Investment Analysts’ Recent Ratings Changes for New Relic (NEWR)

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New Relic (NYSE: NEWR) recently received a number of ratings updates from brokerages and research firms:

  • 8/8/2018 – New Relic had its price target raised by analysts at BMO Capital Markets from $110.00 to $117.00. They now have an “outperform” rating on the stock.
  • 8/8/2018 – New Relic had its price target raised by analysts at Wedbush from $116.00 to $126.00. They now have an “outperform” rating on the stock.
  • 8/8/2018 – New Relic had its price target raised by analysts at Morgan Stanley from $80.00 to $102.00. They now have an “equal weight” rating on the stock.
  • 8/8/2018 – New Relic had its price target raised by analysts at Needham & Company LLC from $121.00 to $129.00. They now have a “buy” rating on the stock.
  • 7/30/2018 – New Relic was downgraded by analysts at ValuEngine from a “strong-buy” rating to a “buy” rating.
  • 7/17/2018 – New Relic is now covered by analysts at Argus. They set a “hold” rating on the stock.
  • 7/11/2018 – New Relic is now covered by analysts at DA Davidson. They set a “neutral” rating and a $105.00 price target on the stock.
  • 6/27/2018 – New Relic had its price target raised by analysts at Morgan Stanley from $73.00 to $80.00. They now have an “equal weight” rating on the stock.
  • 6/25/2018 – New Relic is now covered by analysts at Deutsche Bank AG. They set a “buy” rating and a $125.00 price target on the stock.

New Relic opened at $105.77 on Monday, MarketBeat Ratings reports. New Relic Inc has a 52-week low of $43.43 and a 52-week high of $114.78. The firm has a market capitalization of $5.97 billion, a PE ratio of -142.93 and a beta of 0.77. The company has a quick ratio of 1.66, a current ratio of 3.83 and a debt-to-equity ratio of 1.28.

New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, August 7th. The software maker reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.04. New Relic had a negative net margin of 9.13% and a negative return on equity of 12.19%. The company had revenue of $108.22 million during the quarter, compared to analyst estimates of $106.09 million. research analysts anticipate that New Relic Inc will post -0.38 EPS for the current fiscal year.

In other news, CEO Lewis Cirne sold 89,000 shares of the stock in a transaction on Monday, June 4th. The shares were sold at an average price of $104.65, for a total value of $9,313,850.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Erica Schultz sold 1,800 shares of the stock in a transaction on Tuesday, May 15th. The stock was sold at an average price of $87.07, for a total transaction of $156,726.00. Following the completion of the sale, the executive now directly owns 22,327 shares of the company’s stock, valued at approximately $1,944,011.89. The disclosure for this sale can be found here. Insiders sold 372,797 shares of company stock valued at $38,349,245 in the last three months. Company insiders own 20.40% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Gideon Capital Advisors Inc. boosted its stake in shares of New Relic by 105.5% in the first quarter. Gideon Capital Advisors Inc. now owns 8,964 shares of the software maker’s stock valued at $664,000 after purchasing an additional 4,601 shares during the period. Commonwealth Equity Services LLC purchased a new position in shares of New Relic in the first quarter valued at $212,000. Baillie Gifford & Co. boosted its stake in shares of New Relic by 34.7% in the first quarter. Baillie Gifford & Co. now owns 676,608 shares of the software maker’s stock valued at $50,150,000 after purchasing an additional 174,255 shares during the period. Amalgamated Bank boosted its stake in shares of New Relic by 66.2% in the second quarter. Amalgamated Bank now owns 6,778 shares of the software maker’s stock valued at $682,000 after purchasing an additional 2,701 shares during the period. Finally, Swiss National Bank boosted its stake in shares of New Relic by 2.3% in the first quarter. Swiss National Bank now owns 56,997 shares of the software maker’s stock valued at $4,225,000 after purchasing an additional 1,300 shares during the period. 72.36% of the stock is owned by institutional investors.

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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