New Relic Inc (NYSE:NEWR) has received an average rating of “Buy” from the twenty research firms that are covering the firm, Marketbeat reports. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $103.14.

Several research firms have commented on NEWR. TheStreet upgraded New Relic from a “d” rating to a “c” rating in a report on Thursday, August 23rd. Zacks Investment Research upgraded New Relic from a “hold” rating to a “buy” rating and set a $118.00 price target for the company in a report on Tuesday, August 14th. Morgan Stanley lifted their price target on New Relic from $80.00 to $102.00 and gave the company an “equal weight” rating in a report on Wednesday, August 8th. Needham & Company LLC lifted their price target on New Relic from $121.00 to $129.00 and gave the company a “buy” rating in a report on Wednesday, August 8th. Finally, BMO Capital Markets lifted their price target on New Relic from $110.00 to $117.00 and gave the company an “outperform” rating in a report on Wednesday, August 8th.

In related news, CFO Mark Sachleben sold 23,589 shares of the business’s stock in a transaction that occurred on Monday, June 18th. The stock was sold at an average price of $107.76, for a total transaction of $2,541,950.64. Following the transaction, the chief financial officer now directly owns 2,203 shares of the company’s stock, valued at approximately $237,395.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James R. Gochee sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 13th. The stock was sold at an average price of $108.16, for a total value of $432,640.00. Following the transaction, the insider now directly owns 319,257 shares in the company, valued at $34,530,837.12. The disclosure for this sale can be found here. Insiders have sold a total of 385,344 shares of company stock valued at $39,307,497 in the last quarter. Company insiders own 20.40% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in NEWR. BlackRock Inc. lifted its position in New Relic by 28.6% during the 2nd quarter. BlackRock Inc. now owns 3,288,310 shares of the software maker’s stock worth $330,772,000 after acquiring an additional 731,705 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of New Relic by 158.5% in the 2nd quarter. Renaissance Technologies LLC now owns 1,091,000 shares of the software maker’s stock valued at $109,744,000 after purchasing an additional 669,000 shares in the last quarter. Nomura Holdings Inc. acquired a new position in shares of New Relic in the 2nd quarter valued at approximately $64,051,000. Millennium Management LLC raised its position in shares of New Relic by 502.4% in the 1st quarter. Millennium Management LLC now owns 397,239 shares of the software maker’s stock valued at $29,443,000 after purchasing an additional 331,291 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new position in shares of New Relic in the 1st quarter valued at approximately $19,133,000. 77.13% of the stock is currently owned by hedge funds and other institutional investors.

NEWR traded up $2.49 during midday trading on Monday, hitting $102.20. The company’s stock had a trading volume of 568,357 shares, compared to its average volume of 666,533. The company has a debt-to-equity ratio of 1.28, a current ratio of 3.83 and a quick ratio of 3.83. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of -138.11 and a beta of 0.77. New Relic has a 52-week low of $46.24 and a 52-week high of $114.78.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, August 7th. The software maker reported $0.15 EPS for the quarter, beating the consensus estimate of $0.11 by $0.04. The company had revenue of $108.22 million during the quarter, compared to analysts’ expectations of $106.09 million. New Relic had a negative return on equity of 12.19% and a negative net margin of 9.13%. equities research analysts anticipate that New Relic will post -0.38 earnings per share for the current year.

New Relic Company Profile

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

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Analyst Recommendations for New Relic (NYSE:NEWR)

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