UBS Group set a $73.00 target price on New Relic (NYSE:NEWR) in a research note issued to investors on Wednesday, August 7th, TipRanks reports. The brokerage currently has a hold rating on the software maker’s stock.
NEWR has been the subject of several other reports. Raymond James lowered shares of New Relic from an outperform rating to a market perform rating in a research report on Wednesday, August 7th. First Analysis lowered shares of New Relic from a strong-buy rating to a neutral rating and set a $80.00 target price for the company. in a research report on Wednesday, August 7th. Morgan Stanley cut their target price on shares of New Relic from $115.00 to $104.00 and set an overweight rating for the company in a research report on Wednesday, August 7th. Goldman Sachs Group assumed coverage on shares of New Relic in a research report on Friday, June 7th. They set a sell rating and a $83.00 target price for the company. Finally, Needham & Company LLC set a $120.00 target price on shares of New Relic and gave the company a buy rating in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $100.50.
New Relic stock opened at $58.85 on Wednesday. The firm has a 50 day moving average price of $85.42 and a 200-day moving average price of $96.98. The company has a market capitalization of $3.61 billion, a P/E ratio of -189.84 and a beta of 0.83. New Relic has a twelve month low of $55.60 and a twelve month high of $113.34. The company has a quick ratio of 2.90, a current ratio of 2.88 and a debt-to-equity ratio of 1.32.
New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported ($0.16) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. New Relic had a negative net margin of 9.93% and a negative return on equity of 8.55%. The company had revenue of $141.01 million during the quarter, compared to the consensus estimate of $139.73 million. During the same period last year, the firm earned $0.15 EPS. New Relic’s revenue for the quarter was up 30.3% on a year-over-year basis. Equities analysts expect that New Relic will post -0.68 EPS for the current fiscal year.
In other New Relic news, CTO James R. Gochee sold 4,000 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $60.75, for a total transaction of $243,000.00. Following the transaction, the chief technology officer now directly owns 126,926 shares in the company, valued at approximately $7,710,754.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Sachleben sold 10,000 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $63.21, for a total transaction of $632,100.00. The disclosure for this sale can be found here. Insiders sold a total of 170,147 shares of company stock worth $15,510,250 in the last ninety days. 17.40% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the business. Cornerstone Advisors Inc. raised its stake in shares of New Relic by 58.4% during the first quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock worth $35,000 after purchasing an additional 132 shares during the last quarter. Wedbush Securities Inc. boosted its position in New Relic by 5.9% during the 2nd quarter. Wedbush Securities Inc. now owns 2,661 shares of the software maker’s stock valued at $230,000 after purchasing an additional 148 shares during the period. Nvwm LLC boosted its position in New Relic by 4.1% during the 2nd quarter. Nvwm LLC now owns 4,869 shares of the software maker’s stock valued at $421,000 after purchasing an additional 192 shares during the period. Coldstream Capital Management Inc. boosted its position in New Relic by 8.6% during the 2nd quarter. Coldstream Capital Management Inc. now owns 2,516 shares of the software maker’s stock valued at $218,000 after purchasing an additional 199 shares during the period. Finally, Flinton Capital Management LLC boosted its position in New Relic by 51.9% during the 2nd quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock valued at $57,000 after purchasing an additional 224 shares during the period. Institutional investors own 79.30% of the company’s stock.
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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