Other research analysts have also issued reports about the company. Cowen and Company started coverage on New Relic in a research report on Friday, June 24th. They set an outperform rating and a $38.00 price target on the stock. Oppenheimer Holdings Inc. reaffirmed a buy rating on shares of New Relic in a research report on Saturday, June 4th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $38.50.
New Relic (NYSE:NEWR) opened at 37.96 on Wednesday. The stock has a 50 day moving average price of $36.82 and a 200 day moving average price of $30.91. New Relic has a 1-year low of $20.39 and a 1-year high of $40.13. The firm’s market capitalization is $1.93 billion.
New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, August 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.03. The company had revenue of $58.60 million for the quarter, compared to analyst estimates of $56.96 million. New Relic had a negative return on equity of 34.30% and a negative net margin of 34.91%. New Relic’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.21) earnings per share. Analysts predict that New Relic will post ($0.62) EPS for the current year.
In other New Relic news, VP Robin Schulman sold 3,125 shares of the stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $34.95, for a total value of $109,218.75. Following the transaction, the vice president now directly owns 3,125 shares in the company, valued at approximately $109,218.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Hilarie A. Koplow sold 2,656 shares of the stock in a transaction on Monday, July 11th. The shares were sold at an average price of $31.58, for a total value of $83,876.48. Following the completion of the transaction, the president now owns 4,061 shares in the company, valued at $128,246.38. The disclosure for this sale can be found here. Corporate insiders own 46.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its position in New Relic by 183.9% in the first quarter. JPMorgan Chase & Co. now owns 116,964 shares of the company’s stock valued at $3,050,000 after buying an additional 75,761 shares in the last quarter. TD Asset Management Inc. raised 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 valued at $1,627,000 after buying an additional 400 shares in the last quarter. Swiss National Bank raised its position in New Relic by 11.6% in the second quarter. Swiss National Bank now owns 39,397 shares of the company’s stock valued at $1,157,000 after buying an additional 4,100 shares in the last quarter. AXA raised its position in New Relic by 13.2% in the first quarter. AXA now owns 120,000 shares of the company’s stock valued at $3,130,000 after buying an additional 14,000 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in New Relic by 275.5% in the second quarter. California State Teachers Retirement System now owns 46,051 shares of the company’s stock valued at $1,353,000 after buying an additional 33,788 shares in the last quarter. Hedge funds and other institutional investors own 58.44% of the company’s stock.
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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