New Relic (NEWR) Sets New 52-Week High on Better-Than-Expected Earnings

New Relic Inc (NYSE:NEWR) shares hit a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $63.89 and last traded at $64.20, with a volume of 693931 shares trading hands. The stock had previously closed at $59.30.

The software maker reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.12. The firm had revenue of $91.83 million for the quarter, compared to analyst estimates of $89.31 million. New Relic had a negative net margin of 16.17% and a negative return on equity of 25.55%. The business’s quarterly revenue was up 34.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.09) earnings per share.

A number of research firms have recently weighed in on NEWR. Oppenheimer increased their price objective on shares of New Relic from $57.00 to $66.00 and gave the stock an “outperform” rating in a research note on Wednesday. JPMorgan Chase & Co. lowered shares of New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a research note on Tuesday, December 12th. BMO Capital Markets began coverage on shares of New Relic in a research note on Friday, January 12th. They issued a “market perform” rating and a $68.00 price objective on the stock. Needham & Company LLC increased their price objective on shares of New Relic from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Robert W. Baird increased their price objective on shares of New Relic from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $60.00.

In other New Relic news, VP Robin Schulman sold 1,797 shares of the stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $54.44, for a total transaction of $97,828.68. Following the transaction, the vice president now directly owns 1,107 shares of the company’s stock, valued at $60,265.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Sachleben sold 10,000 shares of the stock in a transaction on Monday, November 13th. The shares were sold at an average price of $52.55, for a total transaction of $525,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 172,458 shares of company stock worth $10,079,591. 23.10% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of NEWR. First Trust Advisors LP lifted its holdings in New Relic by 2,139.1% during the fourth quarter. First Trust Advisors LP now owns 1,264,352 shares of the software maker’s stock valued at $73,042,000 after purchasing an additional 1,207,885 shares in the last quarter. TimesSquare Capital Management LLC lifted its holdings in New Relic by 657.4% during the third 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 in the last quarter. Westfield Capital Management Co. LP purchased a new position in New Relic during the third quarter valued at $23,221,000. Paulson & CO. Inc. purchased a new position in New Relic during the second quarter valued at $15,195,000. Finally, Goldman Sachs Group Inc. lifted its holdings in New Relic by 1,352.1% during the second quarter. Goldman Sachs Group Inc. now owns 277,901 shares of the software maker’s stock valued at $11,953,000 after purchasing an additional 258,763 shares in the last quarter. 75.84% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market cap of $3,470.00, a price-to-earnings ratio of -63.64 and a beta of 0.98.

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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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