New Relic Inc (NEWR) Receives Average Rating of “Buy” from Analysts

Shares of New Relic Inc (NYSE:NEWR) have been assigned an average rating of “Buy” from the fourteen analysts that are presently covering the firm, Marketbeat reports. Seven investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $60.33.

A number of research firms have recently weighed in on NEWR. JPMorgan Chase & Co. downgraded New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price target on the stock. in a research note on Tuesday, December 12th. KeyCorp reaffirmed an “overweight” rating and set a $57.00 price objective (up previously from $52.00) on shares of New Relic in a research note on Wednesday, November 8th. Needham & Company LLC raised their price objective on New Relic from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Oppenheimer raised their price objective on New Relic from $57.00 to $66.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Finally, BMO Capital Markets initiated coverage on New Relic in a research note on Friday, January 12th. They set a “market perform” rating and a $68.00 price objective on the stock.

In other New Relic news, insider James R. Gochee sold 428 shares of New Relic stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $59.10, for a total value of $25,294.80. Following the sale, the insider now owns 337,904 shares of the company’s stock, valued at approximately $19,970,126.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James R. Gochee sold 5,746 shares of New Relic stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $54.26, for a total value of $311,777.96. Following the completion of the sale, the insider now directly owns 343,912 shares in the company, valued at approximately $18,660,665.12. The disclosure for this sale can be found here. Insiders have sold a total of 252,258 shares of company stock worth $15,294,657 in the last ninety days. 23.10% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in NEWR. Teachers Advisors LLC raised its stake in shares of New Relic by 28.2% in the 2nd quarter. Teachers Advisors LLC now owns 74,517 shares of the software maker’s stock valued at $3,205,000 after purchasing an additional 16,392 shares during the period. Ameriprise Financial Inc. acquired a new stake in shares of New Relic in the 2nd quarter valued at about $1,294,000. Nationwide Fund Advisors raised its stake in shares of New Relic by 31.1% in the 2nd quarter. Nationwide Fund Advisors now owns 16,626 shares of the software maker’s stock valued at $715,000 after purchasing an additional 3,945 shares during the period. New York State Common Retirement Fund raised its stake in shares of New Relic by 15.6% in the 2nd quarter. New York State Common Retirement Fund now owns 64,605 shares of the software maker’s stock valued at $2,779,000 after purchasing an additional 8,699 shares during the period. Finally, UBS Asset Management Americas Inc. acquired a new stake in shares of New Relic in the 2nd quarter valued at about $535,000. 75.49% of the stock is currently owned by hedge funds and other institutional investors.

New Relic (NYSE:NEWR) traded up $2.81 during mid-day trading on Wednesday, hitting $69.34. The stock had a trading volume of 681,030 shares, compared to its average volume of 478,549. The firm has a market cap of $3,543.26, a P/E ratio of -69.73 and a beta of 0.98. New Relic has a one year low of $33.10 and a one year high of $69.37.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.12. The company had revenue of $91.83 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 34.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.09) EPS. equities analysts forecast that New Relic will post -0.81 EPS for the current fiscal 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.

Analyst Recommendations for New Relic (NYSE:NEWR)

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