New Relic Inc (NYSE:NEWR)’s share price hit a new 52-week high during trading on Tuesday after KeyCorp raised their price target on the stock from $70.00 to $86.00. KeyCorp currently has an overweight rating on the stock. New Relic traded as high as $76.84 and last traded at $76.81, with a volume of 161981 shares trading hands. The stock had previously closed at $74.91.
NEWR has been the subject of a number of other reports. Zacks Investment Research downgraded shares of New Relic from a “buy” rating to a “hold” rating in a research note on Friday, March 9th. Robert W. Baird increased their price target on shares of New Relic from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. BMO Capital Markets increased their price target on shares of New Relic from $68.00 to $71.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 7th. Needham & Company LLC increased their price target on shares of New Relic from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Finally, Oppenheimer increased their price target on shares of New Relic from $57.00 to $66.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. New Relic presently has an average rating of “Buy” and a consensus price target of $65.79.
In other New Relic news, CFO Mark Sachleben sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $57.86, for a total transaction of $289,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Lewis Cirne sold 89,000 shares of the firm’s stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $72.94, for a total transaction of $6,491,660.00. The disclosure for this sale can be found here. Insiders have sold 315,422 shares of company stock valued at $21,118,823 in the last ninety days. Insiders own 23.10% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Crow Point Partners LLC bought a new position in shares of New Relic during the fourth quarter valued at approximately $113,000. Cipher Capital LP purchased a new stake in shares of New Relic during the third quarter valued at approximately $212,000. Woodstock Corp purchased a new stake in shares of New Relic during the fourth quarter valued at approximately $212,000. Xact Kapitalforvaltning AB purchased a new stake in shares of New Relic during the fourth quarter valued at approximately $233,000. Finally, Amalgamated Bank purchased a new stake in shares of New Relic during the fourth quarter valued at approximately $240,000. 75.77% of the stock is owned by institutional investors and hedge funds.
The stock has a market capitalization of $4,153.11, a price-to-earnings ratio of -79.31 and a beta of 0.67.
New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, February 6th. The software maker reported $0.05 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.12. New Relic had a negative net margin of 16.17% and a negative return on equity of 25.22%. The firm had revenue of $91.83 million for the quarter, compared to analysts’ expectations of $89.31 million. During the same quarter in the prior year, the company posted ($0.09) earnings per share. The business’s revenue for the quarter was up 34.8% on a year-over-year basis. equities analysts expect that New Relic Inc will post -0.77 earnings per share for the current year.
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About New Relic
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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