Analysts Set New Relic, Inc. (NEWR) Target Price at $46.44
Shares of New Relic, Inc. (NYSE:NEWR) have received a consensus rating of “Buy” from the thirteen analysts that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $46.44.
Several equities analysts have weighed in on the company. BidaskClub lowered New Relic from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Robert W. Baird raised their price target on New Relic from $40.00 to $42.00 and gave the stock an “outperform” rating in a report on Thursday, April 6th. Morgan Stanley lowered New Relic from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $45.00 to $48.00 in a report on Thursday, July 20th. They noted that the move was a valuation call. Zacks Investment Research lowered New Relic from a “buy” rating to a “hold” rating in a report on Tuesday, May 16th. Finally, Stephens started coverage on New Relic in a report on Thursday, May 25th. They issued an “overweight” rating and a $55.00 price target for the company.
In related news, CFO Mark Sachleben sold 3,500 shares of the stock in a transaction on Monday, May 8th. The stock was sold at an average price of $41.44, for a total value of $145,040.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Robin Schulman sold 667 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $47.03, for a total value of $31,369.01. Following the completion of the sale, the vice president now owns 1,244 shares in the company, valued at approximately $58,505.32. The disclosure for this sale can be found here. Insiders sold 230,535 shares of company stock worth $9,969,294 in the last quarter. 23.10% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the company. Botty Investors LLC increased its stake in shares of New Relic by 23.5% in the second quarter. Botty Investors LLC now owns 2,809 shares of the software maker’s stock worth $121,000 after buying an additional 535 shares during the period. Fortaleza Asset Management Inc. increased its stake in shares of New Relic by 73.8% in the first quarter. Fortaleza Asset Management Inc. now owns 4,910 shares of the software maker’s stock worth $182,000 after buying an additional 2,085 shares during the period. Diversified Trust Co acquired a new stake in shares of New Relic during the second quarter worth about $219,000. Envestnet Asset Management Inc. increased its stake in shares of New Relic by 203.4% in the first quarter. Envestnet Asset Management Inc. now owns 5,473 shares of the software maker’s stock worth $204,000 after buying an additional 3,669 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in shares of New Relic during the fourth quarter worth about $212,000. Institutional investors own 71.35% of the company’s stock.
New Relic (NEWR) traded up 2.226% during mid-day trading on Friday, reaching $46.605. The company had a trading volume of 428,557 shares. New Relic has a one year low of $27.85 and a one year high of $49.19. The stock’s market capitalization is $2.49 billion. The company’s 50-day moving average is $45.07 and its 200-day moving average is $40.13.
New Relic (NYSE:NEWR) last announced its quarterly earnings data on Tuesday, May 9th. The software maker reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.04. New Relic had a negative return on equity of 30.80% and a negative net margin of 23.18%. The business had revenue of $73.30 million during the quarter, compared to analyst estimates of $73.04 million. During the same period in the prior year, the company earned ($0.24) earnings per share. New Relic’s revenue was up 39.6% compared to the same quarter last year. Equities research analysts anticipate that New Relic will post ($0.27) earnings per share 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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