UBS AG initiated coverage on shares of New Relic, Inc. (NYSE:NEWR) in a report released on Thursday morning, www.benzinga.com reports. The firm issued a neutral rating and a $53.00 price objective on the software maker’s stock.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley cut shares of New Relic from an overweight rating to an equal weight rating and upped their price target 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. Needham & Company LLC initiated coverage on shares of New Relic in a research note on Monday, October 23rd. They issued a buy rating and a $69.00 price objective on the stock. Zacks Investment Research cut shares of New Relic from a buy rating to a hold rating in a research note on Thursday, October 5th. Robert W. Baird set a $55.00 price objective on shares of New Relic and gave the company a buy rating in a research note on Monday, September 11th. Finally, KeyCorp initiated coverage on shares of New Relic in a research note on Tuesday, September 19th. They issued an overweight rating and a $52.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $53.00.

New Relic (NEWR) traded up $0.78 during mid-day trading on Thursday, reaching $53.09. 291,900 shares of the company traded hands, compared to its average volume of 319,637. New Relic has a 1 year low of $27.85 and a 1 year high of $54.79.

New Relic (NYSE:NEWR) last announced its quarterly earnings data on Tuesday, November 7th. The software maker reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. The company had revenue of $84.68 million for the quarter, compared to analysts’ expectations of $82.98 million. New Relic had a negative net margin of 19.43% and a negative return on equity of 29.19%. New Relic’s revenue was up 33.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.09) EPS. equities analysts forecast that New Relic will post -0.98 earnings per share for the current year.

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In related news, CFO Mark Sachleben sold 836 shares of the stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $48.31, for a total transaction of $40,387.16. Following the completion of the sale, the chief financial officer now owns 2,203 shares of the company’s stock, valued at approximately $106,426.93. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lewis Cirne sold 33,000 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $48.43, for a total transaction of $1,598,190.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 175,335 shares of company stock worth $8,713,183. Insiders own 23.10% of the company’s stock.

Large investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. grew its position in shares of New Relic by 50.4% during the second quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock worth $111,000 after buying an additional 862 shares in the last quarter. ETF Managers Group LLC acquired a new stake in shares of New Relic during the second quarter worth approximately $118,000. Botty Investors LLC grew its position in shares of New Relic by 23.5% during 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 in the last quarter. BNP Paribas Arbitrage SA grew its position in shares of New Relic by 507.2% during the second quarter. BNP Paribas Arbitrage SA now owns 3,813 shares of the software maker’s stock worth $164,000 after buying an additional 3,185 shares in the last quarter. Finally, BT Investment Management Ltd acquired a new stake in shares of New Relic during the second quarter worth approximately $186,000. 73.54% of the stock is owned by institutional investors.

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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