New Relic (NYSE:NEWR) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a report released on Tuesday.

Several other equities research analysts have also commented on NEWR. Zacks Investment Research upgraded New Relic from a “hold” rating to a “strong-buy” rating and set a $94.00 target price on the stock in a research report on Friday, October 26th. Morgan Stanley upped their target price on New Relic from $80.00 to $102.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 8th. DA Davidson assumed coverage on New Relic in a research report on Wednesday, July 11th. They set a “neutral” rating and a $105.00 target price on the stock. BMO Capital Markets upped their target price on New Relic from $110.00 to $117.00 and gave the company an “outperform” rating in a research report on Wednesday, August 8th. Finally, Wedbush restated an “outperform” rating and set a $116.00 target price (down previously from $126.00) on shares of New Relic in a research report on Wednesday, October 10th. Seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $97.71.

Shares of New Relic stock traded up $0.27 on Tuesday, hitting $96.38. 13,317 shares of the company’s stock traded hands, compared to its average volume of 849,397. New Relic has a one year low of $51.57 and a one year high of $114.78. The company has a debt-to-equity ratio of 1.28, a current ratio of 3.83 and a quick ratio of 3.83. The firm has a market cap of $4.86 billion, a price-to-earnings ratio of -129.24 and a beta of 0.82.

New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, November 6th. The software maker reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.03). New Relic had a negative net margin of 6.93% and a negative return on equity of 8.61%. The business had revenue of $114.90 million for the quarter, compared to the consensus estimate of $112.26 million. During the same quarter in the previous year, the company earned ($0.06) EPS. The firm’s revenue for the quarter was up 35.7% on a year-over-year basis. On average, sell-side analysts expect that New Relic will post -0.38 EPS for the current fiscal year.

In other news, CRO Erica Schultz sold 3,623 shares of the stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $103.03, for a total value of $373,277.69. Following the completion of the sale, the executive now directly owns 22,066 shares of the company’s stock, valued at $2,273,459.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Mark Sachleben sold 15,000 shares of the stock in a transaction that occurred on Monday, August 13th. The stock was sold at an average price of $105.35, for a total value of $1,580,250.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 428,242 shares of company stock worth $40,887,416. Corporate insiders own 20.40% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its stake in shares of New Relic by 95.1% in the second quarter. Tower Research Capital LLC TRC now owns 1,198 shares of the software maker’s stock worth $121,000 after purchasing an additional 584 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of New Relic by 43.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,553 shares of the software maker’s stock worth $257,000 after purchasing an additional 768 shares during the last quarter. Swiss National Bank raised its stake in shares of New Relic by 1.1% in the third quarter. Swiss National Bank now owns 73,197 shares of the software maker’s stock worth $6,897,000 after purchasing an additional 800 shares during the last quarter. Xact Kapitalforvaltning AB raised its stake in shares of New Relic by 24.8% in the first quarter. Xact Kapitalforvaltning AB now owns 5,037 shares of the software maker’s stock worth $373,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Gagnon Advisors LLC raised its stake in shares of New Relic by 1.4% in the second quarter. Gagnon Advisors LLC now owns 80,392 shares of the software maker’s stock worth $8,087,000 after purchasing an additional 1,071 shares during the last quarter. 76.96% of the stock is owned by hedge funds and other institutional investors.

New Relic Company Profile

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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