New Relic (NYSE:NEWR) PT Raised to $67.00

New Relic (NYSE:NEWR) had its price target upped by Morgan Stanley from $61.00 to $67.00 in a research note published on Wednesday, May 9th. They currently have an equal weight rating on the software maker’s stock.

A number of other equities analysts have also commented on the company. Wedbush reaffirmed an outperform rating and issued a $86.00 price objective (down from $93.00) on shares of New Relic in a research note on Wednesday, May 9th. BMO Capital Markets raised New Relic from a market perform rating to an outperform rating and boosted their price target for the company from $83.00 to $95.00 in a research note on Wednesday, May 9th. Zacks Investment Research lowered New Relic from a buy rating to a hold rating in a research note on Wednesday, April 11th. ValuEngine raised New Relic from a hold rating to a buy rating in a research note on Monday, April 2nd. Finally, Needham & Company LLC boosted their price target on New Relic from $73.00 to $84.00 and gave the company a buy rating in a research note on Monday, April 2nd. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $73.79.

New Relic stock opened at $91.80 on Wednesday. The company has a market capitalization of $4.86 billion, a P/E ratio of -121.80 and a beta of 0.65. New Relic has a one year low of $87.30 and a one year high of $89.98.

New Relic (NYSE:NEWR) last posted its quarterly earnings data on Tuesday, May 8th. The software maker reported $0.09 EPS for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.04. The company had revenue of $98.40 million for the quarter, compared to analyst estimates of $96.34 million. New Relic had a negative return on equity of 20.14% and a negative net margin of 12.76%. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.11) earnings per share. analysts predict that New Relic will post -0.59 EPS for the current year.

In other news, CEO Lewis Cirne sold 89,000 shares of the company’s stock in a transaction that occurred on Friday, March 2nd. The stock was sold at an average price of $72.94, for a total transaction of $6,491,660.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Sachleben sold 11,627 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $66.97, for a total value of $778,660.19. The disclosure for this sale can be found here. Insiders have sold 358,904 shares of company stock worth $26,833,566 over the last ninety days. 23.10% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the company. American International Group Inc. raised its position in shares of New Relic by 4.8% during the fourth quarter. American International Group Inc. now owns 20,601 shares of the software maker’s stock worth $1,190,000 after purchasing an additional 945 shares during the period. Essex Investment Management Co. LLC raised its position in shares of New Relic by 12.4% during the fourth quarter. Essex Investment Management Co. LLC now owns 11,279 shares of the software maker’s stock worth $652,000 after purchasing an additional 1,248 shares during the period. Swiss National Bank grew its holdings in New Relic by 2.3% during the first quarter. Swiss National Bank now owns 56,997 shares of the software maker’s stock worth $4,225,000 after buying an additional 1,300 shares in the last quarter. Teachers Advisors LLC grew its holdings in New Relic by 1.9% during the fourth quarter. Teachers Advisors LLC now owns 76,201 shares of the software maker’s stock worth $4,402,000 after buying an additional 1,427 shares in the last quarter. Finally, UBS Asset Management Americas Inc. grew its holdings in New Relic by 7.7% during the fourth quarter. UBS Asset Management Americas Inc. now owns 21,152 shares of the software maker’s stock worth $1,222,000 after buying an additional 1,516 shares in the last quarter. 74.60% of the stock is currently owned by institutional investors.

New Relic Company Profile

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

Analyst Recommendations for New Relic (NYSE:NEWR)

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