New Relic (NYSE:NEWR) Price Target Increased to $69.00 by Analysts at Goldman Sachs Group

New Relic (NYSE:NEWR) had its price target increased by equities research analysts at Goldman Sachs Group from $60.00 to $69.00 in a report issued on Monday, The Fly reports. Goldman Sachs Group’s price objective points to a potential upside of 2.28% from the stock’s previous close.

A number of other equities research analysts have also weighed in on NEWR. SunTrust Banks raised their price objective on shares of New Relic from $75.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, June 11th. Zacks Investment Research lowered shares of New Relic from a “buy” rating to a “hold” rating in a report on Wednesday, May 20th. Needham & Company LLC raised their price objective on shares of New Relic from $74.00 to $79.00 and gave the company a “buy” rating in a report on Friday, May 15th. Raymond James reduced their price objective on shares of New Relic from $86.00 to $56.00 and set a “strong-buy” rating on the stock in a report on Friday, April 3rd. Finally, Oppenheimer reduced their price objective on shares of New Relic from $80.00 to $65.00 in a report on Tuesday, March 24th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $74.50.

Shares of NEWR stock opened at $67.46 on Monday. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 1.24. New Relic has a 52 week low of $33.49 and a 52 week high of $96.46. The stock has a market capitalization of $4.04 billion, a PE ratio of -44.68 and a beta of 1.15. The firm has a 50 day moving average of $66.52 and a two-hundred day moving average of $60.07.

New Relic (NYSE:NEWR) last issued its quarterly earnings results on Thursday, May 14th. The software maker reported $0.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.49. New Relic had a negative net margin of 14.90% and a negative return on equity of 16.29%. The company had revenue of $159.66 million during the quarter, compared to analysts’ expectations of $153.59 million. Analysts expect that New Relic will post -1.6 EPS for the current fiscal year.

In other New Relic news, CEO Lewis Cirne sold 40,000 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $67.67, for a total transaction of $2,706,800.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 17.40% of the company’s stock.

A number of institutional investors have recently modified their holdings of NEWR. Eminence Capital LP boosted its holdings in New Relic by 52.0% during the first quarter. Eminence Capital LP now owns 3,832,772 shares of the software maker’s stock worth $177,227,000 after buying an additional 1,310,513 shares in the last quarter. Champlain Investment Partners LLC boosted its holdings in New Relic by 16.4% during the first quarter. Champlain Investment Partners LLC now owns 3,794,970 shares of the software maker’s stock worth $175,479,000 after buying an additional 534,370 shares in the last quarter. Matrix Capital Management Company LP boosted its holdings in New Relic by 2,307.4% during the first quarter. Matrix Capital Management Company LP now owns 2,660,514 shares of the software maker’s stock worth $123,022,000 after buying an additional 2,550,000 shares in the last quarter. First Trust Advisors LP boosted its holdings in New Relic by 24.1% during the first quarter. First Trust Advisors LP now owns 2,048,526 shares of the software maker’s stock worth $94,724,000 after buying an additional 397,315 shares in the last quarter. Finally, Clearbridge Investments LLC raised its position in New Relic by 0.5% during the first quarter. Clearbridge Investments LLC now owns 1,896,932 shares of the software maker’s stock worth $87,714,000 after acquiring an additional 9,784 shares during the last quarter. 86.96% of the stock is currently owned by 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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Analyst Recommendations for New Relic (NYSE:NEWR)

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