Why Is New Relic Stock Jumping On Tuesday Premarket?

  • JPMorgan analyst Sterling Auty upgraded New Relic Inc NEWR to Overweight from Underweight with a $150 price target, implying a 64.9% upside.
  • The software analytics solution provider reported second-quarter FY22 revenue growth of 18% year-on-year to $196 million, beating the consensus of $182.2 million.
  • Non-GAAP EPS loss of $(0.10) beat the consensus loss of $(0.13).
  • This quarter, our total paid customer count is growing again, with over 14,300 customers now paying for services from New Relic, CEO Bill Staples said.
  • Outlook: New Relic sees Q3 revenue of $198 million - $202 million, above the consensus of $183.2 million. It sees non-GAAP EPS loss of $(0.18) - $(0.15), below the consensus loss of $(0.09).
  • New Relic sees FY22 revenue of $778 million - $782 million (prior view $730 million - $735 million), above the consensus of $736.8 million. It sees non-GAAP EPS loss of $(0.60) - $(0.54) versus prior vew of $(0.52) - $(0.49), below the consensus loss of $(0.52).
  • Price Action: NEWR shares traded higher by 29.9% at $118.12 in the premarket session on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorEarningsNewsGuidanceUpgradesPrice TargetAnalyst RatingsMoversTechTrading IdeasBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!