New Relic (NYSE:NEWR) Given New $52.00 Price Target at Goldman Sachs Group

New Relic (NYSE:NEWR) had its target price lowered by equities researchers at Goldman Sachs Group from $65.00 to $52.00 in a research report issued on Monday, The Fly reports. The firm presently has a “sell” rating on the software maker’s stock. Goldman Sachs Group’s price target suggests a potential downside of 10.22% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC set a $120.00 target price on shares of New Relic and gave the company a “buy” rating in a report on Wednesday, August 7th. Barclays assumed coverage on shares of New Relic in a report on Monday, August 26th. They set an “equal weight” rating and a $63.00 target price on the stock. Morgan Stanley reduced their target price on shares of New Relic from $104.00 to $84.00 and set an “overweight” rating on the stock in a report on Wednesday, August 21st. BMO Capital Markets reduced their target price on shares of New Relic to $73.00 and set a “positive” rating on the stock in a report on Wednesday, August 7th. Finally, Deutsche Bank reaffirmed a “buy” rating and set a $65.00 target price (down previously from $90.00) on shares of New Relic in a report on Monday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $90.93.

Shares of NEWR stock traded down $0.49 on Monday, hitting $57.92. 219,412 shares of the company’s stock traded hands, compared to its average volume of 1,115,375. The company has a debt-to-equity ratio of 1.32, a quick ratio of 2.88 and a current ratio of 2.88. New Relic has a one year low of $54.83 and a one year high of $109.51. The company’s fifty day simple moving average is $66.98 and its 200 day simple moving average is $90.51. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of -186.26 and a beta of 0.96.

New Relic (NYSE:NEWR) last released its earnings results on Tuesday, August 6th. The software maker reported ($0.16) EPS for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to analyst estimates of $139.73 million. During the same quarter last year, the firm earned $0.15 EPS. The firm’s quarterly revenue was up 30.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that New Relic will post -0.68 earnings per share for the current fiscal year.

In other news, CEO Lewis Cirne sold 17,000 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $90.10, for a total value of $1,531,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Erica Schultz sold 4,340 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $58.21, for a total transaction of $252,631.40. Following the completion of the sale, the executive now directly owns 22,002 shares of the company’s stock, valued at $1,280,736.42. The disclosure for this sale can be found here. Insiders have sold a total of 114,054 shares of company stock valued at $9,166,488 in the last three months. 17.40% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the company. Cornerstone Advisors Inc. lifted 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 purchasing an additional 132 shares during the period. Evolution Wealth Advisors LLC purchased a new stake in shares of New Relic in the 1st quarter worth about $42,000. Point72 Hong Kong Ltd purchased a new stake in shares of New Relic in the 2nd quarter worth about $55,000. Flinton Capital Management LLC lifted 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 purchasing an additional 224 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of New Relic by 255.8% in the 1st quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock worth $58,000 after purchasing an additional 422 shares during the period. 79.12% 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.

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