J P Morgan Chase & Co lowered shares of New Relic (NYSE:NEWR) from an overweight rating to a neutral rating in a report released on Tuesday morning, Marketbeat.com reports. They currently have $62.00 target price on the software maker’s stock.

A number of other brokerages also recently weighed in on NEWR. BidaskClub upgraded New Relic from a buy rating to a strong-buy rating in a research note on Thursday, August 24th. Robert W. Baird set a $55.00 target price on New Relic and gave the stock a buy rating in a research note on Monday, September 11th. KeyCorp started coverage on New Relic in a research note on Tuesday, September 19th. They issued an overweight rating and a $52.00 target price on the stock. Oppenheimer restated a buy rating and issued a $50.00 target price on shares of New Relic in a research note on Tuesday, September 19th. Finally, Zacks Investment Research upgraded New Relic from a hold rating to a buy rating and set a $56.00 target price on the stock in a research note on Wednesday, October 4th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $54.23.

Shares of New Relic (NYSE NEWR) traded up $1.36 on Tuesday, reaching $58.80. The company’s stock had a trading volume of 704,300 shares, compared to its average volume of 467,549. New Relic has a 1 year low of $27.85 and a 1 year high of $60.85.

New Relic (NYSE:NEWR) last issued its quarterly earnings data on Tuesday, November 7th. The software maker reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $84.68 million during the quarter, compared to analyst estimates of $82.98 million. New Relic had a negative return on equity of 29.19% and a negative net margin of 19.43%. The company’s revenue for the quarter was up 33.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.09) EPS. sell-side analysts predict that New Relic will post -0.98 earnings per share for the current fiscal year.

In related news, CEO Lewis Cirne sold 33,000 shares of the company’s stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $50.72, for a total value of $1,673,760.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Mark Sachleben sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, September 25th. The shares were 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 sold a total of 185,591 shares of company stock worth $9,860,912 in the last 90 days. Company insiders own 23.10% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. lifted its stake in New Relic by 50.4% in the second quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock valued at $111,000 after purchasing an additional 862 shares during the last quarter. ETF Managers Group LLC purchased a new position in New Relic in the second quarter valued at approximately $118,000. Botty Investors LLC lifted its stake in New Relic by 23.5% in the second quarter. Botty Investors LLC now owns 2,809 shares of the software maker’s stock valued at $121,000 after purchasing an additional 535 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in New Relic by 507.2% in the second quarter. BNP Paribas Arbitrage SA now owns 3,813 shares of the software maker’s stock valued at $164,000 after purchasing an additional 3,185 shares during the last quarter. Finally, BT Investment Management Ltd purchased a new position in New Relic in the second quarter valued at approximately $186,000. Institutional investors and hedge funds own 77.16% of the company’s stock.

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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.

Analyst Recommendations for New Relic (NYSE:NEWR)

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