New Relic (NYSE:NEWR) had its price objective raised by Stephens from $60.00 to $70.00 in a research report sent to investors on Wednesday, February 7th. They currently have an overweight rating on the software maker’s stock.
Several other analysts have also recently commented on NEWR. BMO Capital Markets initiated coverage on shares of New Relic in a research note on Friday, January 12th. They issued a market perform rating and a $68.00 price objective for the company. UBS Group initiated coverage on shares of New Relic in a research note on Thursday, November 9th. They issued a neutral rating and a $53.00 price objective for the company. KeyCorp reiterated an overweight rating and issued a $57.00 price objective (up previously from $52.00) on shares of New Relic in a research note on Wednesday, November 8th. BidaskClub cut shares of New Relic from a buy rating to a hold rating in a research note on Tuesday, November 7th. Finally, Needham & Company LLC initiated coverage on shares of New Relic in a research note on Monday, October 23rd. They issued a buy rating and a $69.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $60.00.
Shares of New Relic (NEWR) opened at $66.53 on Wednesday. New Relic has a fifty-two week low of $33.10 and a fifty-two week high of $66.67.
New Relic (NYSE:NEWR) last issued its earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.12. The business had revenue of $91.83 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 34.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. analysts expect that New Relic will post -0.81 earnings per share for the current fiscal year.
In other news, CFO Mark Sachleben sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $64.71, for a total value of $647,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James R. Gochee sold 5,746 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $54.26, for a total transaction of $311,777.96. Following the completion of the transaction, the insider now directly owns 343,912 shares of the company’s stock, valued at approximately $18,660,665.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 252,258 shares of company stock valued at $15,294,657. 23.10% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of NEWR. Ameritas Investment Partners Inc. raised its position in shares of New Relic by 50.4% in the second quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock valued at $111,000 after buying an additional 862 shares during the last quarter. Crow Point Partners LLC acquired a new position in shares of New Relic in the fourth quarter valued at approximately $113,000. Cipher Capital LP acquired a new position in shares of New Relic in the third quarter valued at approximately $212,000. Woodstock Corp acquired a new position in shares of New Relic in the fourth quarter valued at approximately $212,000. Finally, Amalgamated Bank purchased a new stake in New Relic in the fourth quarter valued at approximately $240,000. 75.49% of the stock is owned by institutional investors and hedge funds.
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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.
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