Oppenheimer Holdings Inc. set a $40.00 price objective on New Relic Inc. (NYSE:NEWR) in a research report report published on Monday morning. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. DA Davidson set a $49.00 target price on New Relic and gave the stock a buy rating in a research note on Tuesday, November 22nd. Guggenheim assumed coverage on New Relic in a research note on Friday, November 18th. They issued a buy rating and a $50.00 price objective for the company. JMP Securities reaffirmed a buy rating on shares of New Relic in a research note on Thursday, November 17th. Finally, Morgan Stanley set a $43.00 price objective on New Relic and gave the company a buy rating in a research note on Wednesday, September 28th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. New Relic presently has a consensus rating of Buy and a consensus target price of $39.27.

Shares of New Relic (NYSE:NEWR) traded up 2.04% during midday trading on Monday, hitting $31.55. The company’s stock had a trading volume of 268,026 shares. The firm’s market cap is $1.64 billion. New Relic has a 12-month low of $20.39 and a 12-month high of $38.72. The firm has a 50-day moving average of $34.70 and a 200 day moving average of $33.67.

New Relic (NYSE:NEWR) last posted its earnings results 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. The company 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 firm’s quarterly revenue was up 47.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.17) earnings per share. On average, equities research analysts predict that New Relic will post ($0.59) EPS for the current fiscal year.

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In other New Relic news, CFO Mark Sachleben sold 3,500 shares of New Relic 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James R. Gochee sold 4,780 shares of New Relic stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $33.39, for a total value of $159,604.20. Following the sale, the insider now directly owns 383,487 shares of the company’s stock, valued at $12,804,630.93. The disclosure for this sale can be found here. Corporate insiders own 46.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in NEWR. Teacher Retirement System of Texas increased its stake in shares of New Relic by 27.4% in the second quarter. Teacher Retirement System of Texas now owns 3,429 shares of the company’s stock worth $101,000 after buying an additional 737 shares during the period. Paradigm Asset Management Co. LLC increased its stake in shares of New Relic by 15.2% in the second quarter. Paradigm Asset Management Co. LLC now owns 3,800 shares of the company’s stock worth $112,000 after buying an additional 500 shares during the period. SG Americas Securities LLC acquired a new stake in shares of New Relic during the third quarter worth about $211,000. Clinton Group Inc. acquired a new stake in shares of New Relic during the second quarter worth about $239,000. Finally, Sei Investments Co. increased its stake in shares of New Relic by 116.0% in the third quarter. Sei Investments Co. now owns 6,431 shares of the company’s stock worth $246,000 after buying an additional 3,454 shares during the period. 62.19% of the stock is owned by institutional investors.

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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