New Relic (NYSE:NEWR) Coverage Initiated by Analysts at Royal Bank of Canada

Research analysts at Royal Bank of Canada assumed coverage on shares of New Relic (NYSE:NEWR) in a report released on Thursday, The Fly reports. The firm set a “sector perform” rating and a $74.00 price target on the software maker’s stock. Royal Bank of Canada’s price objective would indicate a potential downside of 2.81% from the company’s previous close.

NEWR has been the subject of a number of other research reports. Zacks Investment Research raised New Relic from a “sell” rating to a “hold” rating in a report on Wednesday, October 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $84.00 target price on shares of New Relic in a report on Tuesday, August 24th. Morgan Stanley upped their target price on New Relic from $70.00 to $75.00 and gave the stock an “equal weight” rating in a report on Thursday, August 5th. BMO Capital Markets increased their price target on New Relic from $58.00 to $70.00 and gave the company a “market perform” rating in a research note on Wednesday, August 4th. Finally, Loop Capital increased their price target on New Relic from $55.00 to $72.00 and gave the company a “hold” rating in a research note on Wednesday, August 4th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $72.86.

New Relic stock opened at $76.14 on Thursday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 2.42 and a current ratio of 2.42. New Relic has a 52 week low of $51.52 and a 52 week high of $82.76. The stock has a market capitalization of $4.94 billion, a P/E ratio of -19.57 and a beta of 0.86. The stock has a fifty day moving average of $76.88 and a 200-day moving average of $69.26.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, August 3rd. The software maker reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.60. New Relic had a negative return on equity of 54.44% and a negative net margin of 35.19%. The company had revenue of $180.48 million during the quarter, compared to analysts’ expectations of $172.74 million. On average, research analysts forecast that New Relic will post -3.27 earnings per share for the current year.

In other New Relic news, Chairman Lewis Cirne sold 31,500 shares of the stock in a transaction that occurred on Wednesday, August 4th. The stock was sold at an average price of $74.29, for a total value of $2,340,135.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William Staples sold 3,784 shares of the firm’s stock in a transaction that occurred on Monday, August 16th. The shares were sold at an average price of $78.82, for a total value of $298,254.88. Following the completion of the transaction, the chief executive officer now owns 16,822 shares in the company, valued at approximately $1,325,910.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,463 shares of company stock worth $7,618,829. 22.00% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of New Relic during the second quarter valued at approximately $37,000. US Bancorp DE increased its position in shares of New Relic by 66.4% during the second quarter. US Bancorp DE now owns 1,434 shares of the software maker’s stock valued at $96,000 after acquiring an additional 572 shares during the last quarter. First Mercantile Trust Co. increased its position in shares of New Relic by 41.2% during the first quarter. First Mercantile Trust Co. now owns 1,603 shares of the software maker’s stock valued at $99,000 after acquiring an additional 468 shares during the last quarter. Panagora Asset Management Inc. increased its position in shares of New Relic by 1,005.2% during the first quarter. Panagora Asset Management Inc. now owns 2,354 shares of the software maker’s stock valued at $145,000 after acquiring an additional 2,141 shares during the last quarter. Finally, AGF Investments Inc. purchased a new stake in shares of New Relic during the second quarter valued at approximately $195,000. 86.61% of the stock is owned by institutional investors.

New Relic Company Profile

New Relic, Inc, engages in the provision software solutions. It delivers an open and extensible cloud-based platform that enables organizations to collect, store and analyze massive amounts of data in real time to better operate applications and infrastructure. It offers solutions to e-commerce and retail, media, and public sector industries.

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