First Analysis lowered shares of New Relic, Inc. (NYSE:NEWR) from an overweight rating to an equal weight rating in a report released on Friday, August 4th, MarketBeat.com reports. First Analysis currently has $50.00 price target on the software maker’s stock.

A number of other equities analysts have also commented on NEWR. Robert W. Baird increased their price target on New Relic from $40.00 to $42.00 and gave the company an outperform rating in a research note on Thursday, April 6th. Zacks Investment Research raised New Relic from a sell rating to a buy rating and set a $44.00 price objective for the company in a research note on Wednesday, April 12th. Oppenheimer Holdings, Inc. reaffirmed an outperform rating and issued a $46.00 price objective (up from $40.00) on shares of New Relic in a research note on Friday, May 12th. CIBC raised their price objective on New Relic from $40.00 to $46.00 and gave the company an outperform rating in a research note on Monday, May 15th. Finally, Stephens assumed coverage on New Relic in a research note on Thursday, May 25th. They issued an overweight rating and a $55.00 price objective for the company. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has an average rating of Buy and an average target price of $47.36.

Shares of New Relic (NYSE:NEWR) traded up 0.57% during trading on Friday, hitting $45.93. The company had a trading volume of 920,244 shares. New Relic has a 52 week low of $27.85 and a 52 week high of $49.19. The firm’s 50 day moving average is $46.14 and its 200-day moving average is $41.07. The stock’s market capitalization is $2.50 billion.

New Relic (NYSE:NEWR) last announced its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. New Relic had a negative return on equity of 29.19% and a negative net margin of 20.68%. The company had revenue of $80.10 million during the quarter, compared to analyst estimates of $78.09 million. During the same period in the prior year, the company earned ($0.20) earnings per share. The firm’s revenue was up 36.7% on a year-over-year basis. Equities research analysts anticipate that New Relic will post ($0.25) EPS for the current fiscal year.

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In other news, VP Robin Schulman sold 667 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 1,244 shares in the company, valued at $58,505.32. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider James R. Gochee sold 20,000 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $40.35, for a total value of $807,000.00. Following the completion of the sale, the insider now owns 380,906 shares in the company, valued at $15,369,557.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 220,518 shares of company stock worth $9,763,234. Company insiders own 23.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. increased its position in New Relic by 50.4% in the second quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock valued at $111,000 after buying an additional 862 shares during the last quarter. ETF Managers Group LLC purchased a new position in New Relic during the second quarter valued at approximately $118,000. Botty Investors LLC increased its position in New Relic by 23.5% in the second quarter. Botty Investors LLC now owns 2,809 shares of the software maker’s stock valued at $121,000 after buying an additional 535 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in New Relic by 507.2% in the second quarter. BNP Paribas Arbitrage SA now owns 3,813 shares of the software maker’s stock valued at $164,000 after buying an additional 3,185 shares during the last quarter. Finally, Fortaleza Asset Management Inc. increased its position in New Relic by 73.8% in the first quarter. Fortaleza Asset Management Inc. now owns 4,910 shares of the software maker’s stock valued at $182,000 after buying an additional 2,085 shares during the last quarter. Institutional investors own 71.79% 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.

Analyst Recommendations for New Relic (NYSE:NEWR)

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