Analysts Set New Relic, Inc. (NYSE:NEWR) Target Price at $83.89

Shares of New Relic, Inc. (NYSE:NEWR – Get Rating) have been given a consensus rating of “Hold” by the twelve research firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $83.89.

NEWR has been the subject of several recent analyst reports. Royal Bank of Canada lowered their price target on New Relic from $90.00 to $45.00 in a research report on Friday, May 13th. Cowen lowered their price target on New Relic from $80.00 to $65.00 in a research report on Friday, May 13th. Morgan Stanley lowered their price target on New Relic from $150.00 to $138.00 and set an “overweight” rating for the company in a research report on Wednesday, February 9th. Cowen lowered their target price on shares of New Relic from $80.00 to $65.00 in a research note on Friday, May 13th. Finally, Robert W. Baird lowered their target price on shares of New Relic from $117.00 to $75.00 and set a “na” rating on the stock in a research note on Friday, May 13th.

Shares of NEWR traded down $0.23 during trading hours on Friday, hitting $46.62. The company had a trading volume of 2,131,462 shares, compared to its average volume of 1,546,883. The firm has a fifty day moving average price of $62.65 and a 200-day moving average price of $84.46. The company has a debt-to-equity ratio of 1.54, a quick ratio of 2.49 and a current ratio of 2.15. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of -12.02 and a beta of 0.99. New Relic has a 52-week low of $41.66 and a 52-week high of $129.70.

In related news, CEO William Staples sold 13,175 shares of the stock in a transaction that occurred on Wednesday, April 20th. The shares were sold at an average price of $70.54, for a total value of $929,364.50. Following the completion of the sale, the chief executive officer now directly owns 45,492 shares of the company’s stock, valued at approximately $3,209,005.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steve Hurn sold 2,230 shares of the stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $43.36, for a total transaction of $96,692.80. Following the completion of the sale, the insider now directly owns 26,509 shares of the company’s stock, valued at $1,149,430.24. The disclosure for this sale can be found here. Insiders sold a total of 108,752 shares of company stock worth $6,830,872 in the last quarter. Company insiders own 22.00% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. EULAV Asset Management purchased a new stake in New Relic during the 4th quarter valued at approximately $741,000. Caas Capital Management LP boosted its position in shares of New Relic by 23.0% during the 3rd quarter. Caas Capital Management LP now owns 35,427 shares of the software maker’s stock valued at $2,543,000 after acquiring an additional 6,627 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in shares of New Relic during the 4th quarter valued at approximately $13,539,000. Capital Fund Management S.A. bought a new position in shares of New Relic during the 3rd quarter valued at approximately $1,122,000. Finally, Janus Henderson Group PLC bought a new position in shares of New Relic during the 3rd quarter valued at approximately $411,000. 88.24% of the stock is owned by institutional investors and hedge funds.

About New Relic (Get Rating)

New Relic, Inc, a software-as-a-service company, provides platform for engineers to plan, build, deploy, and operate software 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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