New Relic, Inc. (NEWR) Receives Average Recommendation of “Buy” from Analysts
New Relic, Inc. (NYSE:NEWR) has been assigned a consensus recommendation of “Buy” from the fourteen analysts that are currently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $49.00.
Several research firms have recently issued reports on NEWR. Robert W. Baird set a $55.00 target price on shares of New Relic and gave the stock a “buy” rating in a report on Monday, September 11th. BidaskClub upgraded shares of New Relic from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. UBS AG raised their target price on shares of New Relic from $42.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, August 4th. First Analysis lowered shares of New Relic from an “overweight” rating to an “equal weight” rating and set a $50.00 target price for the company. in a report on Friday, August 4th. Finally, Morgan Stanley lowered shares of New Relic from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $45.00 to $48.00 in a report on Thursday, July 20th. They noted that the move was a valuation call.
New Relic (NYSE NEWR) traded down 1.16% during mid-day trading on Friday, reaching $48.71. 967,411 shares of the company’s stock traded hands. New Relic has a 12-month low of $27.85 and a 12-month high of $51.31. The stock’s market capitalization is $2.66 billion. The stock has a 50-day moving average price of $47.23 and a 200-day moving average price of $42.81.
New Relic (NYSE:NEWR) last issued its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.03. New Relic had a negative net margin of 20.68% and a negative return on equity of 29.19%. The business had revenue of $80.10 million during the quarter, compared to analysts’ expectations of $78.09 million. During the same period last year, the company posted ($0.20) EPS. The business’s revenue was up 36.7% on a year-over-year basis. Equities research analysts expect that New Relic will post ($0.25) EPS for the current year.
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In related news, VP Robin Schulman sold 667 shares of New Relic stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $47.03, for a total transaction of $31,369.01. Following the completion of the sale, the vice president now owns 1,244 shares in the company, valued at approximately $58,505.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider James R. Gochee sold 7,700 shares of New Relic stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $43.51, for a total transaction of $335,027.00. Following the sale, the insider now owns 365,010 shares of the company’s stock, valued at approximately $15,881,585.10. The disclosure for this sale can be found here. Insiders have sold a total of 200,075 shares of company stock valued at $9,261,632 in the last quarter. 23.10% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. lifted its holdings in New Relic by 50.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock valued at $111,000 after buying an additional 862 shares in the last quarter. ETF Managers Group LLC bought a new stake in New Relic during the 2nd quarter valued at about $118,000. Botty Investors LLC lifted its holdings in New Relic by 23.5% during the 2nd quarter. Botty Investors LLC now owns 2,809 shares of the software maker’s stock valued at $121,000 after buying an additional 535 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in New Relic by 507.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,813 shares of the software maker’s stock valued at $164,000 after buying an additional 3,185 shares in the last quarter. Finally, BT Investment Management Ltd bought a new stake in New Relic during the 2nd quarter valued at about $186,000. Institutional investors own 74.78% of the company’s stock.
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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