New Relic (NYSE:NEWR) had its price target boosted by Oppenheimer from $110.00 to $125.00 in a research report sent to investors on Thursday morning, The Fly reports. They currently have an outperform rating on the software maker’s stock.
Other analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of New Relic from a strong-buy rating to a hold rating in a report on Wednesday, October 10th. JPMorgan Chase & Co. raised shares of New Relic from a neutral rating to an overweight rating in a report on Thursday, December 13th. BMO Capital Markets decreased their price objective on shares of New Relic from $117.00 to $110.00 and set an outperform rating for the company in a report on Wednesday, November 7th. ValuEngine downgraded shares of New Relic from a buy rating to a hold rating in a report on Tuesday, November 6th. Finally, Deutsche Bank upped their price objective on shares of New Relic to $120.00 and gave the stock a buy rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $110.14.
NYSE NEWR opened at $103.21 on Thursday. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.23. The firm has a market cap of $5.92 billion, a P/E ratio of -139.47 and a beta of 1.05. New Relic has a 1 year low of $62.40 and a 1 year high of $114.78.
New Relic (NYSE:NEWR) last posted its quarterly earnings data on Wednesday, February 6th. The software maker reported ($0.07) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.03. The business had revenue of $124.00 million during the quarter, compared to the consensus estimate of $120.18 million. New Relic had a negative net margin of 6.96% and a negative return on equity of 6.08%. New Relic’s quarterly revenue was up 35.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.05 EPS. On average, equities research analysts expect that New Relic will post -0.36 earnings per share for the current year.
In other news, CRO Erica Schultz sold 3,679 shares of the stock in a transaction on Friday, November 16th. The shares were sold at an average price of $82.59, for a total value of $303,848.61. Following the completion of the transaction, the executive now owns 26,922 shares in the company, valued at approximately $2,223,487.98. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider James R. Gochee sold 4,000 shares of the stock in a transaction on Wednesday, November 14th. The shares were sold at an average price of $83.64, for a total transaction of $334,560.00. Following the completion of the transaction, the insider now owns 302,946 shares of the company’s stock, valued at approximately $25,338,403.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 271,647 shares of company stock valued at $22,310,926. Insiders own 20.40% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of New Relic by 11.5% during the 3rd quarter. Vanguard Group Inc. now owns 4,552,159 shares of the software maker’s stock worth $428,950,000 after purchasing an additional 468,506 shares in the last quarter. Vanguard Group Inc increased its position in shares of New Relic by 11.5% during the 3rd quarter. Vanguard Group Inc now owns 4,552,159 shares of the software maker’s stock worth $428,950,000 after purchasing an additional 468,506 shares in the last quarter. BlackRock Inc. increased its position in shares of New Relic by 3.1% during the 4th quarter. BlackRock Inc. now owns 3,792,230 shares of the software maker’s stock worth $307,056,000 after purchasing an additional 115,500 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of New Relic by 20.6% during the 3rd quarter. Alliancebernstein L.P. now owns 1,831,207 shares of the software maker’s stock worth $172,555,000 after purchasing an additional 312,460 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of New Relic by 8.5% during the 3rd quarter. First Trust Advisors LP now owns 1,453,714 shares of the software maker’s stock worth $136,983,000 after purchasing an additional 113,834 shares in the last quarter. Institutional investors own 78.46% 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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