New Relic jumps after raising FY forecast, upbeat Q3 results

New Relic

08/02/2023 12:24

** Shares of cloud software firm New Relic Inc  NEWR.N  up
20.78% at $78 premarket
    ** Stock on track to open at its highest in nearly a year
    ** Co sees Q4 rev of midpoint $241 mln, adj EPS in range of
20-23 cents, both above analysts' consensus forecast - Refinitiv
    ** NEWR raises FY23 rev forecast to range of $923.1-925.1
mln from a prior range of $912-920 mln
    ** Raises FY23 adj EPS guidance to 40-43 cents range, from
16-22 cents earlier
    ** NEWR reports Q3 rev of $239.8 mln, up 18% YoY and beating
analysts' expectations of $232.7 mln
    ** Reports better-than-expected Q3 adj EPS of 32 cents vs
Wall Street's consensus of 15 cents
    ** Post results, several brokerages raised their PT on
stock, with both Credit Suisse and Raymond James raising their
PT to $90, highest on Wall Street 
    ** Up to last close, stock had risen 14.4% YTD after losing
48.7% of its worth in 2022
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))