Zacks: Analysts Anticipate New Relic Inc (NEWR) Will Announce Quarterly Sales of $89.37 Million
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.
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.
TRADEMARK VIOLATION WARNING: This news story was originally posted by Marea Informative and is owned by of Marea Informative. If you are reading this news story on another domain, it was illegally copied and republished in violation of U.S. & international trademark and copyright law. The legal version of this news story can be accessed at https://www.mareainformativa.com/2018/01/29/zacks-analysts-anticipate-new-relic-inc-newr-will-announce-quarterly-sales-of-89-37-million-updated-updated-updated.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for New Relic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Relic and related companies with MarketBeat.com's FREE daily email newsletter.