New Relic, Inc. (NEWR) Coverage Initiated at KeyCorp
Equities researchers at KeyCorp started coverage on shares of New Relic, Inc. (NYSE:NEWR) in a research report issued on Tuesday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $52.00 price target on the software maker’s stock. KeyCorp’s price objective indicates a potential upside of 8.31% from the stock’s previous close.
NEWR has been the subject of a number of other research reports. BidaskClub lowered New Relic from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. UBS AG increased their price target on New Relic from $42.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, August 4th. First Analysis downgraded shares of New Relic from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective for the company. in a report on Friday, August 4th. Morgan Stanley downgraded shares of New Relic from an “overweight” rating to an “equal weight” rating and increased their price objective 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. Finally, Stephens assumed coverage on shares of New Relic in a report on Thursday, May 25th. They set an “overweight” rating and a $55.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $49.17.
New Relic (NYSE:NEWR) traded down 0.27% during trading on Tuesday, hitting $48.01. The stock had a trading volume of 333,097 shares. New Relic has a 52-week low of $27.85 and a 52-week high of $51.31. The company has a 50-day moving average price of $47.31 and a 200-day moving average price of $43.08. The company’s market cap is $2.62 billion.
New Relic (NYSE:NEWR) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.09) EPS for the quarter, topping the 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 firm had revenue of $80.10 million during the quarter, compared to analyst estimates of $78.09 million. During the same period in the prior year, the business posted ($0.20) EPS. New Relic’s revenue was up 36.7% on a year-over-year basis. Equities research analysts forecast that New Relic will post ($0.25) EPS for the current year.
In other New Relic news, CFO Mark Sachleben sold 5,000 shares of the firm’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $43.09, for a total value of $215,450.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Robin Schulman sold 667 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $47.03, for a total transaction of $31,369.01. Following the completion of the sale, the vice president now directly owns 1,244 shares of the company’s stock, valued at approximately $58,505.32. The disclosure for this sale can be found here. In the last three months, insiders sold 194,982 shares of company stock valued at $9,062,752. 23.10% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC lifted its stake in New Relic by 1.4% in the second quarter. FMR LLC now owns 8,024,872 shares of the software maker’s stock worth $345,149,000 after purchasing an additional 108,223 shares during the last quarter. Vanguard Group Inc. increased its position in shares of New Relic by 7.7% during the second quarter. Vanguard Group Inc. now owns 2,848,100 shares of the software maker’s stock worth $122,497,000 after acquiring an additional 204,652 shares during the period. Champlain Investment Partners LLC increased its position in shares of New Relic by 21.3% during the first quarter. Champlain Investment Partners LLC now owns 1,682,895 shares of the software maker’s stock worth $62,385,000 after acquiring an additional 295,085 shares during the period. Clearbridge Investments LLC increased its position in shares of New Relic by 377.8% during the first quarter. Clearbridge Investments LLC now owns 1,368,733 shares of the software maker’s stock worth $50,739,000 after acquiring an additional 1,082,245 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of New Relic by 24.4% during the second quarter. Bank of New York Mellon Corp now owns 1,307,282 shares of the software maker’s stock worth $56,226,000 after acquiring an additional 256,257 shares during the period. 74.80% of the stock is owned by institutional investors and hedge funds.
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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