Shares of New Relic Inc (NYSE:NEWR) have earned a consensus recommendation of “Buy” from the sixteen ratings firms that are covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $55.15.
A number of brokerages have weighed in on NEWR. JMP Securities increased their target price on shares of New Relic from $54.00 to $56.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 8th. JPMorgan Chase & Co. lowered shares of New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 target price for the company. in a research report on Tuesday, December 12th. Morgan Stanley raised their price objective 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. BMO Capital Markets began coverage on shares of New Relic in a research report on Friday, January 12th. They issued a “market perform” rating and a $68.00 price objective for the company. Finally, BidaskClub lowered shares of New Relic from a “buy” rating to a “hold” rating in a research report on Tuesday, November 7th.
Shares of New Relic (NEWR) traded up $0.40 during trading hours on Friday, reaching $58.15. 483,659 shares of the company’s stock were exchanged, compared to its average volume of 287,051. The company has a market capitalization of $3,179.85, a price-to-earnings ratio of -51.92 and a beta of 1.03. New Relic has a 12-month low of $32.18 and a 12-month high of $60.97.
New Relic (NYSE:NEWR) last issued its earnings results on Tuesday, November 7th. The software maker reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $84.68 million during the quarter, compared to analyst estimates of $82.98 million. New Relic had a negative net margin of 19.43% and a negative return on equity of 29.19%. The company’s quarterly revenue was up 33.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.09) earnings per share. analysts anticipate that New Relic will post -0.98 earnings per share for the current fiscal year.
In other New Relic news, insider James R. Gochee sold 4,000 shares of New Relic stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $58.31, for a total transaction of $233,240.00. Following the completion of the sale, the insider now directly owns 333,476 shares in the company, valued at $19,444,985.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Robin Schulman sold 1,797 shares of New Relic stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $54.44, for a total transaction of $97,828.68. Following the sale, the vice president now owns 1,107 shares of the company’s stock, valued at $60,265.08. The disclosure for this sale can be found here. Insiders sold 178,139 shares of company stock valued at $9,968,335 over the last 90 days. 23.10% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. raised its stake in shares of New Relic by 50.4% during the second quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock worth $111,000 after acquiring an additional 862 shares in the last quarter. Crow Point Partners LLC purchased a new position in shares of New Relic during the fourth quarter worth approximately $113,000. ETF Managers Group LLC purchased a new position in shares of New Relic during the second quarter worth approximately $118,000. BNP Paribas Arbitrage SA raised its stake in shares of New Relic by 507.2% during the second quarter. BNP Paribas Arbitrage SA now owns 3,813 shares of the software maker’s stock worth $164,000 after acquiring an additional 3,185 shares in the last quarter. Finally, BT Investment Management Ltd purchased a new position in shares of New Relic during the second quarter worth approximately $186,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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