New Relic Inc (NYSE:NEWR) has been assigned an average recommendation of “Buy” from the fourteen research firms that are currently covering the company, MarketBeat reports. Seven research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $60.33.

A number of equities analysts recently commented on the company. Oppenheimer lifted their price target on New Relic from $57.00 to $66.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. JPMorgan Chase & Co. cut New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price target for the company. in a report on Tuesday, December 12th. BMO Capital Markets assumed coverage on New Relic in a report on Friday, January 12th. They set a “market perform” rating and a $68.00 price target for the company. Stephens lifted their price target on New Relic from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Finally, Robert W. Baird lifted their price target on New Relic from $65.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th.

In other New Relic news, insider James R. Gochee sold 428 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $59.10, for a total transaction of $25,294.80. Following the completion of the sale, the insider now directly owns 337,904 shares in the company, valued at $19,970,126.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Sachleben sold 2,238 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $55.53, for a total transaction of $124,276.14. Following the sale, the chief financial officer now owns 1,248 shares of the company’s stock, valued at $69,301.44. The disclosure for this sale can be found here. Insiders have sold 252,258 shares of company stock valued at $15,294,657 over the last 90 days. Company insiders own 23.10% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NEWR. Teachers Advisors LLC raised its position in shares of New Relic by 28.2% in the second quarter. Teachers Advisors LLC now owns 74,517 shares of the software maker’s stock valued at $3,205,000 after buying an additional 16,392 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of New Relic in the second quarter valued at approximately $1,294,000. Nationwide Fund Advisors raised its position in shares of New Relic by 31.1% in the second quarter. Nationwide Fund Advisors now owns 16,626 shares of the software maker’s stock valued at $715,000 after buying an additional 3,945 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of New Relic by 15.6% in the second quarter. New York State Common Retirement Fund now owns 64,605 shares of the software maker’s stock valued at $2,779,000 after buying an additional 8,699 shares in the last quarter. Finally, UBS Asset Management Americas Inc. acquired a new stake in shares of New Relic in the second quarter valued at approximately $535,000. Institutional investors own 75.49% of the company’s stock.

New Relic (NYSE NEWR) traded up $2.81 during trading on Wednesday, reaching $69.34. The company had a trading volume of 681,030 shares, compared to its average volume of 478,549. New Relic has a fifty-two week low of $33.10 and a fifty-two week high of $69.37. The company has a market capitalization of $3,543.26, a PE ratio of -69.73 and a beta of 0.98.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, February 6th. The software maker reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. New Relic had a negative return on equity of 25.22% and a negative net margin of 16.17%. The business had revenue of $91.83 million during the quarter, compared to analysts’ expectations of $89.31 million. During the same quarter last year, the company posted ($0.09) earnings per share. New Relic’s quarterly revenue was up 34.8% on a year-over-year basis. research analysts expect that New Relic will post -0.81 EPS for the current year.

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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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