Shares of New Relic Inc (NYSE:NEWR) have been assigned an average rating of “Buy” from the sixteen analysts that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $117.33.
Several equities research analysts recently commented on the stock. ValuEngine lowered shares of New Relic from a “buy” rating to a “hold” rating in a research report on Wednesday. Wedbush reiterated an “outperform” rating and issued a $124.00 price objective on shares of New Relic in a research report on Wednesday, May 15th. Zacks Investment Research lowered shares of New Relic from a “buy” rating to a “hold” rating in a research report on Wednesday, April 3rd. Goldman Sachs Group assumed coverage on shares of New Relic in a research report on Friday, June 7th. They issued a “sell” rating and a $83.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $131.00 price objective (up from $129.00) on shares of New Relic in a research report on Wednesday, May 15th.
In related news, CFO Mark Sachleben sold 15,000 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $98.94, for a total value of $1,484,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lewis Cirne sold 4,000 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $94.29, for a total transaction of $377,160.00. The disclosure for this sale can be found here. Insiders sold a total of 157,750 shares of company stock valued at $15,670,840 in the last three months. 20.40% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. QS Investors LLC increased its stake in shares of New Relic by 1.0% during the 4th quarter. QS Investors LLC now owns 10,092 shares of the software maker’s stock valued at $818,000 after acquiring an additional 100 shares during the last quarter. Vista Equity Partners Management LLC acquired a new position in shares of New Relic during the 4th quarter valued at about $13,553,000. Rhumbline Advisers increased its stake in shares of New Relic by 48.0% during the 4th quarter. Rhumbline Advisers now owns 60,113 shares of the software maker’s stock valued at $4,867,000 after acquiring an additional 19,499 shares during the last quarter. Stanley Laman Group Ltd. acquired a new position in shares of New Relic during the 4th quarter valued at about $6,003,000. Finally, Toronado Partners LLC acquired a new position in shares of New Relic during the 4th quarter valued at about $9,307,000. 79.55% of the stock is owned by hedge funds and other institutional investors.
Shares of New Relic stock traded up $1.16 on Wednesday, hitting $96.46. The company’s stock had a trading volume of 976,584 shares, compared to its average volume of 814,612. New Relic has a 52-week low of $70.30 and a 52-week high of $114.78. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $5.74 billion, a PE ratio of -311.16 and a beta of 1.02.
New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, May 14th. The software maker reported $0.13 EPS for the quarter, topping the consensus estimate of $0.06 by $0.07. New Relic had a negative net margin of 8.53% and a negative return on equity of 6.57%. The business had revenue of $132.10 million for the quarter, compared to analyst estimates of $128.19 million. During the same period in the previous year, the firm earned $0.09 EPS. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. On average, research analysts expect that New Relic will post -0.56 EPS for the current fiscal year.
New Relic Company Profile
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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