New Relic, Inc. (NEWR) Upgraded to Buy by Zacks Investment Research
New Relic, Inc. (NYSE:NEWR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $56.00 price target on the software maker’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.73% from the company’s current price.
According to Zacks, “New Relic, Inc. is a software analytics company. The Company offers solution which includes application development, production monitoring, real-time analytics, mobile application management and digital transformation. Its products include new relic APM, new relic mobile, new relic insights, new relic services, new relic browser and new relic platform. New Relic, Inc. is based in San Francisco, United States. “
Other analysts have also recently issued research reports about the stock. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and issued a $50.00 price objective on shares of New Relic in a report on Tuesday, September 19th. KeyCorp started coverage on shares of New Relic in a research note on Tuesday, September 19th. They set an “overweight” rating and a $52.00 target price for the company. BidaskClub lowered shares of New Relic from a “strong-buy” rating to a “buy” rating in a research note on Monday, September 18th. Robert W. Baird set a $55.00 target price on shares of New Relic and gave the company a “buy” rating in a research note on Monday, September 11th. Finally, 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. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $50.17.
New Relic (NYSE:NEWR) opened at 50.12 on Wednesday. The stock’s 50 day moving average is $48.21 and its 200-day moving average is $43.93. The firm’s market capitalization is $2.73 billion. New Relic has a 52 week low of $27.85 and a 52 week high of $51.31.
New Relic (NYSE:NEWR) last posted its earnings results on Thursday, August 3rd. The software maker reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. New Relic had a negative return on equity of 29.19% and a negative net margin of 20.68%. The company had revenue of $80.10 million for the quarter, compared to analysts’ expectations of $78.09 million. During the same period last year, the business posted ($0.20) earnings per share. The firm’s quarterly revenue was up 36.7% compared to the same quarter last year. On average, equities research analysts expect that New Relic will post ($0.25) EPS for the current year.
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In related news, VP Robin Schulman sold 5,534 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $46.98, for a total transaction of $259,987.32. Following the sale, the vice president now owns 6,111 shares of the company’s stock, valued at $287,094.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark Sachleben sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $47.69, for a total value of $238,450.00. The disclosure for this sale can be found here. Insiders have sold a total of 200,427 shares of company stock worth $9,323,403 over the last 90 days. 23.10% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. raised its stake in shares of New Relic by 36.5% in the 1st quarter. Russell Investments Group Ltd. now owns 23,447 shares of the software maker’s stock worth $868,000 after buying an additional 6,269 shares in the last quarter. Swiss National Bank lifted its holdings in shares of New Relic by 6.2% in the first quarter. Swiss National Bank now owns 42,997 shares of the software maker’s stock valued at $1,594,000 after buying an additional 2,500 shares during the period. Parametric Portfolio Associates LLC lifted its holdings in shares of New Relic by 38.1% in the first quarter. Parametric Portfolio Associates LLC now owns 20,641 shares of the software maker’s stock valued at $765,000 after buying an additional 5,693 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of New Relic by 203.4% in the first quarter. Envestnet Asset Management Inc. now owns 5,473 shares of the software maker’s stock valued at $204,000 after buying an additional 3,669 shares during the period. Finally, Cipher Capital LP bought a new position in New Relic during the first quarter valued at about $278,000. Institutional investors own 74.82% of the company’s stock.
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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