Stock analysts at BMO Capital Markets started coverage on shares of New Relic (NYSE:NEWR) in a report issued on Friday, The Fly reports. The firm set a “market perform” rating on the software maker’s stock.
A number of other brokerages have also recently issued reports on NEWR. JMP Securities increased their target price on New Relic from $54.00 to $56.00 and gave the stock a “market outperform” rating in a report on Wednesday, November 8th. Needham & Company LLC initiated coverage on New Relic in a research report on Monday, October 23rd. They issued a “buy” rating and a $69.00 price target for the company. Oppenheimer reissued a “buy” rating and issued a $50.00 price target on shares of New Relic in a research report on Tuesday, September 19th. Zacks Investment Research lowered New Relic from a “buy” rating to a “hold” rating in a research report on Thursday, October 5th. Finally, Morgan Stanley increased their price target on New Relic from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 8th. Seven research analysts have rated the stock with a hold rating and nine 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 $54.23.
New Relic (NYSE:NEWR) opened at $59.34 on Friday. New Relic has a twelve month low of $30.01 and a twelve month high of $60.85. The stock has a market capitalization of $3,270.00, a price-to-earnings ratio of -53.46 and a beta of 1.03.
In other New Relic news, insider James R. Gochee sold 428 shares of the firm’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $59.10, for a total value of $25,294.80. Following the completion of the transaction, the insider now owns 337,904 shares in the company, valued at approximately $19,970,126.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lewis Cirne sold 33,000 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $51.15, for a total value of $1,687,950.00. The disclosure for this sale can be found here. In the last three months, insiders sold 168,139 shares of company stock valued at $9,344,895. 23.10% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of NEWR. Matrix Capital Management Company LP bought a new position in New Relic in the 3rd quarter worth about $185,779,000. Champlain Investment Partners LLC bought a new position in New Relic in the 4th quarter worth about $39,206,000. Clearbridge Investments LLC boosted 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 worth $50,739,000 after purchasing an additional 1,082,245 shares during the period. Praesidium Investment Management Company LLC bought a new stake in shares of New Relic during the 3rd quarter valued at about $26,303,000. Finally, Peregrine Capital Management LLC bought a new stake in shares of New Relic during the 1st quarter valued at about $18,867,000. Institutional investors and hedge funds own 76.45% of the company’s stock.
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.
