Wall Street analysts predict that New Relic Inc (NYSE:NEWR) will post $89.37 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for New Relic’s earnings, with estimates ranging from $89.10 million to $89.60 million. New Relic reported sales of $68.10 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 31.2%. The business is scheduled to report its next earnings results on Tuesday, February 6th.

On average, analysts expect that New Relic will report full year sales of $89.37 million for the current financial year, with estimates ranging from $346.00 million to $349.80 million. For the next fiscal year, analysts expect that the business will post sales of $439.73 million per share, with estimates ranging from $435.38 million to $441.38 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover New Relic.

New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, November 7th. The software maker reported ($0.06) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.04. New Relic had a negative net margin of 19.43% and a negative return on equity of 29.19%. The business had revenue of $84.68 million for the quarter, compared to the consensus estimate of $82.98 million. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. The business’s revenue for the quarter was up 33.5% on a year-over-year basis.

Several equities research analysts have recently weighed in on NEWR shares. BidaskClub downgraded shares of New Relic from a “strong-buy” rating to a “buy” rating in a research note on Monday, September 18th. Robert W. Baird set a $55.00 target price on shares of New Relic and gave the company a “buy” rating in a research note on Monday, September 11th. Zacks Investment Research raised shares of New Relic from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research note on Wednesday, October 4th. Oppenheimer reaffirmed a “buy” rating and issued a $50.00 price target on shares of New Relic in a research note on Tuesday, September 19th. Finally, Needham & Company LLC initiated coverage on shares of New Relic in a research note on Monday, October 23rd. They issued a “buy” rating and a $69.00 price target on the stock. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $54.23.

In other New Relic news, CFO Mark Sachleben sold 5,000 shares of the firm’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $59.35, for a total transaction of $296,750.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James R. Gochee sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $50.25, for a total transaction of $201,000.00. Following the transaction, the insider now directly owns 343,382 shares in the company, valued at approximately $17,254,945.50. The disclosure for this sale can be found here. Insiders sold a total of 153,139 shares of company stock worth $8,381,945 in the last ninety days. 23.10% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of NEWR. TimesSquare Capital Management LLC increased its position in New Relic by 657.4% during the 3rd quarter. TimesSquare Capital Management LLC now owns 568,040 shares of the software maker’s stock valued at $28,288,000 after purchasing an additional 493,040 shares during the period. Westfield Capital Management Co. LP bought a new stake in shares of New Relic in the 3rd quarter valued at about $23,221,000. Hunt Lane Capital LP bought a new stake in shares of New Relic in the 2nd quarter valued at about $18,752,000. Paulson & CO. Inc. bought a new stake in shares of New Relic in the 2nd quarter valued at about $15,195,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of New Relic by 1,352.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 277,901 shares of the software maker’s stock valued at $11,953,000 after buying an additional 258,763 shares in the last quarter. 76.45% of the stock is currently owned by institutional investors and hedge funds.

Shares of New Relic (NYSE NEWR) traded up $0.45 on Wednesday, hitting $59.31. 328,933 shares of the stock traded hands, compared to its average volume of 503,311. New Relic has a 1-year low of $30.00 and a 1-year high of $60.85. The stock has a market capitalization of $3,240.97, a P/E ratio of -52.95 and a beta of 1.03.

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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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