New Relic, Inc. (NEWR) Given a $55.00 Price Target by Robert W. Baird Analysts
Other research analysts have also issued research reports about the stock. CIBC boosted their price objective on shares of New Relic from $40.00 to $46.00 and gave the stock an outperform rating in a research note on Monday, May 15th. Morgan Stanley lowered shares of New Relic from an overweight rating to an equal weight rating and boosted their price objective for the stock from $45.00 to $48.00 in a research note on Thursday, July 20th. They noted that the move was a valuation call. Stephens assumed coverage on shares of New Relic in a research note on Thursday, May 25th. They set an overweight rating and a $55.00 price objective for the company. Zacks Investment Research lowered shares of New Relic from a buy rating to a hold rating in a research note on Tuesday, May 16th. Finally, BidaskClub upgraded shares of New Relic from a buy rating to a strong-buy rating in a research note on Thursday, August 24th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $48.55.
Shares of New Relic (NYSE:NEWR) opened at 50.00 on Monday. New Relic has a 12-month low of $27.85 and a 12-month high of $50.16. The stock’s market cap is $2.73 billion. The stock’s 50 day moving average is $46.99 and its 200-day moving average is $42.44.
New Relic (NYSE:NEWR) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.03. The firm had revenue of $80.10 million during the quarter, compared to analyst estimates of $78.09 million. New Relic had a negative net margin of 20.68% and a negative return on equity of 29.19%. New Relic’s revenue was up 36.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.20) EPS. Equities analysts expect that New Relic will post ($0.25) EPS for the current year.
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In other news, CEO Lewis Cirne sold 33,000 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $48.43, for a total value of $1,598,190.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Mark Sachleben sold 833 shares of the company’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $41.34, for a total transaction of $34,436.22. Following the completion of the sale, the chief financial officer now directly owns 2,203 shares in the company, valued at $91,072.02. The disclosure for this sale can be found here. In the last three months, insiders have sold 191,631 shares of company stock worth $8,798,615. 23.10% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in NEWR. Clearbridge Investments LLC boosted its holdings in New Relic by 377.8% during the first quarter. Clearbridge Investments LLC now owns 1,368,733 shares of the software maker’s stock worth $50,739,000 after buying an additional 1,082,245 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in New Relic during the first quarter worth $18,611,000. Hunt Lane Capital LP purchased a new stake in New Relic during the second quarter worth $18,752,000. Bank of New York Mellon Corp boosted its holdings in New Relic by 66.4% during 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 in the last quarter. Finally, FIL Ltd boosted its holdings in New Relic by 157.7% during the first quarter. FIL Ltd now owns 676,498 shares of the software maker’s stock worth $25,077,000 after buying an additional 413,967 shares in the last quarter. 74.78% of the stock is currently owned by institutional investors and hedge funds.
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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