New Relic, Inc. (NEWR) Upgraded to Strong-Buy by BidaskClub
New Relic, Inc. (NYSE:NEWR) was upgraded by stock analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued on Thursday.
A number of other research firms have also weighed in on NEWR. First Analysis lowered shares of New Relic from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective on the stock. in a research report on Friday, August 4th. CIBC increased their price objective on shares of New Relic from $40.00 to $46.00 and gave the stock an “outperform” rating in a research report on Monday, May 15th. Stephens initiated coverage on shares of New Relic in a research report on Thursday, May 25th. They issued an “overweight” rating and a $55.00 price objective on the stock. Zacks Investment Research lowered shares of New Relic from a “buy” rating to a “hold” rating in a research report on Tuesday, May 16th. Finally, UBS AG increased their price objective on shares of New Relic from $42.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $47.36.
New Relic (NEWR) traded down 1.54% during midday trading on Thursday, hitting $47.82. The company’s stock had a trading volume of 325,884 shares. The stock has a 50 day moving average of $46.70 and a 200 day moving average of $41.47. New Relic has a 52-week low of $27.85 and a 52-week high of $49.39. The company’s market cap is $2.61 billion.
New Relic (NYSE:NEWR) last announced its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.09) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.03. New Relic had a negative net margin of 20.68% and a negative return on equity of 29.19%. The firm had revenue of $80.10 million during the quarter, compared to the consensus estimate of $78.09 million. During the same quarter last year, the firm earned ($0.20) EPS. The firm’s revenue for the quarter was up 36.7% compared to the same quarter last year. On average, equities analysts expect that New Relic will post ($0.25) EPS for the current year.
In other news, CFO Mark Sachleben sold 3,500 shares of New Relic stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $44.56, for a total transaction of $155,960.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lewis Cirne sold 33,000 shares of New Relic stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $43.68, for a total transaction of $1,441,440.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 227,431 shares of company stock worth $10,080,471. 23.10% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of NEWR. Fortaleza Asset Management Inc. increased its stake in New Relic by 73.8% in the first quarter. Fortaleza Asset Management Inc. now owns 4,910 shares of the software maker’s stock valued at $182,000 after buying an additional 2,085 shares during the last quarter. Swiss National Bank increased its position in New Relic by 6.2% in the first quarter. Swiss National Bank now owns 42,997 shares of the software maker’s stock worth $1,594,000 after buying an additional 2,500 shares in the last quarter. Suntrust Banks Inc. acquired a new position in New Relic during the first quarter worth about $337,000. Bank of New York Mellon Corp increased 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 in the last quarter. Finally, Tygh Capital Management Inc. acquired a new position in New Relic during the first quarter worth about $4,628,000. Institutional investors and hedge funds own 71.79% of the company’s stock.
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.
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