Morgan Stanley Reiterates “$43.00” Price Target for New Relic Inc. (NEWR)
A number of other analysts also recently weighed in on NEWR. Oppenheimer Holdings Inc. reiterated a buy rating on shares of New Relic in a research report on Saturday, June 4th. Cowen and Company assumed coverage on shares of New Relic in a research report on Friday, June 24th. They issued an outperform rating and a $38.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $38.50.
New Relic (NYSE:NEWR) opened at 38.32 on Wednesday. The firm’s 50-day moving average is $36.75 and its 200 day moving average is $30.73. The firm’s market capitalization is $1.95 billion. New Relic has a 52-week low of $20.39 and a 52-week high of $40.13.
New Relic (NYSE:NEWR) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.03. The business had revenue of $58.60 million for the quarter, compared to the consensus estimate of $56.96 million. New Relic had a negative net margin of 34.91% and a negative return on equity of 34.30%. New Relic’s revenue for the quarter was up 53.8% on a year-over-year basis. During the same period last year, the company posted ($0.21) EPS. Equities analysts anticipate that New Relic will post ($0.62) EPS for the current year.
In related news, CFO Mark Sachleben sold 3,500 shares of the firm’s stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $29.52, for a total value of $103,320.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Robin Schulman sold 812 shares of the firm’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $35.02, for a total transaction of $28,436.24. Following the completion of the transaction, the vice president now directly owns 567 shares of the company’s stock, valued at $19,856.34. The disclosure for this sale can be found here. Insiders own 46.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas boosted its position in New Relic by 27.4% in the second quarter. Teacher Retirement System of Texas now owns 3,429 shares of the company’s stock valued at $101,000 after buying an additional 737 shares in the last quarter. Paradigm Asset Management Co. LLC boosted its position in New Relic by 15.2% in the second quarter. Paradigm Asset Management Co. LLC now owns 3,800 shares of the company’s stock valued at $112,000 after buying an additional 500 shares in the last quarter. Clinton Group Inc. purchased a new position in New Relic during the second quarter valued at $239,000. UBS Asset Management Americas Inc. purchased a new position in New Relic during the second quarter valued at $247,000. Finally, Citigroup Inc. boosted its position in New Relic by 62.6% in the second quarter. Citigroup Inc. now owns 9,775 shares of the company’s stock valued at $287,000 after buying an additional 3,763 shares in the last quarter. 58.44% of the stock is owned by institutional investors and hedge funds.
About New Relic
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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