New Relic (NYSE:NEWR)‘s stock had its “buy” rating restated by Robert W. Baird in a research report issued on Thursday, AnalystRatings.com reports.
Several other equities analysts have also weighed in on the stock. Zacks Investment Research lowered shares of New Relic from a “hold” rating to a “sell” rating in a report on Wednesday. Raymond James lowered shares of New Relic from a “strong-buy” rating to a “market perform” rating in a report on Friday, February 5th. BMO Capital Markets upped their price objective on shares of New Relic from $64.00 to $71.00 and gave the company a “market perform” rating in a report on Friday, February 5th. Loop Capital upped their price objective on shares of New Relic from $60.00 to $70.00 and gave the company a “hold” rating in a report on Friday, February 5th. Finally, Needham & Company LLC dropped their price objective on shares of New Relic from $82.00 to $78.00 and set a “buy” rating on the stock in a report on Friday, February 5th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $70.06.
NEWR stock opened at $63.25 on Thursday. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of -28.49 and a beta of 1.01. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 1.13. New Relic has a 12-month low of $45.81 and a 12-month high of $81.10. The company’s fifty day simple moving average is $60.78 and its 200 day simple moving average is $63.67.
In related news, insider William Staples sold 3,894 shares of the firm’s stock in a transaction that occurred on Monday, February 15th. The shares were sold at an average price of $64.58, for a total value of $251,474.52. Following the completion of the transaction, the insider now directly owns 11,402 shares of the company’s stock, valued at approximately $736,341.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Lewis Cirne sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 1st. The stock was sold at an average price of $62.50, for a total transaction of $1,875,000.00. Following the completion of the transaction, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at $1,875,000. The disclosure for this sale can be found here. Insiders have sold a total of 64,894 shares of company stock valued at $4,087,405 over the last three months. Insiders own 17.40% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SWS Partners bought a new position in New Relic in the 4th quarter worth approximately $825,000. Dimensional Fund Advisors LP boosted its holdings in New Relic by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 220,662 shares of the software maker’s stock worth $14,431,000 after buying an additional 1,167 shares during the period. Norges Bank bought a new position in New Relic in the 4th quarter worth approximately $30,946,000. UBS Asset Management Americas Inc. boosted its holdings in New Relic by 18.5% in the 4th quarter. UBS Asset Management Americas Inc. now owns 81,498 shares of the software maker’s stock worth $5,330,000 after buying an additional 12,701 shares during the period. Finally, Hsbc Holdings PLC purchased a new stake in New Relic in the 4th quarter worth approximately $695,000. 86.04% of the stock is owned by institutional investors.
About New Relic
New Relic, Inc, a software-as-a-service company, provides platform that companies use to build, develop, and operate their digital businesses worldwide. It offers a suite of products on its open and extensible cloud-based platform, New Relic One Platform, which enables users to collect, store, and analyze telemetry data flowing through and about their software.
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