Zacks Investment Research downgraded shares of New Relic, Inc. (NYSE:NEWR) from a buy rating to a hold rating in a report published on Thursday morning.

According to Zacks, “New Relic, Inc. is a software analytics company. The Company offers solution which includes application development, production monitoring, real-time analytics, mobile application management and digital transformation. Its products include new relic APM, new relic mobile, new relic insights, new relic services, new relic browser and new relic platform. New Relic, Inc. is based in San Francisco, United States. “

Several other equities research analysts have also issued reports on the stock. Oppenheimer Holdings, Inc. reissued a buy rating and issued a $50.00 price objective on shares of New Relic in a research report on Tuesday, September 19th. KeyCorp assumed coverage on shares of New Relic in a research report on Tuesday, September 19th. They issued an overweight rating and a $52.00 price objective for the company. BidaskClub lowered shares of New Relic from a strong-buy rating to a buy rating in a research report on Monday, September 18th. Robert W. Baird set a $55.00 price objective on shares of New Relic and gave the stock a buy rating in a research report on Monday, September 11th. Finally, UBS AG increased their price objective on shares of New Relic from $42.00 to $47.00 and gave the stock a neutral rating in a research report on Friday, August 4th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. New Relic currently has an average rating of Buy and an average target price of $50.17.

Shares of New Relic (NYSE:NEWR) traded up 1.48% during mid-day trading on Thursday, hitting $51.57. 291,285 shares of the stock were exchanged. The stock’s market cap is $2.81 billion. The company has a 50-day moving average of $48.46 and a 200 day moving average of $44.03. New Relic has a one year low of $27.85 and a one year high of $51.97.

New Relic (NYSE:NEWR) last issued its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.09) EPS for the quarter, topping 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 firm had revenue of $80.10 million during the quarter, compared to analyst estimates of $78.09 million. During the same quarter in the prior year, the business posted ($0.20) earnings per share. New Relic’s revenue for the quarter was up 36.7% compared to the same quarter last year. On average, equities analysts predict that New Relic will post ($0.25) earnings per share for the current year.

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In related news, insider James R. Gochee sold 6,680 shares of the firm’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $45.02, for a total transaction of $300,733.60. Following the completion of the sale, the insider now directly owns 363,990 shares of the company’s stock, valued at approximately $16,386,829.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Robin Schulman sold 5,534 shares of the firm’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $46.98, for a total transaction of $259,987.32. Following the sale, the vice president now directly owns 6,111 shares of the company’s stock, valued at $287,094.78. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 200,427 shares of company stock valued at $9,359,953. Company insiders own 23.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Ardsley Advisory Partners bought a new position in New Relic during the 2nd quarter valued at $430,000. Paulson & CO. Inc. bought a new position in New Relic during the 2nd quarter valued at $15,195,000. Ashford Capital Management Inc. boosted its stake in New Relic by 35.6% during the 2nd quarter. Ashford Capital Management Inc. now owns 239,725 shares of the software maker’s stock valued at $10,311,000 after acquiring an additional 62,925 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in New Relic by 50.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock valued at $111,000 after acquiring an additional 862 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in New Relic by 20.1% during the 2nd quarter. California State Teachers Retirement System now owns 51,933 shares of the software maker’s stock valued at $2,234,000 after acquiring an additional 8,682 shares during the last quarter. Hedge funds and other institutional investors own 74.82% of the company’s stock.

About New Relic

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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