Shares of New Relic (NYSE:NEWR) reached a new 52-week high and low on Monday . The company traded as low as $98.33 and last traded at $95.83, with a volume of 26901 shares changing hands. The stock had previously closed at $96.52.
NEWR has been the subject of a number of recent research reports. ValuEngine upgraded New Relic from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Needham & Company LLC increased their price objective on New Relic from $73.00 to $84.00 and gave the company a “buy” rating in a report on Monday, April 2nd. Zacks Investment Research upgraded New Relic from a “hold” rating to a “buy” rating and set a $82.00 price objective for the company in a report on Thursday, March 8th. Morgan Stanley upped their price target on shares of New Relic from $61.00 to $67.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 9th. Finally, BMO Capital Markets upped their price target on shares of New Relic from $68.00 to $71.00 and gave the company a “market perform” rating in a research report on Wednesday, February 7th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $73.79.
The stock has a market cap of $5.34 billion, a P/E ratio of -127.24 and a beta of 0.65.
New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, May 8th. The software maker reported $0.09 EPS for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.04. The business had revenue of $98.40 million for the quarter, compared to analysts’ expectations of $96.34 million. New Relic had a negative net margin of 12.76% and a negative return on equity of 20.14%. The business’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. research analysts expect that New Relic will post -0.59 EPS for the current year.
In other news, CFO Mark Sachleben sold 7,500 shares of the stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $75.37, for a total transaction of $565,275.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider James R. Gochee sold 4,000 shares of the stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of $73.34, for a total transaction of $293,360.00. Following the transaction, the insider now directly owns 328,280 shares in the company, valued at approximately $24,076,055.20. The disclosure for this sale can be found here. Insiders have sold a total of 360,262 shares of company stock worth $27,281,441 in the last three months. Insiders own 23.10% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in NEWR. Stratos Wealth Partners LTD. bought a new position in shares of New Relic during the 1st quarter worth about $141,000. Stifel Financial Corp bought a new position in New Relic in the 1st quarter valued at about $203,000. Quantum Capital Management bought a new position in New Relic in the 1st quarter valued at about $210,000. Woodstock Corp bought a new position in New Relic in the 4th quarter valued at about $212,000. Finally, Commonwealth Equity Services LLC bought a new position in New Relic in the 1st quarter valued at about $212,000. 75.30% of the stock is currently owned by institutional investors.
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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