New Relic Inc (NYSE:NEWR) has been assigned an average recommendation of “Hold” from the nineteen ratings firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and ten have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $95.07.

NEWR has been the topic of several analyst reports. Argus raised New Relic from a “hold” rating to a “buy” rating and set a $93.00 price target on the stock in a research report on Monday, August 12th. They noted that the move was a valuation call. Goldman Sachs Group began coverage on New Relic in a research report on Friday, June 7th. They set a “sell” rating and a $83.00 target price on the stock. DA Davidson set a $95.00 target price on New Relic and gave the company a “buy” rating in a research report on Thursday, August 29th. BMO Capital Markets decreased their price target on shares of New Relic to $73.00 and set a “positive” rating on the stock in a research note on Wednesday, August 7th. Finally, Morgan Stanley decreased their price target on shares of New Relic from $104.00 to $84.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 21st.

In other New Relic news, CFO Mark Sachleben sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $96.98, for a total value of $1,454,700.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider James R. Gochee sold 6,850 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $92.80, for a total transaction of $635,680.00. Following the completion of the transaction, the insider now directly owns 137,776 shares in the company, valued at $12,785,612.80. The disclosure for this sale can be found here. Insiders sold a total of 114,054 shares of company stock worth $9,166,488 over the last three months. Corporate insiders own 17.40% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NEWR. Price T Rowe Associates Inc. MD raised its position in shares of New Relic by 7,220.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,834,359 shares of the software maker’s stock valued at $418,220,000 after buying an additional 4,768,320 shares during the period. BlackRock Inc. increased its holdings in New Relic by 2.3% in the 1st quarter. BlackRock Inc. now owns 3,880,134 shares of the software maker’s stock valued at $382,970,000 after purchasing an additional 87,904 shares during the last quarter. First Trust Advisors LP increased its holdings in New Relic by 24.7% in the 2nd quarter. First Trust Advisors LP now owns 1,516,324 shares of the software maker’s stock valued at $131,177,000 after purchasing an additional 300,484 shares during the last quarter. Clearbridge Investments LLC increased its holdings in New Relic by 1.6% in the 1st quarter. Clearbridge Investments LLC now owns 1,495,239 shares of the software maker’s stock valued at $147,580,000 after purchasing an additional 23,079 shares during the last quarter. Finally, Baillie Gifford & Co. increased its holdings in New Relic by 23.7% in the 2nd quarter. Baillie Gifford & Co. now owns 1,259,823 shares of the software maker’s stock valued at $108,987,000 after purchasing an additional 241,662 shares during the last quarter. 80.08% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE NEWR traded down $0.01 during mid-day trading on Friday, hitting $59.37. The stock had a trading volume of 5,909 shares, compared to its average volume of 1,163,089. The company has a debt-to-equity ratio of 1.32, a quick ratio of 2.88 and a current ratio of 2.88. The company has a 50 day moving average of $67.64 and a two-hundred day moving average of $90.75. New Relic has a twelve month low of $54.83 and a twelve month high of $113.34. The firm has a market cap of $3.47 billion, a PE ratio of -191.15 and a beta of 0.96.

New Relic (NYSE:NEWR) last released its earnings results on Tuesday, August 6th. The software maker reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.02. The firm had revenue of $141.01 million for the quarter, compared to the consensus estimate of $139.73 million. New Relic had a negative return on equity of 8.55% and a negative net margin of 9.93%. The firm’s revenue was up 30.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 EPS. Equities research analysts predict that New Relic will post -0.68 EPS for the current fiscal year.

About New Relic

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

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Analyst Recommendations for New Relic (NYSE:NEWR)

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