New Relic (NYSE:NEWR) had its price objective trimmed by Morgan Stanley from $104.00 to $84.00 in a report released on Wednesday morning, AnalystRatings.com reports. The firm currently has an overweight rating on the software maker’s stock.

NEWR has been the topic of a number of other research reports. KeyCorp reiterated a hold rating on shares of New Relic in a research report on Wednesday, August 7th. Wedbush reiterated an outperform rating and set a $99.00 target price (down previously from $124.00) on shares of New Relic in a research report on Wednesday, August 7th. ValuEngine lowered New Relic from a buy rating to a hold rating in a research report on Thursday, August 8th. Zacks Investment Research upgraded New Relic from a sell rating to a hold rating in a research report on Tuesday, August 20th. Finally, Goldman Sachs Group initiated coverage on New Relic in a research report on Friday, June 7th. They set a sell rating and a $83.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $99.07.

New Relic stock opened at $58.50 on Wednesday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 2.88 and a current ratio of 2.88. New Relic has a 12 month low of $55.60 and a 12 month high of $113.34. The stock’s 50 day simple moving average is $80.50 and its two-hundred day simple moving average is $95.27.

New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported ($0.16) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. New Relic had a negative return on equity of 8.55% and a negative net margin of 9.93%. The business had revenue of $141.01 million for the quarter, compared to analyst estimates of $139.73 million. During the same quarter in the prior year, the firm posted $0.15 EPS. The business’s quarterly revenue was up 30.3% compared to the same quarter last year. As a group, equities research analysts expect that New Relic will post -0.68 earnings per share for the current year.

In related news, insider James R. Gochee sold 4,000 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $95.50, for a total value of $382,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Erica Schultz sold 4,340 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $58.21, for a total value of $252,631.40. Following the completion of the transaction, the executive now directly owns 22,002 shares of the company’s stock, valued at $1,280,736.42. The disclosure for this sale can be found here. Over the last three months, insiders sold 133,904 shares of company stock valued at $11,498,947. 17.40% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cornerstone Advisors Inc. raised its stake in New Relic by 58.4% in the 1st quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock valued at $35,000 after purchasing an additional 132 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new position in New Relic in the 1st quarter valued at $42,000. Victory Capital Management Inc. increased its stake in shares of New Relic by 255.8% in the 1st quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock worth $58,000 after acquiring an additional 422 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of New Relic in the 2nd quarter worth $55,000. Finally, Flinton Capital Management LLC increased its stake in shares of New Relic by 51.9% in the 2nd quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock worth $57,000 after acquiring an additional 224 shares during the last quarter. 74.72% of the stock is owned by hedge funds and other institutional investors.

New Relic Company Profile

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

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Analyst Recommendations for New Relic (NYSE:NEWR)

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