New Relic’s (NEWR) Buy Rating Reiterated at Deutsche Bank

Deutsche Bank reissued their buy rating on shares of New Relic (NYSE:NEWR) in a report published on Monday, The Fly reports. The firm currently has a $65.00 price target on the software maker’s stock, down from their prior price target of $90.00.

A number of other equities research analysts have also commented on the stock. Zacks Investment Research lowered shares of New Relic from a hold rating to a sell rating in a report on Tuesday, September 10th. Raymond James lowered shares of New Relic from an outperform rating to a market perform rating in a report on Wednesday, August 7th. Argus upgraded shares of New Relic from a hold rating to a buy rating and set a $93.00 price target for the company in a report on Monday, August 12th. They noted that the move was a valuation call. Goldman Sachs Group assumed coverage on shares of New Relic in a report on Friday, June 7th. They set a sell rating and a $83.00 price target for the company. Finally, BMO Capital Markets lowered their price target on shares of New Relic to $73.00 and set a positive rating for the company in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the stock. New Relic currently has an average rating of Buy and an average target price of $86.31.

NYSE:NEWR opened at $62.72 on Monday. The company has a fifty day moving average of $62.75 and a 200 day moving average of $89.10. New Relic has a 52 week low of $50.00 and a 52 week high of $109.00. The company has a quick ratio of 2.88, a current ratio of 2.88 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $3.73 billion, a P/E ratio of -202.32 and a beta of 0.96.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported ($0.16) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.02. New Relic had a negative net margin of 9.93% and a negative return on equity of 8.55%. The company had revenue of $141.01 million during the quarter, compared to analyst estimates of $139.73 million. During the same period in the prior year, the business posted $0.15 EPS. The firm’s revenue was up 30.3% compared to the same quarter last year. As a group, analysts anticipate that New Relic will post -0.68 EPS for the current year.

In other news, CRO Erica Schultz sold 4,340 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $58.21, for a total value of $252,631.40. Following the sale, the executive now directly owns 22,002 shares of the company’s stock, valued at approximately $1,280,736.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lewis Cirne sold 500 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $91.50, for a total transaction of $45,750.00. The disclosure for this sale can be found here. Insiders sold a total of 99,054 shares of company stock valued at $7,711,788 over the last 90 days. Company insiders own 17.40% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. grew its position in shares of New Relic by 58.4% in the 1st quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock worth $35,000 after buying an additional 132 shares during the period. Wedbush Securities Inc. grew its position in shares of New Relic by 5.9% in the 2nd quarter. Wedbush Securities Inc. now owns 2,661 shares of the software maker’s stock worth $230,000 after buying an additional 148 shares during the period. Nvwm LLC grew its position in shares of New Relic by 4.1% in the 2nd quarter. Nvwm LLC now owns 4,869 shares of the software maker’s stock worth $421,000 after buying an additional 192 shares during the period. Coldstream Capital Management Inc. grew its position in shares of New Relic by 8.6% in the 2nd quarter. Coldstream Capital Management Inc. now owns 2,516 shares of the software maker’s stock worth $218,000 after buying an additional 199 shares during the period. Finally, Flinton Capital Management LLC grew its position in shares of New Relic by 51.9% in the 2nd quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock worth $57,000 after buying an additional 224 shares during the period. 79.12% of the stock is currently owned by hedge funds and other 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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