New Relic (NYSE:NEWR) had its price objective lowered by Cowen from $100.00 to $80.00 in a research note released on Tuesday, The Fly reports. Cowen currently has an outperform rating on the software maker’s stock.

Other analysts have also issued research reports about the stock. Raymond James lowered shares of New Relic from an outperform rating to a market perform rating in a research report on Wednesday, August 7th. KeyCorp reiterated a hold rating on shares of New Relic in a research report on Wednesday, August 7th. Argus upgraded shares of New Relic from a hold rating to a buy rating and set a $93.00 price target on the stock in a research report on Monday, August 12th. They noted that the move was a valuation call. First Analysis lowered shares of New Relic from a strong-buy rating to a neutral rating and set a $80.00 price target on the stock. in a research report on Wednesday, August 7th. Finally, ValuEngine downgraded shares of New Relic from a buy rating to a hold rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $84.81.

NYSE NEWR opened at $63.22 on Tuesday. The company has a current ratio of 2.88, a quick ratio of 2.88 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of -203.94 and a beta of 0.96. The firm’s 50 day simple moving average is $62.13 and its 200 day simple moving average is $88.87. New Relic has a 1 year low of $50.00 and a 1 year high of $109.00.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported ($0.16) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. The business had revenue of $141.01 million for the quarter, compared to analyst estimates of $139.73 million. New Relic had a negative net margin of 9.93% and a negative return on equity of 8.55%. The firm’s revenue for the quarter was up 30.3% on a year-over-year basis. During the same quarter last year, the business posted $0.15 EPS. On average, equities research analysts forecast that New Relic will post -0.71 earnings per share for the current year.

In related news, CRO Erica Schultz sold 4,340 shares of the stock in a transaction that occurred 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 owns 22,002 shares of the company’s stock, valued at approximately $1,280,736.42. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Lewis Cirne sold 500 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $91.50, for a total transaction of $45,750.00. The disclosure for this sale can be found here. In the last three months, insiders sold 99,054 shares of company stock valued at $7,711,788. 17.40% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. raised its stake in shares of New Relic by 58.4% during the first quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock valued at $35,000 after acquiring an additional 132 shares during the last quarter. Evolution Wealth Advisors LLC bought a new position in shares of New Relic during the first quarter valued at $42,000. Victory Capital Management Inc. raised its stake in shares of New Relic by 255.8% during the first quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock valued at $58,000 after acquiring an additional 422 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of New Relic during the second quarter valued at $55,000. Finally, Flinton Capital Management LLC raised its stake in shares of New Relic by 51.9% during the second quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock valued at $57,000 after acquiring an additional 224 shares during the last quarter. 79.12% 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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