New Relic, Inc. (NEWR) Cut to Equal Weight at First Analysis
A number of other research firms also recently weighed in on NEWR. CIBC raised their price target on New Relic from $40.00 to $46.00 and gave the stock an outperform rating in a research note on Monday, May 15th. BidaskClub downgraded New Relic from a strong-buy rating to a buy rating in a research note 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 research note on Thursday, April 6th. Stephens started coverage on New Relic in a research note on Thursday, May 25th. They set an overweight rating and a $55.00 price target for the company. Finally, Zacks Investment Research downgraded New Relic from a buy rating to a hold rating in a research note on Tuesday, May 16th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $47.10.
Shares of New Relic (NYSE NEWR) opened at 45.15 on Friday. New Relic has a one year low of $27.85 and a one year high of $49.19. The stock’s 50 day moving average price is $45.07 and its 200-day moving average price is $40.13. The stock’s market cap is $2.42 billion.
New Relic (NYSE:NEWR) last posted its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.09) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.03. New Relic had a negative return on equity of 29.36% and a negative net margin of 20.68%. The company had revenue of $80.10 million during the quarter, compared to the consensus estimate of $78.09 million. During the same period last year, the business earned ($0.20) EPS. The business’s quarterly revenue was up 36.7% on a year-over-year basis. On average, equities analysts predict that New Relic will post ($0.25) earnings per share for the current fiscal year.
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In other news, CFO Mark Sachleben sold 5,000 shares of the stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $45.37, for a total transaction of $226,850.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Lewis Cirne sold 33,000 shares of the stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $43.68, for a total value of $1,441,440.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 229,952 shares of company stock worth $10,142,139. 23.10% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Botty Investors LLC raised its stake in 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. Teachers Advisors LLC raised its stake in New Relic by 1.4% in the first quarter. Teachers Advisors LLC now owns 58,125 shares of the software maker’s stock worth $2,155,000 after buying an additional 811 shares during the period. American International Group Inc. raised its stake in New Relic by 7.1% in the first quarter. American International Group Inc. now owns 13,522 shares of the software maker’s stock worth $501,000 after buying an additional 894 shares during the period. OLD National Bancorp IN raised its stake in New Relic by 8.5% in the first quarter. OLD National Bancorp IN now owns 13,351 shares of the software maker’s stock worth $495,000 after buying an additional 1,044 shares during the period. Finally, Wrapmanager Inc. raised its stake in New Relic by 16.4% in the first quarter. Wrapmanager Inc. now owns 9,829 shares of the software maker’s stock worth $364,000 after buying an additional 1,386 shares during the period. 71.33% of the stock is currently owned by hedge funds and other institutional investors.
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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