New Relic (NYSE:NEWR) had its price objective dropped by equities research analysts at Oppenheimer from $105.00 to $85.00 in a report issued on Friday, September 20th, The Fly reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Oppenheimer’s target price would suggest a potential upside of 38.41% from the stock’s current price.
Other research analysts have also issued research reports about the company. Morgan Stanley dropped their target price on New Relic from $84.00 to $80.00 and set an “overweight” rating on the stock in a report on Tuesday, September 17th. Cowen dropped their price objective on New Relic from $100.00 to $80.00 and set an “outperform” rating on the stock in a report on Tuesday, September 17th. Needham & Company LLC upped their price objective on New Relic from $114.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. Robert W. Baird dropped their price objective on New Relic from $84.00 to $77.00 and set an “outperform” rating on the stock in a report on Tuesday, September 17th. Finally, Goldman Sachs Group dropped their price objective on New Relic from $65.00 to $52.00 and set a “sell” rating on the stock in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $84.81.
NEWR stock opened at $61.41 on Friday. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of -198.10 and a beta of 0.96. New Relic has a fifty-two week low of $50.00 and a fifty-two week high of $109.00. The business has a 50 day moving average price of $59.33 and a 200 day moving average price of $87.50. The company has a quick ratio of 2.88, a current ratio of 2.88 and a debt-to-equity ratio of 1.32.
New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.02. The company had revenue of $141.01 million for the quarter, compared to analyst estimates 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 was up 30.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 earnings per share. As a group, sell-side analysts anticipate that New Relic will post -0.71 EPS for the current year.
In other New Relic news, CFO Mark Sachleben sold 15,000 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $93.65, for a total transaction of $1,404,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Lewis Cirne sold 6,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $56.61, for a total value of $367,965.00. The disclosure for this sale can be found here. Insiders sold 99,054 shares of company stock valued at $7,711,788 over the last quarter. Insiders own 17.40% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in shares of New Relic by 7,220.5% in the second 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 buying an additional 4,768,320 shares in the last quarter. BlackRock Inc. boosted its holdings in New Relic by 2.3% in the first quarter. BlackRock Inc. now owns 3,880,134 shares of the software maker’s stock valued at $382,970,000 after purchasing an additional 87,904 shares during the last quarter. First Trust Advisors LP boosted its holdings in New Relic by 24.7% in the second quarter. First Trust Advisors LP now owns 1,516,324 shares of the software maker’s stock valued at $131,177,000 after purchasing an additional 300,484 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in New Relic by 1.6% in the first quarter. Clearbridge Investments LLC now owns 1,495,239 shares of the software maker’s stock valued at $147,580,000 after purchasing an additional 23,079 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its holdings in New Relic by 23.7% in the second quarter. Baillie Gifford & Co. now owns 1,259,823 shares of the software maker’s stock valued at $108,987,000 after purchasing an additional 241,662 shares during the last quarter. Institutional investors and hedge funds own 79.12% of the company’s stock.
About New Relic
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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