Stock analysts at Guggenheim started coverage on shares of New Relic Inc. (NYSE:NEWR) in a research report issued to clients and investors on Friday. The firm set a “buy” rating and a $50.00 price target on the stock. Guggenheim’s price objective would suggest a potential upside of 48.15% from the stock’s current price.

A number of other equities analysts have also commented on the company. JMP Securities reaffirmed a “buy” rating on shares of New Relic in a report on Thursday, November 17th. Morgan Stanley set a $43.00 price target on New Relic and gave the stock a “buy” rating in a report on Wednesday, September 28th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $38.11.

Analyst Recommendations for New Relic (NYSE:NEWR)

Shares of New Relic (NYSE:NEWR) opened at 33.75 on Friday. The company’s 50-day moving average price is $35.35 and its 200-day moving average price is $33.43. New Relic has a 12 month low of $20.39 and a 12 month high of $38.72. The company’s market cap is $1.76 billion.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Monday, November 7th. The company reported ($0.09) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.08. New Relic had a negative return on equity of 34.47% and a negative net margin of 31.38%. The firm earned $63.40 million during the quarter, compared to analyst estimates of $61.93 million. During the same period last year, the company earned ($0.17) earnings per share. The business’s revenue for the quarter was up 47.8% on a year-over-year basis. Analysts anticipate that New Relic will post ($0.59) EPS for the current year.

In other New Relic news, VP Robin Schulman sold 4,900 shares of the firm’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $37.98, for a total transaction of $186,102.00. Following the sale, the vice president now owns 4,900 shares in the company, valued at $186,102. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Hilarie A. Koplow sold 5,312 shares of the firm’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $36.78, for a total value of $195,375.36. Following the sale, the president now owns 6,937 shares in the company, valued at approximately $255,142.86. The disclosure for this sale can be found here. Company insiders own 46.60% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its position in New Relic by 1.0% in the second quarter. FMR LLC now owns 7,508,139 shares of the company’s stock valued at $220,589,000 after buying an additional 77,268 shares in the last quarter. Matrix Capital Management Company LP bought a new position in New Relic during the third quarter valued at approximately $185,779,000. Vanguard Group Inc. increased its position in New Relic by 13.6% in the second quarter. Vanguard Group Inc. now owns 1,862,972 shares of the company’s stock valued at $54,734,000 after buying an additional 223,679 shares in the last quarter. Praesidium Investment Management Company LLC bought a new position in New Relic during the third quarter valued at approximately $26,303,000. Finally, BlackRock Institutional Trust Company N.A. increased its position in New Relic by 10.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 599,446 shares of the company’s stock valued at $22,971,000 after buying an additional 58,193 shares in the last quarter. Hedge funds and other institutional investors own 58.69% 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.

5 Day Chart for NYSE:NEWR

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