New Relic (NYSE:NEWR) Price Target Cut to $80.00

New Relic (NYSE:NEWR) had its price target decreased by Morgan Stanley from $84.00 to $80.00 in a research report report published on Tuesday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an overweight rating on the software maker’s stock.

Several other equities research analysts also recently issued reports on the company. Deutsche Bank reaffirmed a buy rating and issued a $65.00 price target (down from $90.00) on shares of New Relic in a research report on Monday, September 16th. Zacks Investment Research downgraded New Relic from a hold rating to a sell rating in a research report on Tuesday, September 10th. Needham & Company LLC raised their price target on New Relic from $114.00 to $120.00 and gave the company a buy rating in a research report on Tuesday. First Analysis downgraded New Relic from a strong-buy rating to a neutral rating and set a $80.00 price target on the stock. in a research report on Wednesday, August 7th. Finally, Raymond James downgraded New Relic from an outperform rating to a market perform rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned 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 $84.81.

NYSE NEWR opened at $63.22 on Tuesday. New Relic has a fifty-two week low of $50.00 and a fifty-two week high of $109.00. The stock’s 50-day moving average is $62.13 and its two-hundred day moving average is $88.87. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.88 and a quick ratio of 2.88. The firm has a market cap of $3.51 billion, a P/E ratio of -203.94 and a beta of 0.96.

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

In related news, insider James R. Gochee sold 6,850 shares of New Relic stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $92.80, for a total transaction of $635,680.00. Following the sale, the insider now directly owns 137,776 shares of the company’s stock, valued at $12,785,612.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CRO Erica Schultz sold 4,340 shares of New Relic stock in a transaction dated Monday, August 19th. The stock was 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 in the company, valued at $1,280,736.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 99,054 shares of company stock worth $7,711,788. 17.40% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in NEWR. Cornerstone Advisors Inc. grew its position in New Relic by 58.4% during the first quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock worth $35,000 after buying an additional 132 shares in the last quarter. Evolution Wealth Advisors LLC acquired a new stake in New Relic during the first quarter worth about $42,000. Point72 Hong Kong Ltd acquired a new stake in New Relic during the second quarter worth about $55,000. Flinton Capital Management LLC grew its position in New Relic by 51.9% during the second quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock worth $57,000 after buying an additional 224 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in New Relic by 255.8% during the first quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock worth $58,000 after buying an additional 422 shares in the last quarter. 79.12% of the stock is currently owned by institutional investors and hedge funds.

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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