Zacks Investment Research downgraded shares of New Relic (NYSE:NEWR) from a hold rating to a sell rating in a research report report published on Tuesday morning, Zacks.com reports.

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. “

Several other research firms have also recently weighed in on NEWR. DA Davidson cut their price target on shares of New Relic to $95.00 and set a buy rating on the stock in a report on Wednesday, August 7th. Oppenheimer lowered their price objective on New Relic from $125.00 to $109.00 and set an outperform rating for the company in a research report on Wednesday, August 7th. First Analysis lowered New Relic from a strong-buy rating to a neutral rating and set a $80.00 price objective for the company. in a research report on Wednesday, August 7th. Needham & Company LLC set a $120.00 price objective on New Relic and gave the company a buy rating in a research report on Wednesday, August 7th. Finally, UBS Group set a $73.00 price objective on New Relic and gave the company a hold rating in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company’s stock. New Relic presently has an average rating of Hold and a consensus price target of $100.50.

NYSE:NEWR opened at $57.50 on Tuesday. The stock has a market cap of $3.61 billion, a P/E ratio of -185.48 and a beta of 0.83. The firm’s fifty day simple moving average is $84.84 and its 200 day simple moving average is $96.78. New Relic has a twelve month low of $55.60 and a twelve month high of $113.34. The company has a quick ratio of 2.90, a current ratio of 2.88 and a debt-to-equity ratio of 1.32.

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

In other news, CTO James R. Gochee sold 4,000 shares of New Relic stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $60.75, for a total value of $243,000.00. Following the completion of the transaction, the chief technology officer now owns 126,926 shares of the company’s stock, valued at approximately $7,710,754.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Lewis Cirne sold 19,500 shares of New Relic stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $97.72, for a total value of $1,905,540.00. The disclosure for this sale can be found here. Insiders have sold 170,147 shares of company stock valued at $15,510,250 in the last three months. Insiders own 17.40% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Cornerstone Advisors Inc. raised its position in shares of New Relic by 58.4% in the 1st quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock worth $35,000 after purchasing an additional 132 shares during the last quarter. Wedbush Securities Inc. raised its position in shares of New Relic by 5.9% in the 2nd quarter. Wedbush Securities Inc. now owns 2,661 shares of the software maker’s stock worth $230,000 after purchasing an additional 148 shares during the last quarter. Nvwm LLC raised its position in shares of New Relic by 4.1% in the 2nd quarter. Nvwm LLC now owns 4,869 shares of the software maker’s stock worth $421,000 after purchasing an additional 192 shares during the last quarter. Coldstream Capital Management Inc. raised its position in shares of New Relic by 8.6% in the 2nd quarter. Coldstream Capital Management Inc. now owns 2,516 shares of the software maker’s stock worth $218,000 after purchasing an additional 199 shares during the last quarter. Finally, Flinton Capital Management LLC raised its position in shares of New Relic by 51.9% in the 2nd quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock worth $57,000 after purchasing an additional 224 shares during the last quarter. 79.30% 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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