Zacks Investment Research cut shares of New Relic (NYSE:NEWR) from a strong-buy rating to a hold rating in a report issued on Wednesday morning.

According to Zacks, “New Relic, Inc. is a software analytics company. The Company offers solution which includes application development, production monitoring, real-time analytics, mobile application management and digital transformation. Its products include new relic APM, new relic mobile, new relic insights, new relic services, new relic browser and new relic platform. New Relic, Inc. is based in San Francisco, United States. “

Several other research analysts have also commented on NEWR. Deutsche Bank initiated coverage on New Relic in a research report on Monday, June 25th. They set a buy rating and a $125.00 price target for the company. Morgan Stanley lifted their target price on New Relic from $73.00 to $80.00 and gave the company an equal weight rating in a report on Wednesday, June 27th. DA Davidson assumed coverage on New Relic in a report on Wednesday, July 11th. They issued a neutral rating and a $105.00 target price for the company. Argus assumed coverage on New Relic in a report on Tuesday, July 17th. They issued a hold rating for the company. Finally, ValuEngine lowered New Relic from a strong-buy rating to a buy rating in a report on Monday, July 30th. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $98.50.

NEWR opened at $85.83 on Wednesday. New Relic has a 52 week low of $49.56 and a 52 week high of $114.78. The firm has a market cap of $5.32 billion, a PE ratio of -115.99 and a beta of 0.79. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 1.28.

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

In other New Relic news, Director Peter H. Fenton sold 51,971 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $109.45, for a total value of $5,688,225.95. Following the sale, the director now directly owns 154 shares in the company, valued at $16,855.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James R. Gochee sold 5,826 shares of the firm’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $103.34, for a total value of $602,058.84. Following the completion of the sale, the insider now owns 317,376 shares in the company, valued at $32,797,635.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 431,742 shares of company stock worth $43,055,873. 20.40% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of New Relic by 28.6% during the second quarter. BlackRock Inc. now owns 3,288,310 shares of the software maker’s stock worth $330,772,000 after purchasing an additional 731,705 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of New Relic by 158.5% during the second quarter. Renaissance Technologies LLC now owns 1,091,000 shares of the software maker’s stock worth $109,744,000 after purchasing an additional 669,000 shares in the last quarter. Baillie Gifford & Co. increased its position in shares of New Relic by 8.7% during the second quarter. Baillie Gifford & Co. now owns 735,425 shares of the software maker’s stock worth $73,977,000 after purchasing an additional 58,817 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of New Relic during the second quarter worth about $64,051,000. Finally, Northern Trust Corp increased its position in shares of New Relic by 31.9% during the second quarter. Northern Trust Corp now owns 545,278 shares of the software maker’s stock worth $54,849,000 after purchasing an additional 131,821 shares in the last quarter. Institutional investors and hedge funds own 77.20% of the company’s stock.

About New Relic

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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