New Relic Inc. (NEWR) Given a $49.00 Price Target at DA Davidson
Several other research analysts also recently issued reports on the stock. Guggenheim assumed coverage on shares of New Relic in a report on Friday, November 18th. They set a buy rating and a $50.00 price objective on the stock. JMP Securities reissued a buy rating on shares of New Relic in a research note on Thursday, November 17th. Finally, Morgan Stanley set a $43.00 target price on shares of New Relic and gave the company a buy rating in a research note on Wednesday, September 28th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $39.20.
New Relic (NYSE:NEWR) traded down 0.18% on Tuesday, hitting $32.65. 282,929 shares of the company were exchanged. New Relic has a one year low of $20.39 and a one year high of $38.72. The firm’s market cap is $1.70 billion. The stock has a 50 day moving average price of $35.21 and a 200 day moving average price of $33.49.
New Relic (NYSE:NEWR) last posted its quarterly earnings data on Monday, November 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.08. New Relic had a negative net margin of 31.38% and a negative return on equity of 34.47%. The company had revenue of $63.40 million for the quarter, compared to the consensus estimate of $61.93 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The business’s revenue was up 47.8% compared to the same quarter last year. On average, equities research analysts forecast that New Relic will post ($0.59) EPS for the current fiscal year.
In other New Relic news, President Hilarie A. Koplow sold 5,312 shares of the stock in a transaction on Friday, September 9th. The shares were sold at an average price of $36.78, for a total value of $195,375.36. Following the completion of the sale, the president now owns 6,937 shares in the company, valued at $255,142.86. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Sachleben sold 3,500 shares of the firm’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $38.00, for a total transaction of $133,000.00. The disclosure for this sale can be found here. 46.60% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. FMR LLC boosted its stake in New Relic by 1.0% in the second quarter. FMR LLC now owns 7,508,139 shares of the company’s stock worth $220,589,000 after buying an additional 77,268 shares in the last quarter. Matrix Capital Management Company LP bought a new stake in New Relic during the third quarter worth about $185,779,000. Vanguard Group Inc. boosted its stake in New Relic by 13.6% in the second quarter. Vanguard Group Inc. now owns 1,862,972 shares of the company’s stock worth $54,734,000 after buying an additional 223,679 shares in the last quarter. Praesidium Investment Management Company LLC bought a new stake in New Relic during the third quarter worth about $26,303,000. Finally, BlackRock Institutional Trust Company N.A. boosted its stake 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 worth $22,971,000 after buying an additional 58,193 shares in the last quarter. Institutional investors own 58.69% of the company’s stock.
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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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