Needham & Company LLC Begins Coverage on New Relic, Inc. (NEWR)
Investment analysts at Needham & Company LLC started coverage on shares of New Relic, Inc. (NYSE:NEWR) in a research report issued on Monday. The firm set a “buy” rating and a $69.00 price target on the software maker’s stock. Needham & Company LLC’s target price points to a potential upside of 32.54% from the stock’s previous close.
Other equities analysts also recently issued research reports about the stock. BidaskClub downgraded shares of New Relic from a “strong-buy” rating to a “buy” rating in a research note on Monday, September 18th. Robert W. Baird set a $55.00 price target on shares of New Relic and gave the company a “buy” rating in a research note on Monday, September 11th. Zacks Investment Research raised shares of New Relic from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Wednesday, October 4th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and set a $50.00 price target on shares of New Relic in a research note on Tuesday, September 19th. Finally, Morgan Stanley downgraded shares of New Relic from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $45.00 to $48.00 in a research note 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 twelve have given a buy rating to the stock. New Relic presently has an average rating of “Buy” and a consensus price target of $51.62.
Shares of New Relic (NYSE:NEWR) opened at 52.06 on Monday. New Relic has a 12 month low of $27.85 and a 12 month high of $52.27. The firm’s 50 day moving average is $49.54 and its 200 day moving average is $45.16. The company’s market cap is $2.84 billion.
New Relic (NYSE:NEWR) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.09) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.03. The firm had revenue of $80.10 million during the quarter, compared to the consensus estimate of $78.09 million. New Relic had a negative net margin of 20.68% and a negative return on equity of 29.19%. The company’s revenue for the quarter was up 36.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.20) earnings per share. On average, equities analysts predict that New Relic will post ($0.25) earnings per share for the current year.
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In other New Relic news, VP Robin Schulman sold 667 shares of New Relic stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $47.03, for a total value 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 $58,505.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Mark Sachleben sold 10,000 shares of New Relic stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $44.60, for a total transaction of $446,000.00. The disclosure for this sale can be found here. Insiders have sold 181,002 shares of company stock valued at $8,724,512 in the last three months. 23.10% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. D.A. Davidson & CO. increased its stake in New Relic by 1.8% in the second quarter. D.A. Davidson & CO. now owns 7,907 shares of the software maker’s stock valued at $340,000 after purchasing an additional 142 shares in the last quarter. Macquarie Group Ltd. increased its stake in New Relic by 0.8% in the second quarter. Macquarie Group Ltd. now owns 41,109 shares of the software maker’s stock valued at $1,768,000 after purchasing an additional 313 shares in the last quarter. Suntrust Banks Inc. increased its stake in New Relic by 4.8% in the second quarter. Suntrust Banks Inc. now owns 9,582 shares of the software maker’s stock valued at $411,000 after purchasing an additional 442 shares in the last quarter. Botty Investors LLC increased its stake in New Relic by 23.5% in the second quarter. Botty Investors LLC now owns 2,809 shares of the software maker’s stock valued at $121,000 after purchasing an additional 535 shares in the last quarter. Finally, Teachers Advisors LLC increased its stake in New Relic by 1.4% in the first quarter. Teachers Advisors LLC now owns 58,125 shares of the software maker’s stock valued at $2,155,000 after purchasing an additional 811 shares in the last quarter. 74.11% of the stock is owned by hedge funds and other 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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