New Relic (NYSE:NEWR) had its target price increased by BMO Capital Markets from $95.00 to $110.00 in a report published on Tuesday, Marketbeat reports. BMO Capital Markets currently has an outperform rating on the software maker’s stock.
A number of other research firms have also weighed in on NEWR. Zacks Investment Research lowered shares of New Relic from a buy rating to a hold rating in a research note on Wednesday, April 11th. Robert W. Baird raised their target price on shares of New Relic from $65.00 to $68.00 and gave the stock an outperform rating in a research note on Wednesday, February 7th. Cowen raised their price target on shares of New Relic from $74.00 to $84.00 and gave the stock an outperform rating in a report on Wednesday, May 9th. JMP Securities downgraded shares of New Relic from an outperform rating to a market perform rating in a report on Wednesday, May 9th. Finally, Needham & Company LLC raised their price target on shares of New Relic from $73.00 to $84.00 and gave the stock a buy rating in a report on Monday, April 2nd. Seven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. New Relic currently has a consensus rating of Buy and a consensus price target of $87.73.
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Shares of New Relic stock opened at $104.37 on Tuesday. The stock has a market capitalization of $5.96 billion, a P/E ratio of -141.04 and a beta of 0.83. New Relic has a twelve month low of $39.11 and a twelve month high of $110.08.
New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, May 8th. The software maker reported $0.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.04. The firm had revenue of $98.40 million for the quarter, compared to analyst estimates of $96.34 million. New Relic had a negative net margin of 12.76% and a negative return on equity of 20.14%. New Relic’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same period last year, the company posted ($0.11) EPS. equities analysts anticipate that New Relic will post -0.59 earnings per share for the current fiscal year.
In related news, CEO Lewis Cirne sold 89,000 shares of the business’s stock in a transaction on Wednesday, May 2nd. The shares were sold at an average price of $71.11, for a total value of $6,328,790.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Erica Schultz sold 1,800 shares of the business’s stock in a transaction on Monday, April 16th. The shares were sold at an average price of $73.15, for a total transaction of $131,670.00. Following the completion of the sale, the executive now directly owns 22,327 shares of the company’s stock, valued at $1,633,220.05. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 360,262 shares of company stock valued at $30,342,206. Corporate insiders own 23.10% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in NEWR. First Trust Advisors LP lifted its position in New Relic by 2,139.1% in the fourth quarter. First Trust Advisors LP now owns 1,264,352 shares of the software maker’s stock valued at $73,042,000 after acquiring an additional 1,207,885 shares during the last quarter. BlackRock Inc. increased its stake in New Relic by 15.4% in the first quarter. BlackRock Inc. now owns 2,556,605 shares of the software maker’s stock valued at $189,496,000 after purchasing an additional 340,747 shares during the period. Millennium Management LLC increased its stake in New Relic by 502.4% in the first quarter. Millennium Management LLC now owns 397,239 shares of the software maker’s stock valued at $29,443,000 after purchasing an additional 331,291 shares during the period. Lord Abbett & CO. LLC acquired a new position in New Relic in the first quarter valued at $19,133,000. Finally, AO Asset Management LP acquired a new position in New Relic in the first quarter valued at $15,743,000. 73.74% of the stock is 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.