New Relic Inc (NYSE:NEWR) Given Average Rating of “Buy” by Brokerages

New Relic Inc (NYSE:NEWR) has been assigned an average rating of “Buy” from the twenty-two analysts that are covering the stock, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and fourteen have given a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $82.63.

Several equities research analysts have issued reports on NEWR shares. BMO Capital Markets dropped their price objective on New Relic from $71.00 to $68.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Cowen set a $80.00 price objective on New Relic and gave the stock a “buy” rating in a report on Monday, September 23rd. DA Davidson restated a “positive” rating and set a $78.00 price objective on shares of New Relic in a report on Friday, December 13th. Raymond James restated a “hold” rating on shares of New Relic in a report on Monday, September 23rd. Finally, Barclays downgraded New Relic from an “equal weight” rating to an “underweight” rating and set a $63.00 price objective on the stock. in a report on Friday, January 10th.

In other news, CEO Lewis Cirne sold 9,500 shares of New Relic stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $65.76, for a total value of $624,720.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Sachleben sold 2,327 shares of New Relic stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $67.90, for a total value of $158,003.30. In the last quarter, insiders sold 28,827 shares of company stock valued at $1,941,613. Insiders own 17.40% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Sciencast Management LP acquired a new position in New Relic during the 4th quarter valued at approximately $1,039,000. Cerebellum GP LLC boosted its position in New Relic by 21.6% during the 4th quarter. Cerebellum GP LLC now owns 7,943 shares of the software maker’s stock valued at $522,000 after purchasing an additional 1,412 shares during the period. Fulton Breakefield Broenniman LLC acquired a new position in New Relic during the 4th quarter valued at approximately $371,000. Diversified Trust Co boosted its position in New Relic by 51.0% during the 4th quarter. Diversified Trust Co now owns 11,087 shares of the software maker’s stock valued at $729,000 after purchasing an additional 3,745 shares during the period. Finally, Altfest L J & Co. Inc. acquired a new position in New Relic during the 4th quarter valued at approximately $217,000. Institutional investors own 81.53% of the company’s stock.

Shares of NYSE:NEWR traded down $0.62 during mid-day trading on Thursday, hitting $72.87. 17,757 shares of the company traded hands, compared to its average volume of 613,669. The firm has a market cap of $4.27 billion, a P/E ratio of -234.89 and a beta of 0.96. The company has a debt-to-equity ratio of 1.29, a quick ratio of 3.01 and a current ratio of 3.01. New Relic has a 52-week low of $50.00 and a 52-week high of $109.00. The firm’s 50 day simple moving average is $67.77 and its 200 day simple moving average is $68.93.

New Relic (NYSE:NEWR) last posted its quarterly earnings data on Tuesday, November 5th. The software maker reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.01). New Relic had a negative return on equity of 8.90% and a negative net margin of 11.26%. The business had revenue of $145.80 million for the quarter, compared to analysts’ expectations of $143.43 million. During the same quarter in the prior year, the firm earned $0.20 earnings per share. New Relic’s revenue for the quarter was up 26.9% compared to the same quarter last year. Equities research analysts expect that New Relic will post -0.88 EPS for the current fiscal year.

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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Analyst Recommendations for New Relic (NYSE:NEWR)

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