New Relic (NEWR) Trading 11.7% Higher

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New Relic Inc (NYSE:NEWR) traded up 11.7% during mid-day trading on Wednesday . The company traded as high as $101.16 and last traded at $96.11. 1,880,003 shares were traded during trading, an increase of 156% from the average session volume of 735,510 shares. The stock had previously closed at $86.07.

A number of equities research analysts have recently issued reports on the company. BMO Capital Markets cut their target price on New Relic from $117.00 to $110.00 and set an “outperform” rating on the stock in a research report on Wednesday. First Analysis raised New Relic from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $114.00 to $116.00 in a research report on Wednesday. Zacks Investment Research lowered New Relic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 10th. TheStreet raised New Relic from a “d” rating to a “c” rating in a research report on Thursday, August 23rd. Finally, ValuEngine lowered New Relic from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 30th. Eight research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. New Relic presently has an average rating of “Buy” and a consensus price target of $97.71.

The stock has a market cap of $4.92 billion, a price-to-earnings ratio of -129.88 and a beta of 0.82. The company has a debt-to-equity ratio of 1.28, a current ratio of 3.83 and a quick ratio of 3.83.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, November 6th. The software maker reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.03). The business had revenue of $114.90 million for the quarter, compared to analyst estimates of $112.26 million. New Relic had a negative net margin of 9.13% and a negative return on equity of 12.19%. The firm’s quarterly revenue was up 35.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.06) earnings per share. As a group, equities research analysts anticipate that New Relic Inc will post -0.38 EPS for the current fiscal year.

In related news, CEO Lewis Cirne sold 89,000 shares of the company’s stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $88.23, for a total transaction of $7,852,470.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Sachleben sold 15,000 shares of the company’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $105.35, for a total value of $1,580,250.00. The disclosure for this sale can be found here. Insiders have sold 435,742 shares of company stock worth $41,658,041 over the last three months. 20.40% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of NEWR. Tower Research Capital LLC TRC increased its position in New Relic by 95.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,198 shares of the software maker’s stock worth $121,000 after purchasing an additional 584 shares during the last quarter. First Quadrant L P CA acquired a new position in New Relic in the 3rd quarter worth about $139,000. CIBC Asset Management Inc acquired a new position in New Relic in the 2nd quarter worth about $200,000. Stifel Financial Corp acquired a new position in New Relic in the 1st quarter worth about $203,000. Finally, Congress Park Capital LLC acquired a new position in New Relic in the 2nd quarter worth about $231,000. 76.96% of the stock is currently owned by institutional investors.

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About New Relic (NYSE:NEWR)

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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