New Relic Inc. (NEWR) Receives $39.86 Consensus Target Price from Analysts
New Relic Inc. (NYSE:NEWR) has earned a consensus rating of “Buy” from the eleven ratings firms that are presently covering the stock. Two investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $39.86.
NEWR has been the subject of a number of research reports. Morgan Stanley set a $43.00 price objective on New Relic and gave the company a “buy” rating in a research report on Wednesday, September 28th. JMP Securities reaffirmed a “buy” rating on shares of New Relic in a research report on Thursday. Finally, Guggenheim initiated coverage on New Relic in a research report on Friday. They issued a “buy” rating and a $50.00 price target for the company.
In other news, CFO Mark Sachleben sold 1,039 shares of New Relic stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $33.71, for a total value of $35,024.69. Following the transaction, the chief financial officer now directly owns 936 shares in the company, valued at $31,552.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Robin Schulman sold 4,900 shares of New Relic stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $37.98, for a total value of $186,102.00. Following the completion of the transaction, the vice president now owns 4,900 shares in the company, valued at $186,102. The disclosure for this sale can be found here. 46.60% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Mutual of America Capital Management LLC raised its position in shares of New Relic by 85.5% in the second quarter. Mutual of America Capital Management LLC now owns 107,758 shares of the company’s stock valued at $3,166,000 after buying an additional 49,674 shares in the last quarter. Swiss National Bank raised its position in shares of New Relic by 11.6% in the second quarter. Swiss National Bank now owns 39,397 shares of the company’s stock valued at $1,157,000 after buying an additional 4,100 shares in the last quarter. Frontier Capital Management Co. LLC raised its position in shares of New Relic by 47.5% in the second quarter. Frontier Capital Management Co. LLC now owns 152,241 shares of the company’s stock valued at $4,473,000 after buying an additional 49,060 shares in the last quarter. Charles Stewart Mott Foundation purchased a new position in shares of New Relic during the second quarter valued at about $1,309,000. Finally, California State Teachers Retirement System raised its position in shares of New Relic by 275.5% in the second quarter. California State Teachers Retirement System now owns 46,051 shares of the company’s stock valued at $1,353,000 after buying an additional 33,788 shares in the last quarter. Institutional investors and hedge funds own 59.42% of the company’s stock.
New Relic (NYSE:NEWR) opened at 33.84 on Wednesday. The company’s market cap is $1.76 billion. New Relic has a 12-month low of $20.39 and a 12-month high of $38.72. The firm’s 50-day moving average price is $35.59 and its 200-day moving average price is $33.21.
New Relic (NYSE:NEWR) last released its quarterly earnings data on Monday, November 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.08. The firm earned $63.40 million during the quarter, compared to analysts’ expectations of $61.93 million. New Relic had a negative return on equity of 34.47% and a negative net margin of 31.38%. The business’s revenue for the quarter was up 47.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.17) earnings per share. Analysts expect that New Relic will post ($0.59) EPS for the current year.
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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