Stock analysts at Wedbush started coverage on shares of New Relic (NYSE:NEWR) in a report released on Friday, The Fly reports. The brokerage set an “outperform” rating on the software maker’s stock.
Other research analysts have also recently issued reports about the company. Needham & Company LLC boosted their target price on New Relic from $69.00 to $73.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. Morgan Stanley boosted their target price on New Relic from $48.00 to $52.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 8th. BidaskClub cut New Relic from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. JMP Securities boosted their target price on New Relic from $54.00 to $56.00 and gave the stock a “market outperform” rating in a report on Wednesday, November 8th. Finally, BMO Capital Markets boosted their target price on New Relic from $68.00 to $71.00 and gave the stock a “market perform” rating in a report on Wednesday, February 7th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $60.00.
Shares of New Relic (NEWR) opened at $70.63 on Friday. New Relic has a twelve month low of $33.10 and a twelve month high of $72.67. The stock has a market capitalization of $3,950.75, a PE ratio of -71.34 and a beta of 0.98.
New Relic (NYSE:NEWR) last posted its quarterly earnings data on Tuesday, February 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.12. The company had revenue of $91.83 million for the quarter, compared to analysts’ expectations of $89.31 million. New Relic had a negative return on equity of 25.22% and a negative net margin of 16.17%. New Relic’s revenue was up 34.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) EPS. research analysts expect that New Relic will post -0.81 EPS for the current year.
In related news, insider James R. Gochee sold 1,179 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $69.04, for a total value of $81,398.16. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Robin Schulman sold 1,991 shares of the company’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $58.97, for a total value of $117,409.27. Following the completion of the transaction, the vice president now owns 1,365 shares in the company, valued at $80,494.05. The disclosure for this sale can be found here. Insiders sold 264,895 shares of company stock worth $16,319,421 over the last quarter. 23.10% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in NEWR. Ameritas Investment Partners Inc. lifted its holdings in 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 acquiring an additional 862 shares during the last quarter. Crow Point Partners LLC acquired a new position in New Relic in the fourth quarter valued at approximately $113,000. Cipher Capital LP acquired a new position in New Relic in the third quarter valued at approximately $212,000. Woodstock Corp acquired a new position in New Relic in the fourth quarter valued at approximately $212,000. Finally, Xact Kapitalforvaltning AB acquired a new position in New Relic in the fourth quarter valued at approximately $233,000. Hedge funds and other institutional investors own 79.97% 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.
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