Shares of New Relic Inc (NYSE:NEWR) have earned an average recommendation of “Buy” from the nine analysts that are currently covering the company. Nine investment analysts have rated the stock with a buy rating. The average 12-month target price among analysts that have issued a report on the stock in the last year is $44.57.
Several research analysts have recently issued reports on the stock. Robert W. Baird increased their price objective on shares of New Relic from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, April 6th. Zacks Investment Research upgraded shares of New Relic from a “sell” rating to a “buy” rating and set a $44.00 price objective for the company in a report on Wednesday, April 12th. Oppenheimer Holdings Inc. set a $40.00 price objective on shares of New Relic and gave the company a “buy” rating in a report on Tuesday, April 4th. Cowen and Company reiterated an “outperform” rating and issued a $44.00 price objective (up from $38.00) on shares of New Relic in a report on Wednesday, February 8th. Finally, Pacific Crest reiterated an “overweight” rating on shares of New Relic in a report on Friday, January 27th.
New Relic (NYSE:NEWR) traded up 0.56% on Friday, hitting $39.69. The stock had a trading volume of 160,261 shares. The firm’s 50-day moving average is $37.46 and its 200-day moving average is $34.45. The company’s market cap is $2.09 billion. New Relic has a 52-week low of $23.55 and a 52-week high of $40.10.
New Relic (NYSE:NEWR) last posted its quarterly earnings data on Tuesday, February 7th. The software maker reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.05. The business earned $68.10 million during the quarter, compared to analysts’ expectations of $66.32 million. New Relic had a negative net margin of 26.90% and a negative return on equity of 32.99%. The business’s revenue was up 42.6% on a year-over-year basis. During the same period last year, the firm posted ($0.22) earnings per share. Equities research analysts anticipate that New Relic will post ($0.53) earnings per share for the current fiscal year.
In related news, VP Robin Schulman sold 3,131 shares of the firm’s stock in a transaction that occurred on Wednesday, January 25th. The shares were sold at an average price of $40.00, for a total value of $125,240.00. Following the completion of the transaction, the vice president now owns 1,575 shares of the company’s stock, valued at approximately $63,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Sachleben sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, January 23rd. The stock was sold at an average price of $32.58, for a total transaction of $114,030.00. The disclosure for this sale can be found here. Insiders have sold 175,443 shares of company stock valued at $6,507,899 over the last 90 days. 46.60% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. Capital Impact Advisors LLC purchased a new position in New Relic during the first quarter worth approximately $1,703,000. Peregrine Capital Management LLC purchased a new position in New Relic during the first quarter worth approximately $18,867,000. Teachers Advisors LLC raised its position in New Relic by 2.3% in the fourth quarter. Teachers Advisors LLC now owns 57,314 shares of the software maker’s stock worth $1,619,000 after buying an additional 1,287 shares in the last quarter. Thrivent Financial for Lutherans purchased a new position in New Relic during the fourth quarter worth approximately $7,681,000. Finally, Focused Wealth Management Inc raised its position in New Relic by 7.5% in the fourth quarter. Focused Wealth Management Inc now owns 4,290 shares of the software maker’s stock worth $121,000 after buying an additional 300 shares in the last quarter. 63.71% of the stock is owned by hedge funds and other institutional investors.
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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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