New Relic (NYSE:NEWR – Get Rating) was downgraded by equities researchers at StockNews.com from a "buy" rating to a "hold" rating in a report issued on Friday.
Other analysts have also issued research reports about the company. Royal Bank of Canada boosted their price target on New Relic from $45.00 to $62.00 in a report on Thursday, July 21st. Canaccord Genuity Group initiated coverage on New Relic in a report on Thursday, July 7th. They set a "buy" rating and a $81.00 price target for the company. Morgan Stanley lowered New Relic from an "overweight" rating to an "equal weight" rating and set a $64.00 price target for the company. in a report on Monday, July 11th. Robert W. Baird boosted their price target on New Relic from $75.00 to $80.00 and gave the company an "outperform" rating in a report on Monday, August 8th. Finally, Truist Financial dropped their price objective on New Relic from $85.00 to $80.00 and set a "buy" rating for the company in a research note on Monday, July 18th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, New Relic has a consensus rating of "Moderate Buy" and a consensus target price of $77.50.
Get New Relic alerts:New Relic Price Performance
Shares of NEWR opened at $55.59 on Friday. New Relic has a one year low of $41.66 and a one year high of $129.70. The firm has a market capitalization of $3.74 billion, a P/E ratio of -16.35 and a beta of 0.96. The business has a fifty day moving average of $61.73 and a 200 day moving average of $58.68.
New Relic (NYSE:NEWR – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The software maker reported ($0.79) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.94) by $0.15. New Relic had a negative return on equity of 68.32% and a negative net margin of 27.05%. The business had revenue of $216.46 million during the quarter, compared to analyst estimates of $212.68 million. Analysts expect that New Relic will post -2.27 EPS for the current fiscal year.Insider Transactions at New Relic
In related news, insider Steve Hurn sold 2,932 shares of the business's stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $66.57, for a total value of $195,183.24. Following the sale, the insider now directly owns 29,812 shares in the company, valued at $1,984,584.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Steve Hurn sold 2,932 shares of the business's stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $66.57, for a total value of $195,183.24. Following the sale, the insider now directly owns 29,812 shares in the company, valued at $1,984,584.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Lewis Cirne sold 30,000 shares of the business's stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $67.61, for a total value of $2,028,300.00. Following the completion of the sale, the chairman now owns 45,438 shares in the company, valued at $3,072,063.18. The disclosure for this sale can be found here. Insiders sold a total of 123,265 shares of company stock valued at $7,651,228 over the last 90 days. Company insiders own 21.00% of the company's stock.
Institutional Investors Weigh In On New Relic
Hedge funds have recently made changes to their positions in the company. Private Ocean LLC raised its position in New Relic by 18.0% during the first quarter. Private Ocean LLC now owns 1,050 shares of the software maker's stock valued at $70,000 after purchasing an additional 160 shares during the period. Grandeur Peak Global Advisors LLC raised its position in New Relic by 0.8% during the fourth quarter. Grandeur Peak Global Advisors LLC now owns 22,107 shares of the software maker's stock valued at $2,431,000 after purchasing an additional 182 shares during the period. Arizona State Retirement System raised its position in New Relic by 1.3% during the first quarter. Arizona State Retirement System now owns 15,914 shares of the software maker's stock valued at $1,064,000 after purchasing an additional 206 shares during the period. Ensign Peak Advisors Inc raised its position in New Relic by 1.6% during the second quarter. Ensign Peak Advisors Inc now owns 13,680 shares of the software maker's stock valued at $685,000 after purchasing an additional 210 shares during the period. Finally, Principal Financial Group Inc. raised its position in New Relic by 5.3% during the fourth quarter. Principal Financial Group Inc. now owns 5,589 shares of the software maker's stock valued at $615,000 after purchasing an additional 283 shares during the period. 87.21% of the stock is currently owned by hedge funds and other institutional investors.
New Relic Company Profile
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New Relic, Inc, a software-as-a-service company, delivers a software platform for customers to collect telemetry data and derive insights from that data in a unified front-end application. It offers a suite of products on its open and extensible cloud-based platform, which enables users to collect, store, and analyze telemetry data.
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