New Relic Inc (NYSE:NEWR) has earned an average rating of “Buy” from the fifteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $54.08.
A number of research analysts have recently weighed in on NEWR shares. Needham & Company LLC started coverage on shares of New Relic in a report on Monday, October 23rd. They set a “buy” rating and a $69.00 price target on the stock. Zacks Investment Research downgraded shares of New Relic from a “buy” rating to a “hold” rating in a report on Thursday, October 5th. BidaskClub downgraded shares of New Relic from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. Robert W. Baird set a $55.00 target price on shares of New Relic and gave the stock a “buy” rating in a report on Monday, September 11th. Finally, JPMorgan Chase & Co. downgraded shares of New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 target price on the stock. in a report on Tuesday, December 12th.
In other news, CFO Mark Sachleben sold 5,000 shares of New Relic stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $50.40, for a total transaction of $252,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider James R. Gochee sold 428 shares of the business’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $59.10, for a total transaction of $25,294.80. Following the completion of the transaction, the insider now owns 337,904 shares in the company, valued at $19,970,126.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 187,693 shares of company stock worth $10,090,081. 23.10% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in NEWR. Russell Investments Group Ltd. boosted its position in New Relic by 185.1% in the second quarter. Russell Investments Group Ltd. now owns 66,836 shares of the software maker’s stock valued at $2,873,000 after buying an additional 43,389 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in New Relic by 21.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 131,923 shares of the software maker’s stock valued at $5,675,000 after buying an additional 23,082 shares in the last quarter. First Trust Advisors LP acquired a new position in New Relic in the second quarter valued at about $1,594,000. Rhumbline Advisers boosted its position in New Relic by 32.4% in the second quarter. Rhumbline Advisers now owns 33,054 shares of the software maker’s stock valued at $1,422,000 after buying an additional 8,092 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of New Relic by 24.4% in the second quarter. Bank of New York Mellon Corp now owns 1,307,282 shares of the software maker’s stock worth $56,226,000 after acquiring an additional 256,257 shares during the last quarter. Hedge funds and other institutional investors own 76.45% of the company’s stock.
New Relic (NEWR) traded up $0.75 during trading on Tuesday, hitting $57.77. 229,608 shares of the stock were exchanged, compared to its average volume of 472,491. The company has a market cap of $3,180.41, a P/E ratio of -51.58 and a beta of 1.03. New Relic has a fifty-two week low of $27.87 and a fifty-two week high of $60.85.
New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, November 7th. The software maker reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $84.68 million for the quarter, compared to the consensus estimate of $82.98 million. New Relic had a negative net margin of 19.43% and a negative return on equity of 29.19%. New Relic’s revenue for the quarter was up 33.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) EPS. research analysts predict that New Relic will post -0.98 EPS for the current fiscal year.
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New Relic Company Profile
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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