New Relic Inc. (NEWR) Receives Buy Rating from JMP Securities
Separately, 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. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $38.11.
Shares of New Relic (NYSE:NEWR) traded down 1.38% during midday trading on Thursday, hitting $34.27. The company had a trading volume of 401,270 shares. New Relic has a 52 week low of $20.39 and a 52 week high of $38.72. The company’s market capitalization is $1.79 billion. The firm’s 50 day moving average is $35.59 and its 200 day moving average is $33.21.
New Relic (NYSE:NEWR) last issued its quarterly earnings results on Monday, November 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.08. The firm earned $63.40 million during the quarter, compared to analyst estimates of $61.93 million. New Relic had a negative return on equity of 34.47% and a negative net margin of 31.38%. The company’s revenue was up 47.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.17) earnings per share. Equities research analysts anticipate that New Relic will post ($0.59) EPS for the current year.
In other New Relic news, President Hilarie A. Koplow sold 5,312 shares of the stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $36.78, for a total transaction of $195,375.36. Following the completion of the transaction, the president now owns 6,937 shares of the company’s stock, valued at approximately $255,142.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James R. Gochee sold 4,780 shares of the stock in a transaction dated Wednesday, November 16th. The shares were sold at an average price of $33.39, for a total transaction of $159,604.20. Following the transaction, the insider now directly owns 383,487 shares of the company’s stock, valued at approximately $12,804,630.93. The disclosure for this sale can be found here. 46.60% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NEWR. Matrix Capital Management Company LP bought a new position in New Relic during the third quarter valued at approximately $185,779,000. Praesidium Investment Management Company LLC acquired a new position in shares of New Relic during the third quarter worth approximately $26,303,000. Polar Capital LLP acquired a new position in shares of New Relic during the second quarter worth approximately $11,418,000. BlackRock Fund Advisors increased its position in shares of New Relic by 251.6% in the second quarter. BlackRock Fund Advisors now owns 527,586 shares of the company’s stock worth $15,500,000 after buying an additional 377,522 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of New Relic by 1,330.9% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 364,875 shares of the company’s stock valued at $13,982,000 after buying an additional 339,375 shares during the last quarter. 59.42% of the stock is owned by institutional investors and hedge funds.
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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