New Relic Inc. (NEWR) PT Set at $43.00 by Morgan Stanley
New Relic Inc. (NYSE:NEWR) has been assigned a $43.00 target price by Morgan Stanley in a research report issued on Wednesday. The brokerage presently has a a “buy” rating on the stock. Morgan Stanley’s price target points to a potential upside of 13.13% from the stock’s previous close.
A number of other analysts have also issued reports on the stock. Cowen and Company began coverage on shares of New Relic in a research report on Friday, June 24th. They issued an “outperform” rating and a $38.00 price target for the company. Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of New Relic in a research report on Saturday, June 4th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. New Relic presently has a consensus rating of “Buy” and a consensus price target of $38.50.
New Relic (NYSE:NEWR) traded up 1.47% on Wednesday, reaching $38.57. 577,487 shares of the company’s stock were exchanged. The stock’s market capitalization is $1.96 billion. The firm has a 50 day moving average of $36.51 and a 200 day moving average of $30.53. New Relic has a 12 month low of $20.39 and a 12 month high of $40.13.
New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.03. The business earned $58.60 million during the quarter, compared to analyst estimates of $56.96 million. New Relic had a negative net margin of 34.91% and a negative return on equity of 34.30%. The firm’s revenue was up 53.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.21) earnings per share. Equities analysts predict that New Relic will post ($0.62) earnings per share for the current fiscal year.
In other news, VP Robin Schulman sold 1,599 shares of New Relic stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $37.84, for a total value of $60,506.16. Following the transaction, the vice president now owns 525 shares of the company’s stock, valued at $19,866. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Mark Sachleben sold 3,500 shares of the firm’s stock in a transaction on Monday, September 26th. The stock was sold at an average price of $37.42, for a total transaction of $130,970.00. The disclosure for this sale can be found here. 46.60% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the company. Teacher Retirement System of Texas increased its stake in shares of New Relic by 27.4% in the second quarter. Teacher Retirement System of Texas now owns 3,429 shares of the company’s stock valued at $101,000 after buying an additional 737 shares during the last quarter. Paradigm Asset Management Co. LLC increased its stake in shares of New Relic by 15.2% in the second quarter. Paradigm Asset Management Co. LLC now owns 3,800 shares of the company’s stock valued at $112,000 after buying an additional 500 shares during the last quarter. Clinton Group Inc. bought a new stake in shares of New Relic during the second quarter valued at about $239,000. UBS Asset Management Americas Inc. bought a new stake in shares of New Relic during the second quarter valued at about $247,000. Finally, Citigroup Inc. increased its stake in shares of New Relic by 62.6% in the second quarter. Citigroup Inc. now owns 9,775 shares of the company’s stock valued at $287,000 after buying an additional 3,763 shares during the last quarter. Institutional investors and hedge funds own 58.44% of the company’s stock.
New Relic Company Profile
New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.
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