New Relic (NEWR) PT Raised to $80.00

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New Relic (NYSE:NEWR) had its target price raised by investment analysts at Morgan Stanley from $73.00 to $80.00 in a research report issued on Wednesday. The firm currently has an “equal weight” rating on the software maker’s stock. Morgan Stanley’s target price would suggest a potential downside of 20.60% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. ValuEngine upgraded shares of New Relic from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Needham & Company LLC increased their target price on shares of New Relic from $73.00 to $84.00 and gave the stock a “buy” rating in a research note on Monday, April 2nd. Zacks Investment Research upgraded shares of New Relic from a “hold” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Thursday, March 8th. Deutsche Bank initiated coverage on shares of New Relic in a research note on Monday. They set a “buy” rating and a $125.00 target price for the company. Finally, KeyCorp reiterated an “equal weight” rating on shares of New Relic in a research note on Friday, June 8th. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $90.50.

NYSE NEWR opened at $100.76 on Wednesday. New Relic has a 1 year low of $41.80 and a 1 year high of $111.59. The firm has a market capitalization of $5.61 billion, a price-to-earnings ratio of -136.16 and a beta of 0.83.

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

In related news, CFO Mark Sachleben sold 1,114 shares of the stock in a transaction dated Wednesday, June 20th. The shares were sold at an average price of $110.00, for a total transaction of $122,540.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lewis Cirne sold 53,080 shares of the stock in a transaction dated Tuesday, April 3rd. The stock was sold at an average price of $74.00, for a total transaction of $3,927,920.00. The disclosure for this sale can be found here. Insiders have sold 371,189 shares of company stock valued at $32,271,814 over the last three months. 23.10% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. Stratos Wealth Partners LTD. purchased a new position in New Relic in the first quarter valued at about $141,000. Stifel Financial Corp purchased a new position in New Relic in the first quarter valued at about $203,000. Quantum Capital Management purchased a new position in New Relic in the first quarter valued at about $210,000. Commonwealth Equity Services LLC purchased a new position in New Relic in the first quarter valued at about $212,000. Finally, Xact Kapitalforvaltning AB purchased a new position in New Relic in the fourth quarter valued at about $233,000. 74.08% of the stock is owned by institutional investors.

About New Relic

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.

Analyst Recommendations for New Relic (NYSE:NEWR)

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