New Relic Inc (NYSE:NEWR) Receives Average Recommendation of “Hold” from Analysts

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New Relic Inc (NYSE:NEWR) has received a consensus rating of “Hold” from the twenty-two brokerages that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $81.38.

A number of analysts have weighed in on NEWR shares. Oppenheimer decreased their price objective on New Relic from $85.00 to $80.00 and set an “outperform” rating for the company in a research report on Friday, October 11th. Raymond James reaffirmed a “hold” rating on shares of New Relic in a research report on Monday, September 23rd. Barclays set a $66.00 price target on New Relic and gave the company a “hold” rating in a report on Friday, November 1st. TheStreet cut New Relic from a “c-” rating to a “d+” rating in a report on Tuesday, November 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $111.00 price target on shares of New Relic in a report on Monday, November 18th.

Shares of NEWR traded down $1.11 during mid-day trading on Wednesday, reaching $66.91. The company’s stock had a trading volume of 499,041 shares, compared to its average volume of 930,904. New Relic has a 12-month low of $50.00 and a 12-month high of $109.00. The stock has a market cap of $4.00 billion, a PE ratio of -215.84 and a beta of 0.98. The company has a debt-to-equity ratio of 1.29, a current ratio of 3.01 and a quick ratio of 3.01. The company’s 50 day moving average is $64.09 and its 200 day moving average is $75.87.

New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, November 5th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.39. The firm had revenue of $145.80 million for the quarter, compared to the consensus estimate of $143.43 million. New Relic had a negative return on equity of 8.90% and a negative net margin of 11.26%. The firm’s quarterly revenue was up 26.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.20 EPS. As a group, sell-side analysts anticipate that New Relic will post -0.87 EPS for the current fiscal year.

In other New Relic news, CFO Mark Sachleben sold 2,327 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $67.90, for a total transaction of $158,003.30. Also, CEO Lewis Cirne sold 6,500 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $56.61, for a total value of $367,965.00. The disclosure for this sale can be found here. Insiders have sold 30,827 shares of company stock valued at $1,921,428 in the last three months. 17.40% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position in New Relic by 7,220.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 4,834,359 shares of the software maker’s stock valued at $418,220,000 after acquiring an additional 4,768,320 shares during the period. Jericho Capital Asset Management L.P. acquired a new position in shares of New Relic during the third quarter worth about $30,965,000. Nuveen Asset Management LLC lifted its stake in shares of New Relic by 1,297.4% during the second quarter. Nuveen Asset Management LLC now owns 397,195 shares of the software maker’s stock worth $34,361,000 after purchasing an additional 368,771 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of New Relic by 22.3% during the third quarter. First Trust Advisors LP now owns 1,854,215 shares of the software maker’s stock worth $113,942,000 after purchasing an additional 337,891 shares in the last quarter. Finally, TimesSquare Capital Management LLC lifted its stake in shares of New Relic by 93.5% during the third quarter. TimesSquare Capital Management LLC now owns 608,460 shares of the software maker’s stock worth $37,390,000 after purchasing an additional 294,025 shares in the last quarter. 81.42% of the stock is owned by institutional investors and hedge funds.

About New Relic

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

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Analyst Recommendations for New Relic (NYSE:NEWR)

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