JPMorgan analyst Sterling Auty upgraded New Relic Inc to Overweight from Underweight with a $150 price target, implying a 64.9 percent upside.
The software analytics solution provider reported second-quarter FY22 revenue growth of 18 percent 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 38.5 percent at $125.91 in the premarket session on the last check Tuesday.By Anusuya Lahiri
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