New Relic, Inc. (NYSE:NEWR) has received a consensus recommendation of “Buy” from the fifteen ratings firms that are currently covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $49.64.

NEWR has been the subject of a number of analyst reports. Morgan Stanley downgraded New Relic from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $45.00 to $48.00 in a research note on Thursday, July 20th. They noted that the move was a valuation call. BidaskClub downgraded New Relic from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. First Analysis downgraded New Relic from an “overweight” rating to an “equal weight” rating and set a $50.00 target price for the company. in a research note on Friday, August 4th. UBS AG increased their target price on New Relic from $42.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, August 4th. Finally, Robert W. Baird set a $55.00 target price on New Relic and gave the stock a “buy” rating in a research note on Monday, September 11th.

Shares of New Relic (NYSE:NEWR) traded down 0.69% on Thursday, reaching $50.44. The company had a trading volume of 357,537 shares. New Relic has a 52 week low of $27.85 and a 52 week high of $51.97. The company’s 50-day moving average price is $48.98 and its 200 day moving average price is $44.52. The firm’s market capitalization is $2.75 billion.

New Relic (NYSE:NEWR) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $80.10 million during the quarter, compared to analysts’ expectations of $78.09 million. During the same period last year, the firm earned ($0.20) EPS. The firm’s revenue for the quarter was up 36.7% on a year-over-year basis. On average, analysts expect that New Relic will post ($0.25) EPS for the current year.

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In related news, VP Robin Schulman sold 667 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $47.03, for a total value of $31,369.01. Following the completion of the transaction, the vice president now directly owns 1,244 shares of the company’s stock, valued at approximately $58,505.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lewis Cirne sold 33,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $46.12, for a total value of $1,521,960.00. The disclosure for this sale can be found here. Insiders sold a total of 172,002 shares of company stock valued at $8,256,412 over the last ninety days. 23.10% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEWR. Clearbridge Investments LLC increased its stake in New Relic by 377.8% in the 1st quarter. Clearbridge Investments LLC now owns 1,368,733 shares of the software maker’s stock valued at $50,739,000 after purchasing an additional 1,082,245 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in New Relic in the 1st quarter valued at approximately $18,611,000. Hunt Lane Capital LP purchased a new position in New Relic in the 2nd quarter valued at approximately $18,752,000. Paulson & CO. Inc. purchased a new position in New Relic in the 2nd quarter valued at approximately $15,195,000. Finally, Champlain Investment Partners LLC increased its stake in New Relic by 21.3% in the 1st quarter. Champlain Investment Partners LLC now owns 1,682,895 shares of the software maker’s stock valued at $62,385,000 after purchasing an additional 295,085 shares in the last quarter. 74.82% of the stock is owned by hedge funds and other 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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