New Relic (NEWR) Price Target Raised to $66.00 at Oppenheimer
New Relic (NYSE:NEWR) had its price objective lifted by Oppenheimer from $57.00 to $66.00 in a research report sent to investors on Wednesday morning. Oppenheimer currently has an outperform rating on the software maker’s stock.
Several other analysts have also issued reports on the stock. Needham & Company LLC lifted their target price on shares of New Relic from $69.00 to $73.00 and gave the company a buy rating in a research report on Wednesday. Robert W. Baird lifted their target price on shares of New Relic from $65.00 to $68.00 and gave the company an outperform rating in a research report on Wednesday. Stephens reiterated a buy rating and issued a $70.00 target price (up previously from $60.00) on shares of New Relic in a research report on Wednesday. BMO Capital Markets lifted their target price on shares of New Relic from $68.00 to $71.00 and gave the company a market perform rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. downgraded shares of New Relic from an overweight rating to a neutral rating and set a $62.00 price target on the stock. in a research note on Tuesday, December 12th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. New Relic presently has an average rating of Buy and an average target price of $60.00.
Shares of New Relic (NEWR) opened at $64.38 on Wednesday. New Relic has a 52-week low of $33.10 and a 52-week high of $66.10.
In other news, insider James R. Gochee sold 428 shares of the firm’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $59.10, for a total value of $25,294.80. Following the transaction, the insider now directly owns 337,904 shares of the company’s stock, valued at $19,970,126.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark Sachleben sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $64.58, for a total transaction of $322,900.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 172,458 shares of company stock worth $10,079,591. Insiders own 23.10% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Crow Point Partners LLC purchased a new position in New Relic during the fourth quarter worth about $113,000. Ameritas Investment Partners Inc. raised its stake in New Relic by 50.4% during the second quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock worth $111,000 after purchasing an additional 862 shares during the period. Woodstock Corp purchased a new position in New Relic during the fourth quarter worth about $212,000. Cipher Capital LP purchased a new position in New Relic during the third quarter worth about $212,000. Finally, Granahan Investment Management Inc. MA purchased a new position in New Relic during the third quarter worth about $269,000. 75.84% of the stock is currently owned by institutional investors.
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New Relic Company Profile
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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