New Relic Inc. (NYSE:NEWR) has been assigned a consensus rating of “Buy” from the ten brokerages that are covering the firm. Two research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $39.86.
Several brokerages have recently weighed in on NEWR. Morgan Stanley set a $43.00 price objective on shares of New Relic and gave the company a “buy” rating in a report on Wednesday, September 28th. Cowen and Company began coverage on shares of New Relic in a report on Friday, June 24th. They set an “outperform” rating and a $38.00 price objective on the stock.
In other New Relic news, CFO Mark Sachleben sold 3,500 shares of the company’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $33.84, for a total value of $118,440.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James R. Gochee sold 4,000 shares of the company’s stock in a transaction dated Wednesday, October 12th. The stock was sold at an average price of $36.15, for a total transaction of $144,600.00. Following the completion of the sale, the insider now directly owns 383,090 shares of the company’s stock, valued at $13,848,703.50. The disclosure for this sale can be found here. Insiders own 46.60% of the company’s stock.
A number of large investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System increased its stake in shares of New Relic by 0.8% in the second quarter. State Board of Administration of Florida Retirement System now owns 15,182 shares of the company’s stock worth $446,000 after buying an additional 120 shares during the last quarter. Parametric Portfolio Associates LLC increased its position in New Relic by 1.3% in the second quarter. Parametric Portfolio Associates LLC now owns 14,155 shares of the company’s stock worth $416,000 after buying an additional 176 shares in the last quarter. TD Asset Management Inc. increased its position in New Relic by 0.7% in the second quarter. TD Asset Management Inc. now owns 55,380 shares of the company’s stock worth $1,627,000 after buying an additional 400 shares in the last quarter. Paradigm Asset Management Co. LLC increased its position in New Relic by 15.2% in the second quarter. Paradigm Asset Management Co. LLC now owns 3,800 shares of the company’s stock worth $112,000 after buying an additional 500 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its position in New Relic by 27.4% in the second quarter. Teacher Retirement System of Texas now owns 3,429 shares of the company’s stock worth $101,000 after buying an additional 737 shares in the last quarter. 58.35% of the stock is owned by institutional investors and hedge funds.
Shares of New Relic (NYSE:NEWR) opened at 35.55 on Wednesday. The company has a 50-day moving average of $37.07 and a 200 day moving average of $31.55. The firm’s market capitalization is $1.81 billion. New Relic has a 52 week low of $20.39 and a 52 week high of $40.13.
New Relic (NYSE:NEWR) last released its earnings results on Tuesday, August 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.03. The business had revenue of $58.60 million for the quarter, compared to analyst estimates of $56.96 million. New Relic had a negative net margin of 34.91% and a negative return on equity of 34.30%. New Relic’s revenue for the quarter was up 53.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.21) earnings per share. Equities research analysts anticipate that New Relic will post ($0.62) earnings per share for the current year.
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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