New Relic Inc (NYSE:NEWR) Receives Average Recommendation of “Buy” from Brokerages

New Relic Inc (NYSE:NEWR) has been assigned an average recommendation of “Buy” from the twenty brokerages that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $84.13.

Several research firms have recently issued reports on NEWR. Zacks Investment Research upgraded shares of New Relic from a “sell” rating to a “hold” rating in a report on Wednesday. UBS Group lowered their target price on shares of New Relic from $73.00 to $62.00 and set a “neutral” rating for the company in a report on Tuesday. ValuEngine lowered shares of New Relic from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Cowen lowered their target price on shares of New Relic from $100.00 to $80.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, Needham & Company LLC lifted their target price on shares of New Relic from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday.

In related news, CEO Lewis Cirne sold 4,000 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $88.69, for a total value of $354,760.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider James R. Gochee sold 6,850 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $92.80, for a total transaction of $635,680.00. Following the transaction, the insider now directly owns 137,776 shares of the company’s stock, valued at approximately $12,785,612.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 99,054 shares of company stock valued at $7,711,788. 17.40% of the stock is owned by company insiders.



Several institutional investors and hedge funds have recently added to or reduced their stakes in NEWR. Cornerstone Advisors Inc. boosted its holdings in shares of New Relic by 58.4% during the 1st quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock valued at $35,000 after purchasing an additional 132 shares during the last quarter. Evolution Wealth Advisors LLC purchased a new stake in New Relic in the 1st quarter worth about $42,000. Point72 Hong Kong Ltd purchased a new stake in New Relic in the 2nd quarter worth about $55,000. Flinton Capital Management LLC raised its position in New Relic by 51.9% in the 2nd quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock worth $57,000 after purchasing an additional 224 shares during the period. Finally, Victory Capital Management Inc. raised its position in New Relic by 255.8% in the 1st quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock worth $58,000 after purchasing an additional 422 shares during the period. 79.12% of the stock is owned by institutional investors and hedge funds.

New Relic stock traded up $0.71 during trading hours on Friday, hitting $63.43. 42,424 shares of the stock traded hands, compared to its average volume of 1,298,792. The firm’s 50-day moving average price is $62.75 and its two-hundred day moving average price is $89.10. The company has a current ratio of 2.88, a quick ratio of 2.88 and a debt-to-equity ratio of 1.32. The company has a market cap of $3.51 billion, a PE ratio of -204.48 and a beta of 0.96. New Relic has a one year low of $50.00 and a one year high of $109.00.

New Relic (NYSE:NEWR) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported ($0.16) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. New Relic had a negative return on equity of 8.55% and a negative net margin of 9.93%. The business had revenue of $141.01 million for the quarter, compared to analysts’ expectations of $139.73 million. During the same period in the previous year, the firm posted $0.15 EPS. The business’s revenue was up 30.3% on a year-over-year basis. On average, sell-side analysts expect that New Relic will post -0.71 earnings per share for the current fiscal year.

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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Analyst Recommendations for New Relic (NYSE:NEWR)

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