New Relic, Inc. (NEWR) Coverage Initiated by Analysts at UBS AG
UBS AG began coverage on shares of New Relic, Inc. (NYSE:NEWR) in a research report sent to investors on Thursday morning. The firm issued a neutral rating and a $53.00 target price on the software maker’s stock.
Other research analysts have also issued research reports about the company. Zacks Investment Research upgraded New Relic from a hold rating to a buy rating and set a $56.00 price objective on the stock in a report on Wednesday, October 4th. Oppenheimer Holdings, Inc. restated a buy rating and issued a $50.00 price objective on shares of New Relic in a report on Tuesday, September 19th. Needham & Company LLC initiated coverage on New Relic in a report on Monday, October 23rd. They issued a buy rating and a $69.00 price objective on the stock. BidaskClub lowered New Relic from a strong-buy rating to a buy rating in a report on Monday, September 18th. Finally, Robert W. Baird set a $55.00 price objective on New Relic and gave the company a buy rating in a report on Monday, September 11th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. New Relic has a consensus rating of Buy and an average target price of $53.00.
Shares of New Relic (NEWR) traded up $0.78 during mid-day trading on Thursday, reaching $53.09. The company’s stock had a trading volume of 291,637 shares, compared to its average volume of 463,579. New Relic has a 12 month low of $27.85 and a 12 month high of $54.79.
New Relic (NYSE:NEWR) last announced its quarterly earnings data on Tuesday, November 7th. The software maker reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The company had revenue of $84.68 million for the quarter, compared to analyst estimates of $82.98 million. New Relic had a negative return on equity of 29.51% and a negative net margin of 19.43%. The firm’s revenue for the quarter was up 33.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) EPS. equities research analysts forecast that New Relic will post -0.99 earnings per share for the current fiscal year.
In related news, insider James R. Gochee sold 5,767 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $45.94, for a total transaction of $264,935.98. Following the completion of the sale, the insider now directly owns 353,839 shares of the company’s stock, valued at approximately $16,255,363.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robin Schulman sold 1,745 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $46.24, for a total value of $80,688.80. Following the sale, the vice president now directly owns 1,106 shares of the company’s stock, valued at $51,141.44. 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 ninety days. Corporate insiders own 23.10% of the company’s stock.
Large investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. increased its position in shares of 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 acquired a new stake in shares of New Relic during the 2nd quarter worth about $118,000. Botty Investors LLC increased its position in shares of 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 increased its position in shares of 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 acquired a new stake in shares of New Relic during the 2nd quarter worth about $186,000. 73.54% of the stock is owned by hedge funds and other institutional investors.
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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