New Relic Inc (NYSE:NEWR) has earned a consensus rating of “Buy” from the fourteen ratings firms that are presently covering the firm, Marketbeat.com reports. Seven analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $60.33.
A number of research analysts recently issued reports on NEWR shares. Needham & Company LLC started coverage on shares of New Relic in a research report on Monday, October 23rd. They set a “buy” rating and a $69.00 price target for the company. JPMorgan Chase & Co. cut shares of New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price target for the company. in a research report on Tuesday, December 12th. BidaskClub cut shares of New Relic from a “buy” rating to a “hold” rating in a research report on Tuesday, November 7th. BMO Capital Markets started coverage on shares of New Relic in a research report on Friday, January 12th. They set a “market perform” rating and a $68.00 price target for the company. Finally, Morgan Stanley lifted their price target on shares of New Relic from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 8th.
In other New Relic news, CEO Lewis Cirne sold 33,000 shares of New Relic stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $56.63, for a total value of $1,868,790.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Sachleben sold 5,000 shares of New Relic stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $56.35, for a total transaction of $281,750.00. The disclosure for this sale can be found here. Insiders sold 252,089 shares of company stock valued at $15,459,363 over the last ninety days. Corporate insiders own 23.10% of the company’s stock.
Shares of New Relic (NYSE NEWR) traded down $1.06 during midday trading on Wednesday, reaching $68.34. 735,800 shares of the company were exchanged, compared to its average volume of 506,321. New Relic has a one year low of $33.10 and a one year high of $70.92. The stock has a market cap of $3,760.00, a PE ratio of -69.03 and a beta of 0.98.
New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.12. New Relic had a negative net margin of 16.17% and a negative return on equity of 25.22%. The company had revenue of $91.83 million during the quarter, compared to analysts’ expectations of $89.31 million. During the same period last year, the company posted ($0.09) EPS. New Relic’s revenue was up 34.8% on a year-over-year basis. analysts expect that New Relic will post -0.81 EPS for the current year.
TRADEMARK VIOLATION NOTICE: This piece of content was originally published by Week Herald and is the property of of Week Herald. If you are reading this piece of content on another website, it was illegally stolen and republished in violation of U.S. & international trademark and copyright law. The correct version of this piece of content can be accessed at https://weekherald.com/2018/03/14/new-relic-inc-newr-receives-average-rating-of-buy-from-brokerages.html.
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.
Receive News & Ratings for New Relic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Relic and related companies with MarketBeat.com's FREE daily email newsletter.