Needham & Company LLC Boosts New Relic (NYSE:NEWR) Price Target to $120.00

New Relic (NYSE:NEWR) had its price objective increased by Needham & Company LLC from $114.00 to $120.00 in a research note released on Tuesday, The Fly reports. They currently have a buy rating on the software maker’s stock.

Several other brokerages have also recently issued reports on NEWR. Zacks Investment Research cut New Relic from a hold rating to a sell rating in a research note on Tuesday, September 10th. Morgan Stanley cut their price target on New Relic from $104.00 to $84.00 and set an overweight rating for the company in a research note on Wednesday, August 21st. KeyCorp reiterated a hold rating on shares of New Relic in a research note on Wednesday, August 7th. DA Davidson set a $95.00 price target on New Relic and gave the company a buy rating in a research note on Thursday, August 29th. Finally, Goldman Sachs Group cut their target price on New Relic from $65.00 to $52.00 and set a sell rating for the company in a research note on Monday. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. The company currently has an average rating of Buy and an average target price of $86.31.

Shares of NEWR stock opened at $62.72 on Tuesday. The company has a current ratio of 2.88, a quick ratio of 2.88 and a debt-to-equity ratio of 1.32. The stock has a market cap of $3.51 billion, a P/E ratio of -202.32 and a beta of 0.96. The stock has a 50 day simple moving average of $62.75 and a 200 day simple moving average of $89.10. New Relic has a 1 year low of $50.00 and a 1 year high of $109.00.

New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.02. The business had revenue of $141.01 million during the quarter, compared to analysts’ expectations of $139.73 million. New Relic had a negative return on equity of 8.55% and a negative net margin of 9.93%. The firm’s revenue for the quarter was up 30.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.15 earnings per share. Analysts forecast that New Relic will post -0.71 EPS for the current year.

In other news, CEO Lewis Cirne sold 500 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $91.50, for a total value of $45,750.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO James R. Gochee sold 4,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $60.34, for a total value of $241,360.00. Following the completion of the transaction, the chief technology officer now owns 124,823 shares of the company’s stock, valued at $7,531,819.82. The disclosure for this sale can be found here. Insiders have sold 99,054 shares of company stock valued at $7,711,788 over the last 90 days. Corporate insiders own 17.40% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of New Relic by 7,220.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,834,359 shares of the software maker’s stock valued at $418,220,000 after acquiring an additional 4,768,320 shares during the last quarter. BlackRock Inc. lifted its stake in shares of New Relic by 2.3% in the 1st quarter. BlackRock Inc. now owns 3,880,134 shares of the software maker’s stock valued at $382,970,000 after acquiring an additional 87,904 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of New Relic by 24.7% in the 2nd quarter. First Trust Advisors LP now owns 1,516,324 shares of the software maker’s stock valued at $131,177,000 after acquiring an additional 300,484 shares during the last quarter. Clearbridge Investments LLC lifted its stake in shares of New Relic by 1.6% in the 1st quarter. Clearbridge Investments LLC now owns 1,495,239 shares of the software maker’s stock valued at $147,580,000 after acquiring an additional 23,079 shares during the last quarter. Finally, Baillie Gifford & Co. lifted its stake in shares of New Relic by 23.7% in the 2nd quarter. Baillie Gifford & Co. now owns 1,259,823 shares of the software maker’s stock valued at $108,987,000 after acquiring an additional 241,662 shares during the last quarter. Institutional investors own 79.12% of the company’s stock.

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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