Why New Relic Stock Is Shooting Higher Today
Portfolio Pulse from Nabaparna Bhattacharya
New Relic, Inc. (NEWR) has agreed to be taken private by Francisco Partners and TPG for $87.00 per share in cash, a 17% premium to its July 28, 2023, closing price. The company also reported better-than-expected Q1 FY24 financial results, with revenues of $242.63 million and adjusted EPS of $0.43. The transaction is expected to close in late 2023 or early 2024.
July 31, 2023 | 3:36 pm
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New Relic's agreement to be taken private and better-than-expected Q1 FY24 results have led to a rise in its stock price.
The news of New Relic's acquisition at a premium price, along with its strong Q1 FY24 results, have positively impacted the company's stock price. The acquisition provides certainty for investors, while the strong financial results indicate a healthy business performance.
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