New Relic, Inc. (NEWR) Upgraded to Strong-Buy by BidaskClub
New Relic, Inc. (NYSE:NEWR) was upgraded by equities researchers at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued on Thursday.
A number of other analysts also recently weighed in on NEWR. UBS AG increased their price target on shares of New Relic from $42.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 4th. First Analysis downgraded shares of New Relic from an “overweight” rating to an “equal weight” rating and set a $50.00 price target on the stock. in a research report on Friday, August 4th. Zacks Investment Research downgraded shares of New Relic from a “buy” rating to a “hold” rating in a research report on Tuesday, May 16th. Stephens began coverage on shares of New Relic in a report on Thursday, May 25th. They set an “overweight” rating and a $55.00 target price on the stock. Finally, CIBC raised their target price on shares of New Relic from $40.00 to $46.00 and gave the stock an “outperform” rating in a report on Monday, May 15th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $47.36.
Shares of New Relic (NEWR) opened at 48.37 on Thursday. The company’s 50-day moving average is $46.44 and its 200-day moving average is $41.34. The firm’s market cap is $2.64 billion. New Relic has a 12 month low of $27.85 and a 12 month high of $49.19.
New Relic (NYSE:NEWR) last announced its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. The business had revenue of $80.10 million for the quarter, compared to the consensus estimate of $78.09 million. New Relic had a negative net margin of 20.68% and a negative return on equity of 29.19%. New Relic’s revenue for the quarter was up 36.7% on a year-over-year basis. During the same period last year, the company posted ($0.20) EPS. On average, equities research analysts forecast that New Relic will post ($0.25) earnings per share for the current fiscal year.
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In other news, CFO Mark Sachleben sold 3,500 shares of New Relic stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $44.56, for a total value of $155,960.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James R. Gochee sold 20,000 shares of New Relic stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $40.35, for a total transaction of $807,000.00. Following the completion of the sale, the insider now owns 380,906 shares in the company, valued at $15,369,557.10. The disclosure for this sale can be found here. Insiders have sold a total of 227,431 shares of company stock worth $10,080,471 over the last 90 days. Corporate insiders own 23.10% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Citadel Advisors LLC increased its stake in New Relic by 98.3% in the first quarter. Citadel Advisors LLC now owns 25,024 shares of the software maker’s stock worth $928,000 after buying an additional 12,405 shares during the period. Clearbridge Investments LLC increased its stake in New Relic by 377.8% in the first quarter. Clearbridge Investments LLC now owns 1,368,733 shares of the software maker’s stock worth $50,739,000 after buying an additional 1,082,245 shares during the period. Vanguard Group Inc. increased its stake in New Relic by 3.7% in the first quarter. Vanguard Group Inc. now owns 2,643,448 shares of the software maker’s stock worth $97,993,000 after buying an additional 94,562 shares during the period. Point72 Asset Management L.P. acquired a new stake in New Relic during the first quarter worth about $6,228,000. Finally, Bank of New York Mellon Corp increased its stake in 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 worth $38,961,000 after buying an additional 419,316 shares during the period. Institutional investors own 71.79% of the company’s stock.
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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