Analysts Set New Relic Inc. (NEWR) Price Target at $39.86
Shares of New Relic Inc. (NYSE:NEWR) have received a consensus recommendation of “Buy” from the ten ratings firms that are presently covering the company. Two investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $39.86.
NEWR has been the topic of several research reports. Morgan Stanley set a $43.00 price objective on New Relic and gave the stock a “buy” rating in a report on Wednesday, September 28th. Cowen and Company began coverage on New Relic in a report on Friday, June 24th. They set an “outperform” rating and a $38.00 price objective on the stock.
Shares of New Relic (NYSE:NEWR) opened at 35.55 on Wednesday. The company’s 50-day moving average price is $37.07 and its 200-day moving average price is $31.55. New Relic has a 52-week low of $20.39 and a 52-week high of $40.13. The firm’s market cap is $1.81 billion.
New Relic (NYSE:NEWR) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.03. New Relic had a negative return on equity of 34.30% and a negative net margin of 34.91%. The firm had revenue of $58.60 million for the quarter, compared to the consensus estimate of $56.96 million. During the same quarter in the prior year, the business earned ($0.21) EPS. The business’s revenue for the quarter was up 53.8% compared to the same quarter last year. Equities analysts expect that New Relic will post ($0.62) earnings per share for the current fiscal year.
In other New Relic news, CEO Lewis Cirne sold 39,000 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $33.87, for a total transaction of $1,320,930.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James R. Gochee sold 4,000 shares of the stock in a transaction dated Wednesday, October 12th. The stock was sold at an average price of $36.15, for a total value of $144,600.00. Following the transaction, the insider now owns 383,090 shares of the company’s stock, valued at approximately $13,848,703.50. The disclosure for this sale can be found here. 46.60% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank boosted its position in New Relic by 11.6% in the second quarter. Swiss National Bank now owns 39,397 shares of the company’s stock worth $1,157,000 after buying an additional 4,100 shares during the period. JPMorgan Chase & Co. boosted its position in New Relic by 183.9% in the first quarter. JPMorgan Chase & Co. now owns 116,964 shares of the company’s stock worth $3,050,000 after buying an additional 75,761 shares during the period. TD Asset Management Inc. boosted its position in New Relic by 0.7% in the second quarter. TD Asset Management Inc. now owns 55,380 shares of the company’s stock worth $1,627,000 after buying an additional 400 shares during the period. AXA boosted its position in New Relic by 13.2% in the first quarter. AXA now owns 120,000 shares of the company’s stock worth $3,130,000 after buying an additional 14,000 shares during the period. Finally, California State Teachers Retirement System boosted its position in New Relic by 275.5% in the second quarter. California State Teachers Retirement System now owns 46,051 shares of the company’s stock worth $1,353,000 after buying an additional 33,788 shares during the period. Hedge funds and other institutional investors own 58.35% of the company’s stock.
About New Relic
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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