New Relic (NYSE:NEWR) has been assigned an average recommendation of “Buy” from the sixteen brokerages that are currently covering the stock, MarketBeat.com reports. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $65.38.
A number of analysts recently commented on the company. Needham & Company LLC lifted their price objective on New Relic from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. ValuEngine upgraded New Relic from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Robert W. Baird lifted their price objective on New Relic from $65.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Oppenheimer lifted their price objective on New Relic from $57.00 to $66.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Finally, Wedbush reiterated an “outperform” rating and issued a $86.00 price objective on shares of New Relic in a research report on Wednesday, April 25th.
Shares of New Relic stock traded up $0.48 during trading on Monday, reaching $70.00. The company’s stock had a trading volume of 370,868 shares, compared to its average volume of 504,378. New Relic has a one year low of $39.11 and a one year high of $79.08. The stock has a market capitalization of $3,854.28, a price-to-earnings ratio of -63.68 and a beta of 0.64.
New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.12. The business had revenue of $91.83 million during the quarter, compared to analysts’ expectations of $89.31 million. New Relic had a negative return on equity of 25.22% and a negative net margin of 16.17%. The firm’s revenue for the quarter was up 34.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.09) earnings per share. equities analysts predict that New Relic will post -0.77 EPS for the current fiscal year.
In other news, VP Robin Schulman sold 2,318 shares of New Relic stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $62.81, for a total transaction of $145,593.58. Following the transaction, the vice president now owns 2,895 shares in the company, valued at approximately $181,834.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James R. Gochee sold 333 shares of New Relic stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $75.90, for a total value of $25,274.70. Following the transaction, the insider now owns 329,275 shares in the company, valued at approximately $24,991,972.50. The disclosure for this sale can be found here. Insiders have sold a total of 350,301 shares of company stock worth $24,478,485 in the last quarter. 23.10% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in NEWR. Crow Point Partners LLC bought a new position in shares of New Relic during the 4th quarter valued at about $113,000. Woodstock Corp bought a new stake in New Relic in the 4th quarter valued at approximately $212,000. Xact Kapitalforvaltning AB bought a new stake in New Relic in the 4th quarter valued at approximately $233,000. Amalgamated Bank bought a new stake in New Relic in the 4th quarter valued at approximately $240,000. Finally, ETRADE Capital Management LLC bought a new stake in New Relic in the 4th quarter valued at approximately $270,000. Institutional investors and hedge funds own 75.92% of the company’s stock.
About New Relic
New Relic, Inc, a software-as-a-service company, provides digital intelligence products worldwide. The company's cloud-based platform and suite of products include New Relic Digital Intelligence Platform, which enables organizations to collect, store, and analyze data. It provides New Relic Application Performance Management that offers visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser, a product that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.
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