New Relic Inc. (NEWR) Receives Average Recommendation of “Buy” from Brokerages
New Relic Inc. (NYSE:NEWR) has received a consensus rating of “Buy” from the ten analysts that are currently covering the company. Two equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $39.86.
NEWR has been the subject of a number of research analyst reports. Morgan Stanley set a $43.00 price target on New Relic and gave the company a “buy” rating in a research report on Wednesday, September 28th. Cowen and Company initiated coverage on New Relic in a research report on Friday, June 24th. They set an “outperform” rating and a $38.00 price target for the company.
In other news, CFO Mark Sachleben sold 3,500 shares of the firm’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $33.84, for a total value of $118,440.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lewis Cirne sold 39,000 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $33.87, for a total value of $1,320,930.00. The disclosure for this sale can be found here. Company insiders own 46.60% of the company’s stock.
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Several institutional investors have recently bought and sold shares of the company. Teacher Retirement System of Texas raised its position in New Relic by 27.4% in the second quarter. Teacher Retirement System of Texas now owns 3,429 shares of the company’s stock worth $101,000 after buying an additional 737 shares during the last quarter. Paradigm Asset Management Co. LLC raised its position in New Relic by 15.2% in the second quarter. Paradigm Asset Management Co. LLC now owns 3,800 shares of the company’s stock worth $112,000 after buying an additional 500 shares during the last quarter. Clinton Group Inc. bought a new position in New Relic during the second quarter worth approximately $239,000. UBS Asset Management Americas Inc. bought a new position in New Relic during the second quarter worth approximately $247,000. Finally, Citigroup Inc. raised its position in New Relic by 62.6% in the second quarter. Citigroup Inc. now owns 9,775 shares of the company’s stock worth $287,000 after buying an additional 3,763 shares during the last quarter. 58.44% of the stock is owned by hedge funds and other institutional investors.
Shares of New Relic (NYSE:NEWR) traded down 0.69% during trading on Wednesday, reaching $36.04. The company’s stock had a trading volume of 133,739 shares. The stock has a 50-day moving average of $37.12 and a 200-day moving average of $31.41. New Relic has a 52-week low of $20.39 and a 52-week high of $40.13. The stock’s market cap is $1.83 billion.
New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.20) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.03. The company earned $58.60 million during the quarter, compared to the consensus estimate of $56.96 million. New Relic had a negative return on equity of 34.30% and a negative net margin of 34.91%. New Relic’s revenue was up 53.8% on a year-over-year basis. During the same period last year, the business posted ($0.21) earnings per share. Analysts predict that New Relic will post ($0.62) earnings per share for the current fiscal year.
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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