New Relic (NYSE:NEWR) had its target price raised by Robert W. Baird from $65.00 to $68.00 in a report published on Wednesday morning. Robert W. Baird currently has an outperform rating on the software maker’s stock.

NEWR has been the subject of a number of other reports. JPMorgan Chase & Co. downgraded shares of New Relic from an overweight rating to a neutral rating and set a $62.00 price objective for the company. in a report on Tuesday, December 12th. KeyCorp reaffirmed an overweight rating and set a $57.00 price objective (up from $52.00) on shares of New Relic in a report on Wednesday, November 8th. BMO Capital Markets assumed coverage on shares of New Relic in a research report on Friday, January 12th. They issued a market perform rating and a $68.00 target price on the stock. BidaskClub cut shares of New Relic from a buy rating to a hold rating in a research report on Tuesday, November 7th. Finally, UBS Group assumed coverage on shares of New Relic in a research report on Thursday, November 9th. They issued a neutral rating and a $53.00 target price on the stock. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of $58.86.

New Relic (NYSE:NEWR) opened at $64.63 on Wednesday. New Relic has a fifty-two week low of $33.10 and a fifty-two week high of $66.10.

New Relic (NYSE:NEWR) last posted its quarterly earnings data on Tuesday, February 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. New Relic had a negative net margin of 16.17% and a negative return on equity of 25.55%. The company had revenue of $91.83 million during the quarter, compared to the consensus estimate of $89.31 million. During the same period in the previous year, the firm posted ($0.09) EPS. The firm’s revenue was up 34.8% compared to the same quarter last year. equities analysts forecast that New Relic will post -0.98 earnings per share for the current fiscal year.

In other New Relic news, VP Robin Schulman sold 2,318 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $62.81, for a total value of $145,593.58. Following the transaction, the vice president now owns 2,895 shares in the company, valued at $181,834.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Sachleben sold 10,000 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $52.55, for a total transaction of $525,500.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 167,458 shares of company stock worth $9,756,691. 23.10% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the business. Macquarie Group Ltd. boosted its stake in shares of New Relic by 0.8% during the 2nd quarter. Macquarie Group Ltd. now owns 41,109 shares of the software maker’s stock valued at $1,768,000 after purchasing an additional 313 shares in the last quarter. Suntrust Banks Inc. boosted its stake in shares of New Relic by 4.8% during the 2nd quarter. Suntrust Banks Inc. now owns 9,582 shares of the software maker’s stock valued at $411,000 after purchasing an additional 442 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of 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 purchasing an additional 862 shares in the last quarter. Essex Investment Management Co. LLC boosted its stake in shares of New Relic by 11.4% during the 3rd quarter. Essex Investment Management Co. LLC now owns 10,031 shares of the software maker’s stock valued at $500,000 after purchasing an additional 1,025 shares in the last quarter. Finally, American International Group Inc. boosted its stake in shares of New Relic by 8.1% during the 3rd quarter. American International Group Inc. now owns 19,656 shares of the software maker’s stock valued at $979,000 after purchasing an additional 1,470 shares in the last quarter. Hedge funds and other institutional investors own 75.84% of the company’s stock.

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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.

Analyst Recommendations for New Relic (NYSE:NEWR)

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