New Relic (NEWR) Coverage Initiated at Deutsche Bank

Analysts at Deutsche Bank started coverage on shares of New Relic (NYSE:NEWR) in a report issued on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $125.00 price target on the software maker’s stock. Deutsche Bank’s target price would indicate a potential upside of 23.64% from the stock’s current price.

Several other research analysts also recently weighed in on the stock. KeyCorp reissued an “equal weight” rating on shares of New Relic in a research note on Friday, June 8th. Morgan Stanley boosted their target price on shares of New Relic from $67.00 to $73.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 6th. Needham & Company LLC reissued a “buy” rating and issued a $121.00 target price on shares of New Relic in a research note on Tuesday, June 5th. Robert W. Baird boosted their target price on shares of New Relic from $88.00 to $115.00 and gave the company an “outperform” rating in a research note on Tuesday, June 5th. Finally, Wedbush boosted their target price on shares of New Relic from $93.00 to $116.00 and gave the company an “outperform” rating in a research note on Tuesday, June 5th. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. New Relic has an average rating of “Buy” and a consensus price target of $90.06.

Shares of New Relic opened at $101.10 on Monday, MarketBeat reports. New Relic has a twelve month low of $41.80 and a twelve month high of $111.59. The stock has a market capitalization of $5.76 billion, a P/E ratio of -136.62 and a beta of 0.83.

New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, May 8th. The software maker reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.04. New Relic had a negative net margin of 12.76% and a negative return on equity of 20.14%. The firm had revenue of $98.40 million during the quarter, compared to the consensus estimate of $96.34 million. During the same quarter in the previous year, the company posted ($0.11) EPS. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. equities analysts expect that New Relic will post -0.59 earnings per share for the current fiscal year.

In other New Relic news, CFO Mark Sachleben sold 7,500 shares of New Relic stock in a transaction dated Thursday, April 5th. The stock was sold at an average price of $75.62, for a total value of $567,150.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lewis Cirne sold 89,000 shares of New Relic stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $71.11, for a total value of $6,328,790.00. The disclosure for this sale can be found here. Insiders sold a total of 371,189 shares of company stock valued at $32,271,814 in the last 90 days. 23.10% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of NEWR. Gideon Capital Advisors Inc. grew its holdings in shares of New Relic by 105.5% during the 1st quarter. Gideon Capital Advisors Inc. now owns 8,964 shares of the software maker’s stock worth $664,000 after purchasing an additional 4,601 shares during the period. Swiss National Bank grew its holdings in shares of New Relic by 5.5% during the 4th quarter. Swiss National Bank now owns 55,697 shares of the software maker’s stock worth $3,218,000 after purchasing an additional 2,900 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of New Relic by 2.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 411,951 shares of the software maker’s stock worth $23,799,000 after purchasing an additional 11,038 shares during the period. Geode Capital Management LLC grew its holdings in shares of New Relic by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 349,177 shares of the software maker’s stock worth $20,171,000 after purchasing an additional 9,930 shares during the period. Finally, BlackRock Inc. grew its holdings in shares of New Relic by 4.4% during the 4th quarter. BlackRock Inc. now owns 2,215,858 shares of the software maker’s stock worth $128,010,000 after purchasing an additional 94,283 shares during the period. Institutional investors own 74.08% of the company’s stock.

New Relic Company Profile

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

Analyst Recommendations for New Relic (NYSE:NEWR)

Receive News & Ratings for New Relic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Relic and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply