New Relic, Inc. (NYSE:NEWR) had its target price upped by Morgan Stanley from $48.00 to $52.00 in a research note published on Wednesday morning. The firm currently has an equal weight rating on the software maker’s stock.

Several other research firms also recently commented on NEWR. Needham & Company LLC assumed coverage on New Relic in a research report on Monday, October 23rd. They issued a buy rating and a $69.00 target price on the stock. KeyCorp reaffirmed an overweight rating and issued a $57.00 target price (up previously from $52.00) on shares of New Relic in a research report on Wednesday. BidaskClub downgraded New Relic from a buy rating to a hold rating in a research report on Tuesday, November 7th. Zacks Investment Research downgraded New Relic from a buy rating to a hold rating in a research report on Thursday, October 5th. Finally, Robert W. Baird set a $55.00 target price on New Relic and gave the company a buy rating in a research report on Monday, September 11th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. New Relic presently has an average rating of Buy and an average target price of $53.00.

New Relic (NEWR) traded up $0.78 during trading hours on Wednesday, reaching $53.09. The company’s stock had a trading volume of 291,900 shares, compared to its average volume of 319,637. New Relic has a 12-month low of $27.85 and a 12-month high of $54.79.

New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, November 7th. The software maker reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. New Relic had a negative return on equity of 29.19% and a negative net margin of 19.43%. The firm had revenue of $84.68 million for the quarter, compared to analyst estimates of $82.98 million. During the same quarter in the prior year, the company earned ($0.09) earnings per share. The business’s revenue for the quarter was up 33.5% compared to the same quarter last year. equities research analysts forecast that New Relic will post -0.98 EPS for the current fiscal year.

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In other news, CEO Lewis Cirne sold 33,000 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $51.15, for a total value of $1,687,950.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Sachleben sold 1,753 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $45.93, for a total value of $80,515.29. Following the completion of the transaction, the chief financial officer now owns 1,248 shares of the company’s stock, valued at $57,320.64. The disclosure for this sale can be found here. Insiders sold a total of 175,335 shares of company stock valued at $8,713,183 over the last quarter. 23.10% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in NEWR. Ameritas Investment Partners Inc. raised its position in New Relic by 50.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock worth $111,000 after purchasing an additional 862 shares during the last quarter. ETF Managers Group LLC bought a new position in New Relic during the 2nd quarter worth $118,000. Botty Investors LLC raised its position in New Relic by 23.5% during the 2nd quarter. Botty Investors LLC now owns 2,809 shares of the software maker’s stock worth $121,000 after purchasing an additional 535 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in New Relic by 507.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,813 shares of the software maker’s stock worth $164,000 after purchasing an additional 3,185 shares during the last quarter. Finally, BT Investment Management Ltd bought a new position in New Relic during the 2nd quarter worth $186,000. 73.54% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for New Relic (NYSE:NEWR)

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