New Relic, Inc. (NYSE:NEWR) was downgraded by equities research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report released on Thursday, Marketbeat.com reports. They currently have a $48.00 price target on the software maker’s stock, up from their prior price target of $45.00. Morgan Stanley’s target price would suggest a potential upside of 0.63% from the stock’s current price. The analysts noted that the move was a valuation call.

NEWR has been the topic of several other reports. Zacks Investment Research lowered shares of New Relic from a “hold” rating to a “sell” rating in a research note on Wednesday, April 5th. Oppenheimer Holdings, Inc. set a $40.00 target price on shares of New Relic and gave the stock a “buy” rating in a research note on Tuesday, April 4th. Stephens started coverage on shares of New Relic in a research note on Thursday, May 25th. They set an “overweight” rating and a $55.00 target price on the stock. CIBC increased their target price on shares of New Relic from $40.00 to $46.00 and gave the stock an “outperform” rating in a research note on Monday, May 15th. Finally, Robert W. Baird increased their target price on shares of New Relic from $40.00 to $42.00 and gave the stock an “outperform” rating in a research note on Thursday, April 6th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $46.20.

Shares of New Relic (NYSE NEWR) traded down 2.25% during trading on Thursday, hitting $47.70. 982,270 shares of the stock were exchanged. The firm’s 50 day moving average price is $43.95 and its 200-day moving average price is $39.03. The stock’s market cap is $2.55 billion. New Relic has a 52 week low of $27.85 and a 52 week high of $49.19.

New Relic (NYSE:NEWR) last issued its earnings results on Tuesday, May 9th. The software maker reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.04. The business had revenue of $73.30 million for the quarter, compared to analyst estimates of $73.04 million. New Relic had a negative net margin of 23.18% and a negative return on equity of 30.80%. New Relic’s revenue was up 39.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.24) earnings per share. On average, analysts predict that New Relic will post ($0.27) EPS for the current year.

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In other New Relic news, VP Robin Schulman sold 667 shares of the firm’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $40.00, for a total value of $26,680.00. Following the transaction, the vice president now directly owns 1,244 shares of the company’s stock, valued at $49,760. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lewis Cirne sold 33,000 shares of the firm’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $40.81, for a total transaction of $1,346,730.00. The disclosure for this sale can be found here. Insiders sold 234,035 shares of company stock worth $10,104,605 over the last ninety days. Insiders own 23.10% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clearbridge Investments LLC raised its position in New Relic by 377.8% in the first quarter. Clearbridge Investments LLC now owns 1,368,733 shares of the software maker’s stock worth $50,739,000 after buying an additional 1,082,245 shares during the period. Peregrine Capital Management LLC acquired a new position in New Relic during the first quarter worth $18,867,000. Massachusetts Financial Services Co. MA acquired a new position in New Relic during the first quarter worth $18,611,000. Jennison Associates LLC acquired a new position in New Relic during the first quarter worth $16,703,000. Finally, Bank of New York Mellon Corp raised its position in New Relic by 66.4% in the first quarter. Bank of New York Mellon Corp now owns 1,051,025 shares of the software maker’s stock worth $38,961,000 after buying an additional 419,316 shares during the period. 70.59% of the stock is currently owned by hedge funds and other institutional investors.

About New Relic

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.

Analyst Recommendations for New Relic (NYSE:NEWR)

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