New Relic’s (NEWR) “Buy” Rating Reiterated at Oppenheimer Holdings, Inc.
New Relic, Inc. (NYSE:NEWR)‘s stock had its “buy” rating reiterated by stock analysts at Oppenheimer Holdings, Inc. in a note issued to investors on Tuesday. They currently have a $50.00 price objective on the software maker’s stock. Oppenheimer Holdings, Inc.’s target price would suggest a potential upside of 3.09% from the company’s previous close.
Other equities research analysts have also recently issued reports about the company. BidaskClub cut New Relic from a “strong-buy” rating to a “buy” rating in a research note on Monday. Robert W. Baird set a $55.00 target price on New Relic and gave the company a “buy” rating in a report on Monday, September 11th. Morgan Stanley lowered New Relic from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $45.00 to $48.00 in a report on Thursday, July 20th. They noted that the move was a valuation call. First Analysis lowered New Relic from an “overweight” rating to an “equal weight” rating and set a $50.00 target price for the company. in a report on Friday, August 4th. Finally, UBS AG lifted their target price on New Relic from $42.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $49.17.
New Relic (NYSE:NEWR) traded up 0.47% during trading on Tuesday, hitting $48.73. 200,462 shares of the company’s stock traded hands. New Relic has a 52-week low of $27.85 and a 52-week high of $51.31. The company’s 50 day moving average price is $47.26 and its 200 day moving average price is $43.00. The company’s market cap is $2.66 billion.
New Relic (NYSE:NEWR) last announced its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.09) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.03. New Relic had a negative return on equity of 29.19% and a negative net margin of 20.68%. The business had revenue of $80.10 million for the quarter, compared to analysts’ expectations of $78.09 million. During the same period in the previous year, the business posted ($0.20) EPS. The firm’s quarterly revenue was up 36.7% compared to the same quarter last year. Analysts expect that New Relic will post ($0.25) earnings per share for the current year.
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In other news, CEO Lewis Cirne sold 33,000 shares of the business’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $44.53, for a total transaction of $1,469,490.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Sachleben sold 5,000 shares of the business’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $43.09, for a total value of $215,450.00. The disclosure for this sale can be found here. Insiders have sold 193,127 shares of company stock valued at $8,972,618 in the last three months. 23.10% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. D.A. Davidson & CO. grew its holdings in shares of New Relic by 1.8% during the second quarter. D.A. Davidson & CO. now owns 7,907 shares of the software maker’s stock worth $340,000 after purchasing an additional 142 shares in the last quarter. Macquarie Group Ltd. grew its holdings in shares of New Relic by 0.8% during the second quarter. Macquarie Group Ltd. now owns 41,109 shares of the software maker’s stock worth $1,768,000 after purchasing an additional 313 shares in the last quarter. Suntrust Banks Inc. grew its holdings in shares of New Relic by 4.8% during the second quarter. Suntrust Banks Inc. now owns 9,582 shares of the software maker’s stock worth $411,000 after purchasing an additional 442 shares in the last quarter. Botty Investors LLC grew its holdings in shares of New Relic by 23.5% during the second quarter. Botty Investors LLC now owns 2,809 shares of the software maker’s stock worth $121,000 after purchasing an additional 535 shares in the last quarter. Finally, Teachers Advisors LLC grew its holdings in shares of New Relic by 1.4% during the first quarter. Teachers Advisors LLC now owns 58,125 shares of the software maker’s stock worth $2,155,000 after purchasing an additional 811 shares in the last quarter. 74.80% of the stock is 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.
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