New Relic (NEWR) Updates FY20 Earnings Guidance

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New Relic (NYSE:NEWR) issued an update on its FY20 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.54-0.62 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.86. The company issued revenue guidance of $600-607 million, compared to the consensus revenue estimate of $601.69 million.New Relic also updated its FY 2020 guidance to $0.54-0.62 EPS.

Shares of NEWR traded up $4.18 on Tuesday, hitting $107.11. The company’s stock had a trading volume of 1,025,146 shares, compared to its average volume of 771,173. The company has a market capitalization of $6.14 billion, a P/E ratio of -144.74 and a beta of 1.03. The company has a debt-to-equity ratio of 1.23, a current ratio of 3.53 and a quick ratio of 3.53. New Relic has a fifty-two week low of $70.30 and a fifty-two week high of $114.78.

A number of research analysts have recently weighed in on the company. Morgan Stanley raised New Relic from an equal weight rating to an overweight rating in a research note on Tuesday, January 15th. ValuEngine raised New Relic from a hold rating to a buy rating in a research note on Thursday, January 17th. DA Davidson reissued a buy rating on shares of New Relic in a research note on Thursday, February 7th. JPMorgan Chase & Co. increased their price target on New Relic to $114.00 and gave the company an overweight rating in a research note on Thursday, February 7th. Finally, Oppenheimer increased their price target on New Relic from $110.00 to $125.00 and gave the company an outperform rating in a research note on Thursday, February 7th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. New Relic has an average rating of Buy and a consensus target price of $117.25.

In related news, insider James R. Gochee sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, February 13th. The shares were sold at an average price of $105.16, for a total value of $420,640.00. Following the completion of the sale, the insider now directly owns 293,837 shares in the company, valued at approximately $30,899,898.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Sachleben sold 15,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $103.88, for a total transaction of $1,558,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 130,341 shares of company stock valued at $13,478,814. Company insiders own 20.40% of the company’s stock.

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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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Earnings History and Estimates for New Relic (NYSE:NEWR)

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