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

Shares of New Relic Inc (NYSE:NEWR) have earned a consensus rating of “Buy” from the twenty-two ratings firms that are presently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and fourteen have given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $82.63.

A number of equities analysts recently issued reports on the company. UBS Group raised New Relic from a “neutral” rating to a “buy” rating and upped their price target for the company from $68.00 to $98.00 in a report on Monday. Barclays downgraded New Relic from an “equal weight” rating to an “underweight” rating and set a $63.00 price target for the company. in a report on Friday, January 10th. Cowen set a $80.00 price target on New Relic and gave the company a “buy” rating in a report on Monday, September 23rd. SunTrust Banks upped their price target on New Relic from $80.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Zacks Investment Research downgraded New Relic from a “hold” rating to a “sell” rating in a report on Wednesday, January 8th.

Shares of New Relic stock traded down $0.62 on Thursday, reaching $72.87. 17,757 shares of the company were exchanged, compared to its average volume of 613,669. New Relic has a 1-year low of $50.00 and a 1-year high of $109.00. The company has a market cap of $4.27 billion, a P/E ratio of -234.89 and a beta of 0.96. The company has a debt-to-equity ratio of 1.29, a current ratio of 3.01 and a quick ratio of 3.01. The stock’s 50 day moving average price is $67.77 and its 200-day moving average price is $68.93.

New Relic (NYSE:NEWR) last announced its quarterly earnings results on Tuesday, November 5th. The software maker reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.01). The business had revenue of $145.80 million during the quarter, compared to analyst estimates of $143.43 million. New Relic had a negative net margin of 11.26% and a negative return on equity of 8.90%. The business’s revenue for the quarter was up 26.9% compared to the same quarter last year. During the same period last year, the company earned $0.20 earnings per share. On average, research analysts predict that New Relic will post -0.88 earnings per share for the current fiscal year.

In other news, CFO Mark Sachleben sold 2,327 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $67.90, for a total transaction of $158,003.30. Also, CEO Lewis Cirne sold 9,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $65.76, for a total value of $624,720.00. The disclosure for this sale can be found here. Insiders sold 28,827 shares of company stock valued at $1,941,613 over the last three months. Corporate insiders own 17.40% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in NEWR. Amundi Pioneer Asset Management Inc. raised its stake in shares of New Relic by 5.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 13,000 shares of the software maker’s stock worth $1,283,000 after purchasing an additional 700 shares during the last quarter. Glen Harbor Capital Management LLC raised its position in New Relic by 51.9% in the second quarter. Glen Harbor Capital Management LLC now owns 1,148 shares of the software maker’s stock worth $99,000 after acquiring an additional 392 shares in the last quarter. Meadow Creek Investment Management LLC raised its position in New Relic by 51.9% in the second quarter. Meadow Creek Investment Management LLC now owns 902 shares of the software maker’s stock worth $78,000 after acquiring an additional 308 shares in the last quarter. MML Investors Services LLC raised its position in New Relic by 17.0% in the second quarter. MML Investors Services LLC now owns 2,399 shares of the software maker’s stock worth $208,000 after acquiring an additional 349 shares in the last quarter. Finally, US Bancorp DE raised its position in New Relic by 41.4% in the second quarter. US Bancorp DE now owns 12,569 shares of the software maker’s stock worth $1,088,000 after acquiring an additional 3,681 shares in the last quarter. Institutional investors and hedge funds own 81.53% 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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Analyst Recommendations for New Relic (NYSE:NEWR)

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