New Relic (NYSE:NEWR) Coverage Initiated at Loop Capital

Loop Capital started coverage on shares of New Relic (NYSE:NEWR) in a research report sent to investors on Tuesday morning, Benzinga reports. The firm issued a hold rating and a $60.00 target price on the software maker’s stock.

A number of other equities analysts have also commented on NEWR. BMO Capital Markets lifted their price target on shares of New Relic from $70.00 to $78.00 and gave the stock a market perform rating in a report on Tuesday, August 4th. Zacks Investment Research downgraded shares of New Relic from a buy rating to a hold rating in a research note on Wednesday, May 20th. Needham & Company LLC lowered their target price on shares of New Relic from $79.00 to $77.00 and set a buy rating for the company in a research note on Wednesday, August 5th. Barclays lifted their target price on shares of New Relic from $42.00 to $56.00 and gave the stock an underweight rating in a research note on Monday, July 20th. Finally, Morgan Stanley lowered their target price on shares of New Relic from $70.00 to $68.00 and set an equal weight rating for the company in a research note on Wednesday, August 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $70.18.

New Relic stock traded down $1.25 during mid-day trading on Tuesday, reaching $56.49. The company had a trading volume of 1,630 shares, compared to its average volume of 1,106,344. The company has a market cap of $3.48 billion, a P/E ratio of -32.99 and a beta of 1.04. The business has a fifty day simple moving average of $59.73 and a 200 day simple moving average of $58.58. The company has a current ratio of 2.81, a quick ratio of 2.81 and a debt-to-equity ratio of 1.10. New Relic has a fifty-two week low of $33.49 and a fifty-two week high of $74.20.

New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, August 4th. The software maker reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.12. The company had revenue of $163.00 million for the quarter, compared to analyst estimates of $159.35 million. New Relic had a negative net margin of 16.67% and a negative return on equity of 18.93%. New Relic’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 earnings per share. Research analysts forecast that New Relic will post -1.87 EPS for the current year.

In related news, CEO Lewis Cirne sold 35,500 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $62.74, for a total transaction of $2,227,270.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Mark Sachleben sold 2,385 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $55.68, for a total transaction of $132,796.80. Following the transaction, the chief financial officer now owns 1,540 shares in the company, valued at $85,747.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 117,885 shares of company stock valued at $8,011,667. 15.90% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Two Sigma Advisers LP boosted its holdings in New Relic by 19.5% during the second quarter. Two Sigma Advisers LP now owns 858,800 shares of the software maker’s stock worth $59,171,000 after purchasing an additional 140,101 shares during the last quarter. Principal Financial Group Inc. bought a new stake in New Relic during the 2nd quarter worth approximately $516,000. Quadrature Capital Ltd bought a new stake in New Relic during the 2nd quarter worth approximately $981,000. Handelsbanken Fonder AB bought a new stake in New Relic during the 2nd quarter worth approximately $547,000. Finally, ArrowMark Colorado Holdings LLC increased its holdings in New Relic by 5.7% during the 2nd quarter. ArrowMark Colorado Holdings LLC now owns 1,118,803 shares of the software maker’s stock worth $77,086,000 after acquiring an additional 59,834 shares during the period. Institutional investors and hedge funds own 90.27% 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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