New Relic, Inc. (NYSE:NEWR) shares saw strong trading volume on Tuesday . 961,000 shares changed hands during trading, an increase of 107% from the previous session’s volume of 464,844 shares.The stock last traded at $60.00 and had previously closed at $57.23.

A number of research analysts recently issued reports on the company. J P Morgan Chase & Co lowered New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 target price on the stock. in a report on Tuesday. JMP Securities lifted their target price on New Relic from $54.00 to $56.00 and gave the stock a “market outperform” rating in a report on Wednesday, November 8th. Morgan Stanley lifted their target price on New Relic from $48.00 to $52.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 8th. UBS assumed coverage on New Relic in a report on Thursday, November 9th. They set a “neutral” rating and a $53.00 target price on the stock. Finally, Needham & Company LLC assumed coverage on New Relic in a report on Monday, October 23rd. They set a “buy” rating and a $69.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $54.23.

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

In other New Relic news, CEO Lewis Cirne sold 33,000 shares of the firm’s stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $50.72, for a total transaction of $1,673,760.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James R. Gochee sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $56.85, for a total value of $227,400.00. Following the sale, the insider now owns 337,074 shares of the company’s stock, valued at $19,162,656.90. The disclosure for this sale can be found here. Insiders sold a total of 185,591 shares of company stock valued at $9,860,912 in the last quarter. 23.10% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in NEWR. Teachers Advisors LLC boosted its position in New Relic by 1.4% during the 1st quarter. Teachers Advisors LLC now owns 58,125 shares of the software maker’s stock worth $2,155,000 after acquiring an additional 811 shares during the period. State Street Corp boosted its position in New Relic by 7.4% during the 1st quarter. State Street Corp now owns 408,667 shares of the software maker’s stock worth $15,149,000 after acquiring an additional 28,013 shares during the period. Goldman Sachs Group Inc. boosted its position in New Relic by 340.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 19,138 shares of the software maker’s stock worth $709,000 after acquiring an additional 27,088 shares during the period. Russell Investments Group Ltd. boosted its position in New Relic by 185.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 66,836 shares of the software maker’s stock worth $2,873,000 after acquiring an additional 43,389 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in New Relic by 21.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 131,923 shares of the software maker’s stock worth $5,675,000 after acquiring an additional 23,082 shares during the period. Hedge funds and other institutional investors 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.

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