New Relic (NEWR) Hits New 12-Month High at $66.51

New Relic Inc (NYSE:NEWR)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $66.51 and last traded at $66.56, with a volume of 493107 shares. The stock had previously closed at $63.91.

A number of equities analysts have recently weighed in on NEWR shares. Oppenheimer boosted their price objective on shares of New Relic from $57.00 to $66.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Needham & Company LLC boosted their price objective on shares of New Relic from $69.00 to $73.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Robert W. Baird boosted their price objective on shares of New Relic from $65.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Stephens boosted their price objective on shares of New Relic from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. Finally, BMO Capital Markets boosted their price objective on shares of New Relic from $68.00 to $71.00 and gave the company a “market perform” rating in a research report on Wednesday, February 7th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $60.00.

The firm has a market capitalization of $3,810.00, a PE ratio of -69.92 and a beta of 0.98.

New Relic (NYSE:NEWR) last released its earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.12. New Relic had a negative net margin of 16.17% and a negative return on equity of 25.22%. The firm had revenue of $91.83 million during the quarter, compared to the consensus estimate of $89.31 million. During the same period in the previous year, the firm earned ($0.09) earnings per share. New Relic’s revenue was up 34.8% compared to the same quarter last year. analysts anticipate that New Relic Inc will post -0.81 EPS for the current fiscal year.

In related news, CEO Lewis Cirne sold 1,200 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $65.00, for a total value of $78,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Sachleben sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $64.71, for a total transaction of $647,100.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 242,477 shares of company stock valued at $14,760,775. 23.10% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in NEWR. Ameriprise Financial Inc. purchased a new stake in New Relic in the second quarter valued at approximately $1,294,000. Nationwide Fund Advisors grew its holdings in New Relic by 31.1% in the second quarter. Nationwide Fund Advisors now owns 16,626 shares of the software maker’s stock valued at $715,000 after purchasing an additional 3,945 shares during the period. New York State Common Retirement Fund grew its holdings in New Relic by 15.6% in the second quarter. New York State Common Retirement Fund now owns 64,605 shares of the software maker’s stock valued at $2,779,000 after purchasing an additional 8,699 shares during the period. UBS Asset Management Americas Inc. purchased a new stake in New Relic in the second quarter valued at approximately $535,000. Finally, Northern Trust Corp grew its holdings in New Relic by 27.2% in the second quarter. Northern Trust Corp now owns 413,739 shares of the software maker’s stock valued at $17,795,000 after purchasing an additional 88,348 shares during the period. Hedge funds and other institutional investors own 75.49% of the company’s stock.

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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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