New Relic (NYSE:NEWR) Raised to “Buy” at ValuEngine

New Relic (NYSE:NEWR) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, ValuEngine reports.

NEWR has been the subject of a number of other reports. Wedbush reaffirmed an “outperform” rating and set a $124.00 price target on shares of New Relic in a research note on Friday, July 19th. Goldman Sachs Group started coverage on shares of New Relic in a research note on Friday, June 7th. They set a “sell” rating and a $83.00 price target for the company. BMO Capital Markets reaffirmed an “outperform” rating and set a $115.00 price target (down from $118.00) on shares of New Relic in a research note on Tuesday, July 16th. Zacks Investment Research raised shares of New Relic from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $131.00 price target (up from $129.00) on shares of New Relic in a research note on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $114.92.

Shares of New Relic stock traded down $6.55 during trading hours on Thursday, reaching $87.90. The company’s stock had a trading volume of 1,663,011 shares, compared to its average volume of 829,143. The business’s 50 day simple moving average is $91.92. New Relic has a one year low of $70.30 and a one year high of $113.34. The company has a debt-to-equity ratio of 1.16, a quick ratio of 2.90 and a current ratio of 2.90. The stock has a market cap of $5.44 billion, a PE ratio of -283.55 and a beta of 0.83.

New Relic (NYSE:NEWR) last posted its earnings results on Tuesday, May 14th. The software maker reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $132.10 million for the quarter, compared to the consensus estimate of $128.19 million. During the same period in the previous year, the firm posted $0.09 EPS. The business’s quarterly revenue was up 34.2% on a year-over-year basis. Research analysts anticipate that New Relic will post -0.56 earnings per share for the current fiscal year.

In other New Relic news, CFO Mark Sachleben sold 15,000 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $93.65, for a total value of $1,404,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James R. Gochee sold 6,850 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $92.80, for a total transaction of $635,680.00. Following the completion of the sale, the insider now directly owns 137,776 shares of the company’s stock, valued at $12,785,612.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 163,950 shares of company stock valued at $15,773,173. 17.40% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its position in New Relic by 2.3% in the 1st quarter. BlackRock Inc. now owns 3,880,134 shares of the software maker’s stock valued at $382,970,000 after buying an additional 87,904 shares during the period. First Trust Advisors LP boosted its position in New Relic by 24.7% in the 2nd quarter. First Trust Advisors LP now owns 1,516,324 shares of the software maker’s stock valued at $131,177,000 after buying an additional 300,484 shares during the period. Clearbridge Investments LLC boosted its position in New Relic by 1.6% in the 1st quarter. Clearbridge Investments LLC now owns 1,495,239 shares of the software maker’s stock valued at $147,580,000 after buying an additional 23,079 shares during the period. Baillie Gifford & Co. boosted its position in New Relic by 1.4% in the 1st quarter. Baillie Gifford & Co. now owns 1,018,161 shares of the software maker’s stock valued at $100,492,000 after buying an additional 14,416 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in New Relic by 27.2% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 532,031 shares of the software maker’s stock valued at $46,026,000 after buying an additional 113,919 shares during the period. 78.36% of the stock is owned by institutional investors.

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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Analyst Recommendations for New Relic (NYSE:NEWR)

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