BidaskClub upgraded shares of New Relic, Inc. (NYSE:NEWR) from a buy rating to a strong-buy rating in a report published on Thursday.

Several other equities research analysts have also issued reports on NEWR. Oppenheimer Holdings, Inc. reiterated an outperform rating and set a $46.00 target price (up from $40.00) on shares of New Relic in a research report on Friday, May 12th. CIBC lifted their target price on shares of New Relic from $40.00 to $46.00 and gave the company an outperform rating in a research report on Monday, May 15th. Zacks Investment Research lowered shares of New Relic from a buy rating to a hold rating in a research report on Tuesday, May 16th. Stephens started coverage on shares of New Relic in a research report on Thursday, May 25th. They set an overweight rating and a $55.00 target price for the company. Finally, Morgan Stanley lowered shares of New Relic from an overweight rating to an equal weight rating and lifted their target price for the company from $45.00 to $48.00 in a research report on Thursday, July 20th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $47.36.

Shares of New Relic (NYSE NEWR) traded down 1.54% during mid-day trading on Thursday, hitting $47.82. 325,884 shares of the company were exchanged. The firm’s market capitalization is $2.61 billion. New Relic has a 12-month low of $27.85 and a 12-month high of $49.39. The company’s 50-day moving average price is $46.70 and its 200-day moving average price is $41.47.

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

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In other news, CEO Lewis Cirne sold 33,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $43.68, for a total value of $1,441,440.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robin Schulman sold 667 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $47.03, for a total transaction of $31,369.01. Following the completion of the sale, the vice president now owns 1,244 shares of the company’s stock, valued at $58,505.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 227,431 shares of company stock valued at $10,080,471. Company insiders own 23.10% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Fortaleza Asset Management Inc. raised 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 last quarter. Swiss National Bank raised its stake in shares of New Relic by 6.2% in the first quarter. Swiss National Bank now owns 42,997 shares of the software maker’s stock worth $1,594,000 after buying an additional 2,500 shares during the last quarter. Suntrust Banks Inc. acquired a new stake in shares of New Relic during the first quarter worth $337,000. Bank of New York Mellon Corp raised its stake in shares of New Relic by 66.4% in the first quarter. Bank of New York Mellon Corp now owns 1,051,025 shares of the software maker’s stock worth $38,961,000 after buying an additional 419,316 shares during the last quarter. Finally, Tygh Capital Management Inc. purchased a new position in shares of New Relic during the first quarter valued at approximately $4,628,000. Hedge funds and other 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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