J P Morgan Chase & Co Lowers New Relic (NEWR) to Neutral

New Relic (NYSE:NEWR) was downgraded by equities research analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a research note issued to investors on Tuesday, Marketbeat.com reports. They currently have a $62.00 price target on the software maker’s stock. J P Morgan Chase & Co’s price objective indicates a potential upside of 3.89% from the company’s current price.

A number of other research firms have also weighed in on NEWR. JMP Securities increased their price objective on shares of New Relic from $54.00 to $56.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 8th. Morgan Stanley increased their price objective on shares of New Relic from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 8th. UBS began coverage on shares of New Relic in a research note on Thursday, November 9th. They issued a “neutral” rating and a $53.00 price objective on the stock. Needham & Company LLC began coverage on shares of New Relic in a research note on Monday, October 23rd. They issued a “buy” rating and a $69.00 price objective on the stock. Finally, KeyCorp reiterated an “overweight” rating and issued a $57.00 price objective (up previously from $52.00) on shares of New Relic in a research note on Wednesday, November 8th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $54.23.

New Relic (NYSE NEWR) traded up $0.88 during midday trading on Tuesday, hitting $59.68. 3,190,186 shares of the company’s stock were exchanged, compared to its average volume of 590,402. New Relic has a fifty-two week low of $27.85 and a fifty-two week high of $60.85.

New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, November 7th. The software maker reported ($0.06) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.04. The firm had revenue of $84.68 million for the quarter, compared to analyst estimates of $82.98 million. New Relic had a negative net margin of 19.43% and a negative return on equity of 29.19%. The business’s quarterly revenue was up 33.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.09) earnings per share. sell-side analysts expect that New Relic will post -0.98 EPS for the current year.

In related news, CFO Mark Sachleben sold 5,000 shares of the firm’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $47.69, for a total transaction of $238,450.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Robin Schulman sold 1,349 shares of the firm’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $48.78, for a total transaction of $65,804.22. Following the sale, the vice president now owns 1,364 shares in the company, valued at approximately $66,535.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,591 shares of company stock worth $9,860,912. 23.10% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. AXA grew its position in shares of New Relic by 8.2% in the third quarter. AXA now owns 171,000 shares of the software maker’s stock valued at $8,516,000 after purchasing an additional 13,000 shares during the period. Granahan Investment Management Inc. MA acquired a new stake in shares of New Relic in the third quarter valued at about $269,000. PEAK6 Investments L.P. grew its position in shares of New Relic by 107.6% in the third quarter. PEAK6 Investments L.P. now owns 17,403 shares of the software maker’s stock valued at $867,000 after purchasing an additional 9,019 shares during the period. Asset Management One Co. Ltd. grew its position in shares of New Relic by 48.6% in the third quarter. Asset Management One Co. Ltd. now owns 14,858 shares of the software maker’s stock valued at $731,000 after purchasing an additional 4,859 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new stake in shares of New Relic in the third quarter valued at about $23,221,000. Institutional investors own 77.16% of the company’s stock.

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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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