New Relic, Inc. (NYSE:NEWR) was downgraded by stock analysts at First Analysis from an “overweight” rating to an “equal weight” rating in a report released on Friday.

A number of other equities analysts also recently issued reports on the company. Zacks Investment Research upgraded New Relic from a “sell” rating to a “buy” rating and set a $44.00 price objective for the company in a report on Wednesday, April 12th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $46.00 price objective (up previously from $40.00) on shares of New Relic in a report on Friday, May 12th. CIBC increased their price objective on New Relic from $40.00 to $46.00 and gave the stock an “outperform” rating in a report on Monday, May 15th. Morgan Stanley downgraded New Relic from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $45.00 to $48.00 in a report on Thursday, July 20th. They noted that the move was a valuation call. Finally, Stephens started coverage on New Relic in a report on Thursday, May 25th. They issued an “overweight” rating and a $55.00 price objective for the company. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $47.10.

New Relic (NYSE:NEWR) traded down 1.07% during mid-day trading on Friday, reaching $46.02. 2,012,001 shares of the company traded hands. The company’s 50-day moving average is $45.07 and its 200-day moving average is $40.13. New Relic has a 12-month low of $27.85 and a 12-month high of $49.19. The stock’s market capitalization is $2.46 billion.

New Relic (NYSE:NEWR) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.03. The business had revenue of $80.10 million during the quarter, compared to the consensus estimate of $78.09 million. New Relic had a negative return on equity of 29.36% and a negative net margin of 20.68%. The firm’s quarterly revenue was up 36.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.20) earnings per share. Equities analysts predict that New Relic will post ($0.27) earnings per share for the current fiscal year.

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In related news, CFO Mark Sachleben sold 5,000 shares of the stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $45.37, for a total transaction of $226,850.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Robin Schulman sold 667 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $47.03, for a total value of $31,369.01. Following the sale, the vice president now directly owns 1,244 shares in the company, valued at $58,505.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 202,535 shares of company stock worth $8,849,414. Insiders own 23.10% of the company’s stock.

Several large investors have recently added to or reduced their stakes in NEWR. Clearbridge Investments LLC boosted its stake 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 valued at $50,739,000 after buying an additional 1,082,245 shares during the period. Peregrine Capital Management LLC acquired a new stake in New Relic during the first quarter valued at approximately $18,867,000. Massachusetts Financial Services Co. MA acquired a new stake in New Relic during the first quarter valued at approximately $18,611,000. Jennison Associates LLC acquired a new stake in New Relic during the first quarter valued at approximately $16,703,000. Finally, Bank of New York Mellon Corp boosted its stake 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 valued at $38,961,000 after buying an additional 419,316 shares during the period. 71.35% of the stock is currently owned by 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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