Needham & Company LLC Boosts New Relic (NYSE:NEWR) Price Target to $73.00

New Relic (NYSE:NEWR) had its price objective increased by equities research analysts at Needham & Company LLC from $69.00 to $73.00 in a report released on Wednesday, February 7th, MarketBeat Ratings reports. The firm presently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s target price points to a potential upside of 6.07% from the company’s previous close.

Several other equities analysts have also commented on NEWR. BidaskClub lowered shares of New Relic from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. KeyCorp reaffirmed an “overweight” rating and set a $57.00 target price (up previously from $52.00) on shares of New Relic in a report on Wednesday, November 8th. Morgan Stanley increased their target price on shares of New Relic from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Wednesday, November 8th. JMP Securities increased their target price on shares of New Relic from $54.00 to $56.00 and gave the company a “market outperform” rating in a report on Wednesday, November 8th. Finally, UBS Group assumed coverage on shares of New Relic in a research report on Thursday, November 9th. They set a “neutral” rating and a $53.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. New Relic presently has a consensus rating of “Buy” and an average target price of $60.00.

Shares of New Relic (NYSE NEWR) traded up $2.29 during trading hours on Wednesday, hitting $68.82. 416,676 shares of the stock were exchanged, compared to its average volume of 468,631. The company has a market cap of $3,543.26, a price-to-earnings ratio of -69.22 and a beta of 0.98. New Relic has a 1 year low of $33.10 and a 1 year high of $69.23.

New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, February 6th. The software maker reported $0.05 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.12. The firm had revenue of $91.83 million for the quarter, compared to analyst estimates of $89.31 million. New Relic had a negative net margin of 16.17% and a negative return on equity of 25.22%. The business’s revenue for the quarter was up 34.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.09) EPS. analysts anticipate that New Relic will post -0.81 earnings per share for the current year.

In related news, VP Robin Schulman sold 1,797 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $54.44, for a total value of $97,828.68. Following the completion of the transaction, the vice president now directly owns 1,107 shares in the company, valued at approximately $60,265.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Lewis Cirne sold 1,200 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $65.00, for a total transaction of $78,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 252,258 shares of company stock valued at $15,294,657. Corporate insiders own 23.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in NEWR. Schwab Charles Investment Management Inc. increased its stake in New Relic by 21.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 131,923 shares of the software maker’s stock valued at $5,675,000 after purchasing an additional 23,082 shares in the last quarter. Teachers Advisors LLC increased its stake in New Relic by 28.2% during 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 in the last quarter. Ameriprise Financial Inc. bought a new stake in New Relic during the 2nd quarter valued at about $1,294,000. Nationwide Fund Advisors increased its stake in New Relic by 31.1% during 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 in the last quarter. Finally, New York State Common Retirement Fund increased its stake in New Relic by 15.6% during 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 in the last quarter. Institutional investors and hedge funds own 75.49% of the company’s stock.

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New Relic Company Profile

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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