New Relic Inc (NYSE:NEWR) has been given a consensus rating of “Buy” by the nine ratings firms that are presently covering the stock. Nine research analysts have rated the stock with a buy rating. The average 1 year price objective among brokers that have covered the stock in the last year is $44.57.
Several research analysts have weighed in on NEWR shares. Robert W. Baird reissued a “hold” rating on shares of New Relic in a report on Wednesday, January 25th. Cowen and Company reissued an “outperform” rating and set a $38.00 price objective on shares of New Relic in a report on Wednesday, January 25th. Pacific Crest reissued an “overweight” rating on shares of New Relic in a report on Friday, January 27th. Oppenheimer Holdings Inc. set a $40.00 price objective on shares of New Relic and gave the stock a “buy” rating in a report on Tuesday, April 4th. Finally, Zacks Investment Research lowered shares of New Relic from a “hold” rating to a “sell” rating in a report on Wednesday, April 5th.
New Relic (NYSE:NEWR) traded down 0.71% during trading on Tuesday, hitting $39.41. 193,390 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $37.46 and its 200 day moving average price is $34.45. New Relic has a 12-month low of $23.55 and a 12-month high of $40.10. The stock’s market cap is $2.08 billion.
New Relic (NYSE:NEWR) last announced its quarterly earnings data on Tuesday, February 7th. The software maker reported ($0.09) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.05. The company earned $68.10 million during the quarter, compared to analyst estimates of $66.32 million. New Relic had a negative net margin of 26.90% and a negative return on equity of 32.99%. The firm’s revenue for the quarter was up 42.6% compared to the same quarter last year. During the same period last year, the business earned ($0.22) EPS. Analysts anticipate that New Relic will post ($0.53) earnings per share for the current fiscal year.
In other news, CFO Mark Sachleben sold 3,500 shares of New Relic stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $32.58, for a total value of $114,030.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lewis Cirne sold 31,000 shares of New Relic stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $36.11, for a total transaction of $1,119,410.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 175,443 shares of company stock valued at $6,507,899. 46.60% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of NEWR. Citadel Advisors LLC acquired a new position in New Relic during the third quarter valued at approximately $2,511,000. King Luther Capital Management Corp acquired a new position in New Relic during the third quarter valued at approximately $1,324,000. Quadrature Capital Ltd acquired a new position in New Relic during the third quarter valued at approximately $325,000. BlackRock Investment Management LLC raised its position in New Relic by 2.0% in the third quarter. BlackRock Investment Management LLC now owns 83,141 shares of the software maker’s stock valued at $3,186,000 after buying an additional 1,613 shares during the period. Finally, BlackRock Advisors LLC raised its position in New Relic by 1.0% in the third quarter. BlackRock Advisors LLC now owns 93,935 shares of the software maker’s stock valued at $3,600,000 after buying an additional 899 shares during the period. 63.71% of the stock is owned by institutional investors and hedge funds.
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New Relic Company Profile
New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.
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