New Relic Inc (NYSE:NEWR) shares traded up 1.7% during trading on Thursday after Oppenheimer raised their price target on the stock from $57.00 to $66.00. Oppenheimer currently has an outperform rating on the stock. New Relic traded as high as $66.10 and last traded at $63.50. 534,904 shares were traded during trading, an increase of 29% from the average session volume of 415,641 shares. The stock had previously closed at $64.63.

A number of other research analysts have also recently commented on the company. Needham & Company LLC boosted their price objective on New Relic from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday. Robert W. Baird boosted their price objective on New Relic from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday. Stephens restated a “buy” rating and set a $70.00 price objective (up previously from $60.00) on shares of New Relic in a research note on Wednesday. BMO Capital Markets boosted their price objective on New Relic from $68.00 to $71.00 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. cut New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a research note on Tuesday, December 12th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $58.86.

In other news, VP Robin Schulman sold 1,797 shares of New Relic stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $54.44, for a total transaction of $97,828.68. Following the sale, the vice president now directly owns 1,107 shares of the company’s stock, valued at $60,265.08. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Sachleben sold 10,000 shares of New Relic stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $52.55, for a total value of $525,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 167,458 shares of company stock worth $9,756,691. Corporate insiders own 23.10% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Essex Investment Management Co. LLC increased its holdings in New Relic by 11.4% in the third quarter. Essex Investment Management Co. LLC now owns 10,031 shares of the software maker’s stock valued at $500,000 after buying an additional 1,025 shares during the last quarter. Voya Investment Management LLC increased its holdings in New Relic by 58.2% in the second quarter. Voya Investment Management LLC now owns 13,072 shares of the software maker’s stock valued at $562,000 after buying an additional 4,807 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in New Relic in the second quarter valued at about $1,734,000. Ardsley Advisory Partners bought a new stake in New Relic in the second quarter valued at about $430,000. Finally, Ameriprise Financial Inc. bought a new stake in New Relic in the second quarter valued at about $1,294,000. 75.84% of the stock is owned by hedge funds and other institutional investors.

The firm has a market cap of $3,265.20, a price-to-earnings ratio of -65.08 and a beta of 0.98.

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

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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.

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