StockNews.com downgraded shares of New Relic (NYSE:NEWR – Get Rating) from a buy rating to a hold rating in a report issued on Friday morning.
Several other brokerages have also recently issued reports on NEWR. Canaccord Genuity Group assumed coverage on shares of New Relic in a research report on Thursday, July 7th. They issued a buy rating and a $81.00 price target for the company. Canaccord Genuity Group assumed coverage on shares of New Relic in a research report on Thursday, July 7th. They set a buy rating for the company. Robert W. Baird increased their price objective on shares of New Relic from $75.00 to $80.00 and gave the stock an outperform rating in a research report on Monday, August 8th. Truist Financial decreased their price objective on shares of New Relic from $85.00 to $80.00 and set a buy rating for the company in a research report on Monday, July 18th. Finally, Royal Bank of Canada increased their price objective on shares of New Relic from $45.00 to $62.00 in a research report on Thursday, July 21st. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, New Relic currently has a consensus rating of Moderate Buy and a consensus price target of $77.55.
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Shares of NYSE NEWR opened at $54.34 on Friday. New Relic has a 52-week low of $41.66 and a 52-week high of $129.70. The firm has a 50 day moving average price of $61.78 and a two-hundred day moving average price of $58.59. The stock has a market cap of $3.66 billion, a P/E ratio of -15.98 and a beta of 0.96.
New Relic (NYSE:NEWR – Get Rating) last announced 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 net margin of 27.05% and a negative return on equity of 68.32%. The firm had revenue of $216.46 million during the quarter, compared to analysts' expectations of $212.68 million. Analysts predict that New Relic will post -2.27 earnings per share for the current fiscal year.Insider Buying and Selling
In related news, Chairman Lewis Cirne sold 30,000 shares of the stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $52.35, for a total transaction of $1,570,500.00. Following the transaction, the chairman now directly owns 45,438 shares of the company's stock, valued at $2,378,679.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other New Relic news, Chairman Lewis Cirne sold 30,000 shares of the firm's stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $52.35, for a total value of $1,570,500.00. Following the transaction, the chairman now directly owns 45,438 shares of the company's stock, valued at $2,378,679.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Kristy Friedrichs sold 13,590 shares of the firm's stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $70.22, for a total transaction of $954,289.80. Following the completion of the transaction, the chief operating officer now directly owns 9,439 shares in the company, valued at $662,806.58. The disclosure for this sale can be found here. Insiders have sold a total of 123,265 shares of company stock valued at $7,651,228 over the last ninety days. 21.00% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the business. Tcwp LLC bought a new position in shares of New Relic in the first quarter valued at $52,000. Private Ocean LLC lifted its stake in shares of New Relic by 18.0% in the first quarter. Private Ocean LLC now owns 1,050 shares of the software maker's stock valued at $70,000 after buying an additional 160 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of New Relic by 129.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,066 shares of the software maker's stock valued at $72,000 after buying an additional 601 shares in the last quarter. US Bancorp DE lifted its stake in shares of New Relic by 57.3% in the second quarter. US Bancorp DE now owns 1,546 shares of the software maker's stock valued at $77,000 after buying an additional 563 shares in the last quarter. Finally, Penserra Capital Management LLC lifted its position in shares of New Relic by 50.0% during the first quarter. Penserra Capital Management LLC now owns 1,254 shares of the software maker's stock valued at $83,000 after purchasing an additional 418 shares in the last quarter. 87.21% of the stock is owned by institutional investors.
About New Relic
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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.
Further Reading
- Get a free copy of the StockNews.com research report on New Relic (NEWR)
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