New Relic (NYSE:NEWR) Issues Earnings Results, Beats Estimates By $0.02 EPS

New Relic (NYSE:NEWR) announced its quarterly earnings results on Tuesday. The software maker reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.02, Morningstar.com reports. New Relic had a negative return on equity of 6.57% and a negative net margin of 8.53%. The company had revenue of $141.01 million during the quarter, compared to analyst estimates of $139.73 million. During the same period in the prior year, the company earned $0.15 earnings per share. The firm’s revenue was up 30.3% on a year-over-year basis.

NEWR stock traded down $23.98 during midday trading on Wednesday, reaching $59.78. 9,216,290 shares of the company traded hands, compared to its average volume of 945,289. New Relic has a 52-week low of $55.60 and a 52-week high of $113.34. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 1.16. The stock’s 50 day simple moving average is $91.16. The firm has a market cap of $5.13 billion, a price-to-earnings ratio of -192.84 and a beta of 0.83.

In other New Relic news, CFO Mark Sachleben sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $93.65, for a total transaction of $1,404,750.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lewis Cirne sold 500 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $91.50, for a total value of $45,750.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 183,950 shares of company stock worth $17,491,613. Company insiders own 17.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN boosted its position in shares of New Relic by 21.3% in the 2nd quarter. Wells Fargo & Company MN now owns 575,140 shares of the software maker’s stock worth $49,755,000 after purchasing an additional 100,911 shares in the last quarter. Mirador Capital Partners LP acquired a new stake in shares of New Relic in the 2nd quarter worth $235,000. Jennison Associates LLC boosted its position in shares of New Relic by 58.7% in the 2nd quarter. Jennison Associates LLC now owns 723,864 shares of the software maker’s stock worth $62,621,000 after purchasing an additional 267,840 shares in the last quarter. Stone Ridge Asset Management LLC acquired a new stake in shares of New Relic in the 2nd quarter worth $1,228,000. Finally, Tygh Capital Management Inc. boosted its position in shares of New Relic by 62.8% in the 2nd quarter. Tygh Capital Management Inc. now owns 137,977 shares of the software maker’s stock worth $11,936,000 after purchasing an additional 53,242 shares in the last quarter. Hedge funds and other institutional investors own 78.33% of the company’s stock.

NEWR has been the subject of a number of research reports. ValuEngine raised New Relic from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. BMO Capital Markets dropped their price target on New Relic to $73.00 and set a “positive” rating for the company in a research note on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $131.00 price target (up from $129.00) on shares of New Relic in a research note on Wednesday, May 15th. Morgan Stanley dropped their price target on New Relic from $115.00 to $104.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, First Analysis lowered New Relic from a “strong-buy” rating to a “neutral” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $108.67.

New Relic Company Profile

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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Earnings History for New Relic (NYSE:NEWR)

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