New Relic Inc (NYSE:NEWR) has received a consensus recommendation of “Buy” from the fifteen brokerages that are currently covering the stock, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $62.31.
Several research firms recently commented on NEWR. JPMorgan Chase & Co. downgraded shares of New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 target price on the stock. in a research report on Tuesday, December 12th. Zacks Investment Research upgraded shares of New Relic from a “hold” rating to a “buy” rating and set a $82.00 target price on the stock in a research report on Thursday, March 8th. Needham & Company LLC lifted their target price on shares of New Relic from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Oppenheimer lifted their target price on shares of New Relic from $57.00 to $66.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Finally, BMO Capital Markets began coverage on shares of New Relic in a research report on Friday, January 12th. They set a “market perform” rating and a $68.00 target price on the stock.
New Relic (NEWR) traded down $0.06 during trading hours on Friday, reaching $75.75. 505,097 shares of the company traded hands, compared to its average volume of 491,282. New Relic has a twelve month low of $34.61 and a twelve month high of $76.54. The firm has a market cap of $4,199.66, a P/E ratio of -76.51 and a beta of 0.67.
New Relic (NYSE:NEWR) last posted its earnings results on Tuesday, February 6th. The software maker reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.12. New Relic had a negative net margin of 16.17% and a negative return on equity of 25.22%. The business had revenue of $91.83 million for the quarter, compared to the consensus estimate of $89.31 million. During the same period last year, the company earned ($0.09) EPS. The firm’s revenue was up 34.8% compared to the same quarter last year. analysts predict that New Relic will post -0.77 EPS for the current year.
In other news, VP Robin Schulman sold 1,991 shares of New Relic stock in a transaction 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 sale, the vice president now owns 1,365 shares in the company, valued at approximately $80,494.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Sachleben sold 763 shares of New Relic stock in a transaction on Friday, March 16th. The shares were sold at an average price of $75.90, for a total transaction of $57,911.70. Following the completion of the sale, the chief financial officer now owns 2,203 shares of the company’s stock, valued at approximately $167,207.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 317,916 shares of company stock valued at $21,144,295. Company insiders own 23.10% of the company’s stock.
Several large investors have recently added to or reduced their stakes in NEWR. Crow Point Partners LLC bought a new stake in shares of New Relic in the 4th quarter valued at $113,000. Cipher Capital LP bought a new stake in shares of New Relic in the 3rd quarter valued at $212,000. Woodstock Corp bought a new stake in shares of New Relic in the 4th quarter valued at $212,000. Xact Kapitalforvaltning AB bought a new stake in shares of New Relic in the 4th quarter valued at $233,000. Finally, Amalgamated Bank bought a new stake in shares of New Relic in the 4th quarter valued at $240,000. Institutional investors own 75.76% 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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