New Relic (NYSE:NEWR) had its price objective boosted by Morgan Stanley from $73.00 to $80.00 in a research note released on Wednesday. Morgan Stanley currently has an equal weight rating on the software maker’s stock.
A number of other equities research analysts have also weighed in on the company. ValuEngine upgraded New Relic from a hold rating to a buy rating in a research report on Monday, April 2nd. Needham & Company LLC lifted their price objective on New Relic from $73.00 to $84.00 and gave the stock a buy rating in a research report on Monday, April 2nd. Zacks Investment Research upgraded New Relic from a hold rating to a buy rating and set a $82.00 price objective on the stock in a research report on Thursday, March 8th. Deutsche Bank initiated coverage on New Relic in a research report on Monday, June 25th. They issued a buy rating and a $125.00 price objective on the stock. Finally, KeyCorp reiterated an equal weight rating on shares of New Relic in a research report on Friday, June 8th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $90.50.
New Relic opened at $100.59 on Wednesday, according to MarketBeat.com. New Relic has a 1 year low of $42.48 and a 1 year high of $111.59.
New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, May 8th. The software maker reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.04. New Relic had a negative return on equity of 20.14% and a negative net margin of 12.76%. The business had revenue of $98.40 million for the quarter, compared to analyst estimates of $96.34 million. During the same period last year, the company earned ($0.11) EPS. New Relic’s revenue for the quarter was up 34.2% compared to the same quarter last year. analysts predict that New Relic will post -0.59 earnings per share for the current year.
In other news, CRO Erica Schultz sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, June 15th. The stock was sold at an average price of $108.40, for a total value of $195,120.00. Following the completion of the transaction, the executive now owns 21,157 shares in the company, valued at approximately $2,293,418.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mark Sachleben sold 1,114 shares of the firm’s stock in a transaction that occurred on Wednesday, June 20th. The shares were sold at an average price of $110.00, for a total value of $122,540.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 371,189 shares of company stock valued at $32,271,814. 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. Schwab Charles Investment Management Inc. lifted its stake in shares of New Relic by 3.0% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 184,207 shares of the software maker’s stock valued at $10,642,000 after purchasing an additional 5,282 shares during the period. Teacher Retirement System of Texas purchased a new position in shares of New Relic in the 4th quarter valued at approximately $657,000. California Public Employees Retirement System purchased a new position in shares of New Relic in the 4th quarter valued at approximately $822,000. Swiss National Bank raised its stake in New Relic by 5.5% during the fourth quarter. Swiss National Bank now owns 55,697 shares of the software maker’s stock valued at $3,218,000 after buying an additional 2,900 shares during the last quarter. Finally, BlackRock Inc. raised its stake in New Relic by 4.4% during the fourth quarter. BlackRock Inc. now owns 2,215,858 shares of the software maker’s stock valued at $128,010,000 after buying an additional 94,283 shares during the last quarter. Institutional investors own 74.08% of the company’s stock.
About New Relic
New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.
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