a report on Wednesday, October 10th. DA Davidson raised New Relic from a neutral rating to a buy rating and set a $105.00 price objective on the stock in a report on Tuesday, October 23rd. They noted that the move was a valuation call. ValuEngine lowered New Relic from a buy rating to a hold rating in a report on Tuesday. Finally, Morgan Stanley lifted their price objective on New Relic from $80.00 to $102.00 and gave the stock an equal weight rating in a report on Wednesday, August 8th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. New Relic currently has a consensus rating of Buy and an average target price of $97.71.
NEWR stock traded down $4.06 during trading on Thursday, hitting $92.05. The company had a trading volume of 950,681 shares, compared to its average volume of 849,397. The company has a debt-to-equity ratio of 1.28, a current ratio of 3.83 and a quick ratio of 3.83. The firm has a market cap of $4.86 billion, a price-to-earnings ratio of -124.39 and a beta of 0.82. New Relic has a fifty-two week low of $51.57 and a fifty-two week high of $114.78.
In related news, CRO Erica Schultz sold 3,623 shares of the business’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $103.03, for a total value of $373,277.69. Following the sale, the executive now owns 22,066 shares of the company’s stock, valued at approximately $2,273,459.98. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Sachleben sold 22,500 shares of the business’s stock in a transaction on Monday, October 15th. The shares were sold at an average price of $84.10, for a total value of $1,892,250.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 428,242 shares of company stock worth $40,887,416. 20.40% of the stock is owned by insiders.
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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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