New Relic, Inc. (NEWR) Downgraded by BidaskClub
New Relic, Inc. (NYSE:NEWR) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Monday.
A number of other research analysts have also weighed in on the stock. 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 note on Friday, August 4th. Robert W. Baird set a $55.00 target price on shares of New Relic and gave the company a “buy” rating in a report on Monday, September 11th. Stephens started coverage on shares of New Relic in a report on Thursday, May 25th. They issued an “overweight” rating and a $55.00 target price for the company. UBS AG increased their target price on shares of New Relic from $42.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, August 4th. Finally, Morgan Stanley downgraded shares of New Relic from an “overweight” rating to an “equal weight” rating and raised 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. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $49.17.
Shares of New Relic (NEWR) traded down 0.27% during trading on Monday, reaching $48.01. 333,097 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $47.31 and its 200-day moving average price is $43.08. The stock’s market cap is $2.62 billion. New Relic has a 52-week low of $27.85 and a 52-week high of $51.31.
New Relic (NYSE:NEWR) last posted its quarterly earnings data 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 company had revenue of $80.10 million for the quarter, compared to analyst estimates of $78.09 million. During the same period in the prior year, the firm posted ($0.20) EPS. The company’s quarterly revenue was up 36.7% on a year-over-year basis. On average, equities research analysts forecast that New Relic will post ($0.25) EPS for the current year.
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In other news, CEO Lewis Cirne sold 33,000 shares of the company’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $44.53, for a total transaction of $1,469,490.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Sachleben sold 10,000 shares of the company’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $49.70, for a total transaction of $497,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 194,982 shares of company stock worth $9,062,752 in the last 90 days. Company insiders own 23.10% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Ardsley Advisory Partners purchased a new stake in New Relic in the 2nd quarter worth approximately $430,000. Paulson & CO. Inc. bought a new position in New Relic in the 2nd quarter worth approximately $15,195,000. Ashford Capital Management Inc. boosted its stake in New Relic by 35.6% in the 2nd quarter. Ashford Capital Management Inc. now owns 239,725 shares of the software maker’s stock worth $10,311,000 after purchasing an additional 62,925 shares during the period. Ameritas Investment Partners Inc. boosted its stake in New Relic by 50.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock worth $111,000 after purchasing an additional 862 shares during the period. Finally, California State Teachers Retirement System boosted its stake in New Relic by 20.1% in the 2nd quarter. California State Teachers Retirement System now owns 51,933 shares of the software maker’s stock worth $2,234,000 after purchasing an additional 8,682 shares during the period. 74.80% of the stock is owned by institutional investors.
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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