Zacks Investment Research Downgrades New Relic, Inc. (NEWR) to Hold
New Relic, Inc. (NYSE:NEWR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “New Relic, Inc. is a software analytics company. The Company offers solution which includes application development, production monitoring, real-time analytics, mobile application management and digital transformation. Its products include new relic APM, new relic mobile, new relic insights, new relic services, new relic browser and new relic platform. New Relic, Inc. is based in San Francisco, United States. “
NEWR has been the subject of a number of other research reports. BidaskClub downgraded shares of New Relic from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. First Analysis downgraded shares of New Relic from an “overweight” rating to an “equal weight” rating and set a $50.00 price target for the company. in a report on Friday, August 4th. UBS AG raised their price target on shares of New Relic from $42.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, August 4th. Morgan Stanley downgraded shares of New Relic from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $45.00 to $48.00 in a report on Thursday, July 20th. They noted that the move was a valuation call. Finally, Robert W. Baird set a $55.00 price target on shares of New Relic and gave the stock a “buy” rating in a report on Monday, September 11th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $50.17.
New Relic (NYSE NEWR) opened at 51.57 on Thursday. The stock’s market cap is $2.81 billion. New Relic has a 12 month low of $27.85 and a 12 month high of $51.97. The firm’s 50 day moving average price is $48.63 and its 200 day moving average price is $44.13.
New Relic (NYSE:NEWR) last announced its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.09) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.03. The business had revenue of $80.10 million during 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%. The business’s revenue was up 36.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.20) EPS. On average, equities research analysts predict that New Relic will post ($0.25) EPS for the current fiscal year.
In other New Relic news, CEO Lewis Cirne sold 33,000 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $44.53, for a total value of $1,469,490.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Sachleben sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $44.60, for a total transaction of $446,000.00. The disclosure for this sale can be found here. Insiders sold a total of 200,427 shares of company stock valued at $9,359,953 in the last three months. 23.10% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of NEWR. AXA lifted its position in shares of New Relic by 9.0% during the 2nd quarter. AXA now owns 158,000 shares of the software maker’s stock worth $6,796,000 after purchasing an additional 13,000 shares during the last quarter. Citadel Advisors LLC lifted its position in shares of New Relic by 98.3% during the 1st quarter. Citadel Advisors LLC now owns 25,024 shares of the software maker’s stock worth $928,000 after purchasing an additional 12,405 shares during the last quarter. Clearbridge Investments LLC lifted its position in shares of New Relic by 377.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,368,733 shares of the software maker’s stock worth $50,739,000 after purchasing an additional 1,082,245 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of New Relic by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 2,643,448 shares of the software maker’s stock worth $97,993,000 after purchasing an additional 94,562 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of New Relic during the 1st quarter worth $6,228,000. 74.82% of the stock is owned by institutional investors.
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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