Wedbush reiterated their outperform rating on shares of New Relic (NYSE:NEWR) in a report published on Thursday, The Fly reports. They currently have a $124.00 price objective on the software maker’s stock, up from their previous price objective of $116.00.
Other equities research analysts have also recently issued research reports about the stock. ValuEngine upgraded shares of New Relic from a hold rating to a buy rating in a research report on Thursday, January 17th. DA Davidson raised shares of New Relic from a neutral rating to a buy rating and set a $105.00 target price on the stock in a research note on Tuesday, October 23rd. They noted that the move was a valuation call. Zacks Investment Research lowered shares of New Relic from a strong-buy rating to a hold rating in a research note on Wednesday, October 10th. BMO Capital Markets reissued an outperform rating and set a $118.00 price objective (up previously from $110.00) on shares of New Relic in a research note on Thursday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of New Relic to $114.00 and gave the company an overweight 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 assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $110.14.
New Relic stock opened at $103.21 on Thursday. The company has a market capitalization of $5.92 billion, a price-to-earnings ratio of -139.47 and a beta of 1.05. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.23. New Relic has a twelve month low of $62.40 and a twelve month high of $114.78.
In other New Relic news, CEO Lewis Cirne sold 89,000 shares of New Relic stock in a transaction that occurred on Thursday, January 3rd. The stock was sold at an average price of $76.40, for a total value of $6,799,600.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CRO Erica Schultz sold 2,661 shares of New Relic stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $70.30, for a total value of $187,068.30. Following the completion of the transaction, the executive now directly owns 24,263 shares in the company, valued at $1,705,688.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 271,647 shares of company stock valued at $22,310,926. 20.40% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of NEWR. Vanguard Group Inc increased its stake in shares of New Relic by 11.5% during the third quarter. Vanguard Group Inc now owns 4,552,159 shares of the software maker’s stock valued at $428,950,000 after buying an additional 468,506 shares during the period. Vanguard Group Inc. increased its stake in shares of New Relic by 11.5% during the third quarter. Vanguard Group Inc. now owns 4,552,159 shares of the software maker’s stock valued at $428,950,000 after buying an additional 468,506 shares during the period. Deutsche Bank AG increased its stake in shares of New Relic by 49.2% during the third quarter. Deutsche Bank AG now owns 1,207,036 shares of the software maker’s stock valued at $113,736,000 after buying an additional 398,250 shares during the period. BlackRock Inc. boosted its position in shares of New Relic by 11.8% during the third quarter. BlackRock Inc. now owns 3,676,730 shares of the software maker’s stock valued at $346,458,000 after purchasing an additional 388,420 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of New Relic by 20.6% during the third quarter. Alliancebernstein L.P. now owns 1,831,207 shares of the software maker’s stock valued at $172,555,000 after purchasing an additional 312,460 shares in the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.
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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