KeyCorp Initiates Coverage on New Relic, Inc. (NEWR)
KeyCorp assumed coverage on shares of New Relic, Inc. (NYSE:NEWR) in a research report issued to clients and investors on Tuesday. The firm set an “overweight” rating and a $52.00 price target on the software maker’s stock. KeyCorp’s price target would suggest a potential upside of 9.13% from the company’s current price.
NEWR has been the topic of a number of other reports. BidaskClub lowered shares of New Relic from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. First Analysis lowered shares of New Relic from an “overweight” rating to an “equal weight” rating and set a $50.00 target price on the stock. in a research report on Friday, August 4th. UBS AG upped their target price on shares of New Relic from $42.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, August 4th. Morgan Stanley lowered shares of New Relic from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $45.00 to $48.00 in a research report on Thursday, July 20th. They noted that the move was a valuation call. Finally, Stephens began coverage on shares of New Relic in a research report on Thursday, May 25th. They set an “overweight” rating and a $55.00 target price on the stock. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. New Relic presently has a consensus rating of “Buy” and an average price target of $49.17.
New Relic (NYSE NEWR) opened at 47.65 on Tuesday. New Relic has a 52 week low of $27.85 and a 52 week high of $51.31. The company has a 50-day moving average of $47.31 and a 200-day moving average of $43.08. The stock’s market capitalization is $2.60 billion.
New Relic (NYSE:NEWR) last issued its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.03. New Relic had a negative net margin of 20.68% and a negative return on equity of 29.19%. The business had revenue of $80.10 million for the quarter, compared to analyst estimates of $78.09 million. During the same period in the previous year, the business posted ($0.20) earnings per share. The business’s revenue was up 36.7% compared to the same quarter last year. Analysts anticipate that New Relic will post ($0.25) earnings per share for the current year.
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In other New Relic news, insider James R. Gochee sold 3,320 shares of the company’s stock in a transaction dated Tuesday, July 11th. The shares were sold at an average price of $45.33, for a total value of $150,495.60. Following the sale, the insider now owns 360,630 shares of the company’s stock, valued at $16,347,357.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James R. Gochee sold 6,680 shares of the company’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $45.02, for a total transaction of $300,733.60. Following the completion of the sale, the insider now directly owns 363,990 shares in the company, valued at approximately $16,386,829.80. The disclosure for this sale can be found here. Insiders sold 194,982 shares of company stock worth $9,062,752 in the last ninety days. Insiders own 23.10% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in NEWR. Clearbridge Investments LLC lifted its holdings in shares of New Relic by 377.8% in the first quarter. Clearbridge Investments LLC now owns 1,368,733 shares of the software maker’s stock valued at $50,739,000 after purchasing an additional 1,082,245 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of New Relic in the first quarter valued at about $18,611,000. Hunt Lane Capital LP purchased a new stake in shares of New Relic in the second quarter valued at about $18,752,000. Bank of New York Mellon Corp lifted its holdings in shares of New Relic by 66.4% in the first quarter. Bank of New York Mellon Corp now owns 1,051,025 shares of the software maker’s stock valued at $38,961,000 after purchasing an additional 419,316 shares in the last quarter. Finally, FIL Ltd lifted its holdings in shares of New Relic by 157.7% in the first quarter. FIL Ltd now owns 676,498 shares of the software maker’s stock valued at $25,077,000 after purchasing an additional 413,967 shares in the last quarter. 74.80% of the stock is currently owned by institutional investors.
New Relic Company Profile
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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