New Relic (NEWR) Earns Hold Rating from JMP Securities

JMP Securities reaffirmed their hold rating on shares of New Relic (NYSE:NEWR) in a research report report published on Monday.

Several other analysts have also issued reports on the stock. Morgan Stanley raised shares of New Relic from an equal weight rating to an overweight rating in a research report on Tuesday, January 15th. ValuEngine raised shares of New Relic from a hold rating to a buy rating in a research report on Thursday, January 17th. JPMorgan Chase & Co. raised shares of New Relic from a neutral rating to an overweight rating in a research report on Thursday, December 13th. DA Davidson raised shares of New Relic from a neutral rating to a buy rating and set a $105.00 price target on the stock in a research report on Tuesday, October 23rd. They noted that the move was a valuation call. Finally, BMO Capital Markets dropped their price target on shares of New Relic from $117.00 to $110.00 and set an outperform rating on the stock in a research report on Wednesday, November 7th. Three research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $111.93.

NYSE NEWR opened at $105.07 on Monday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.53 and a current ratio of 3.53. New Relic has a 1 year low of $66.21 and a 1 year high of $114.78. The firm has a market cap of $6.05 billion, a price-to-earnings ratio of -141.99 and a beta of 1.05.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Wednesday, February 6th. The software maker reported ($0.07) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.03. New Relic had a negative net margin of 6.96% and a negative return on equity of 6.08%. The firm had revenue of $124.00 million for the quarter, compared to analyst estimates of $120.18 million. During the same period in the prior year, the firm posted $0.05 earnings per share. The company’s quarterly revenue was up 35.1% compared to the same quarter last year. Equities research analysts anticipate that New Relic will post -0.36 EPS for the current year.

In other news, CRO Erica Schultz sold 382 shares of the stock in a transaction dated Friday, November 23rd. The shares were sold at an average price of $75.16, for a total value of $28,711.12. Following the transaction, the executive now directly owns 23,881 shares of the company’s stock, valued at $1,794,895.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lewis Cirne sold 89,000 shares of the stock in a transaction dated Tuesday, December 4th. The shares were sold at an average price of $84.76, for a total transaction of $7,543,640.00. The disclosure for this sale can be found here. Insiders sold 287,647 shares of company stock worth $24,062,446 over the last three months. Insiders own 20.40% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in New Relic by 723.1% during the second quarter. Dimensional Fund Advisors LP now owns 75,364 shares of the software maker’s stock worth $7,581,000 after acquiring an additional 66,208 shares during the period. Raymond James & Associates increased its position in New Relic by 75.2% during the second quarter. Raymond James & Associates now owns 6,339 shares of the software maker’s stock worth $638,000 after acquiring an additional 2,721 shares during the period. California Public Employees Retirement System increased its position in New Relic by 55.0% during the second quarter. California Public Employees Retirement System now owns 46,455 shares of the software maker’s stock worth $4,673,000 after acquiring an additional 16,493 shares during the period. United Services Automobile Association increased its position in New Relic by 10.9% during the second quarter. United Services Automobile Association now owns 31,603 shares of the software maker’s stock worth $3,179,000 after acquiring an additional 3,100 shares during the period. Finally, NJ State Employees Deferred Compensation Plan bought a new position in New Relic during the third quarter worth about $471,000. 78.46% of the stock is currently owned by 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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Analyst Recommendations for New Relic (NYSE:NEWR)

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