New Relic (NYSE:NEWR) Stock Rating Lowered by Needham & Company LLC

New Relic (NYSE:NEWRGet Rating) was downgraded by equities research analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, The Fly reports.

Several other equities analysts have also weighed in on NEWR. Zacks Investment Research lowered New Relic from a “hold” rating to a “sell” rating in a report on Saturday, April 9th. Robert W. Baird cut their target price on New Relic from $117.00 to $75.00 in a report on Friday. StockNews.com initiated coverage on New Relic in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Truist Financial lowered their price target on New Relic from $110.00 to $95.00 in a research report on Tuesday. Finally, Morgan Stanley lowered their price target on New Relic from $150.00 to $138.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $102.89.

NYSE NEWR opened at $47.82 on Friday. New Relic has a fifty-two week low of $45.32 and a fifty-two week high of $129.70. The stock’s 50-day moving average is $64.69 and its two-hundred day moving average is $86.11. The company has a debt-to-equity ratio of 1.47, a current ratio of 2.49 and a quick ratio of 2.49. The firm has a market cap of $3.16 billion, a P/E ratio of -11.90 and a beta of 0.99.

New Relic (NYSE:NEWRGet Rating) last posted its earnings results on Tuesday, February 8th. The software maker reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.79) by ($0.17). New Relic had a negative net margin of 34.10% and a negative return on equity of 68.08%. The company had revenue of $203.59 million for the quarter, compared to the consensus estimate of $200.44 million. During the same quarter last year, the business earned ($0.75) earnings per share. New Relic’s quarterly revenue was up 22.4% on a year-over-year basis. On average, equities analysts expect that New Relic will post -3.63 EPS for the current year.

In related news, Chairman Lewis Cirne sold 30,000 shares of New Relic stock in a transaction dated Friday, May 6th. The stock was sold at an average price of $57.71, for a total transaction of $1,731,300.00. Following the sale, the chairman now directly owns 42,918 shares of the company’s stock, valued at $2,476,797.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Steve Hurn sold 2,139 shares of New Relic stock in a transaction that occurred on Tuesday, February 15th. The shares were sold at an average price of $70.93, for a total value of $151,719.27. The disclosure for this sale can be found here. Over the last three months, insiders have sold 106,748 shares of company stock worth $7,014,959. 22.00% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC boosted its holdings in New Relic by 77.7% during the fourth quarter. Quadrant Capital Group LLC now owns 231 shares of the software maker’s stock valued at $25,000 after purchasing an additional 101 shares in the last quarter. Private Ocean LLC raised its stake in shares of New Relic by 18.0% in the first quarter. Private Ocean LLC now owns 1,050 shares of the software maker’s stock valued at $70,000 after acquiring an additional 160 shares during the last quarter. Grandeur Peak Global Advisors LLC boosted its holdings in shares of New Relic by 0.8% in the 4th quarter. Grandeur Peak Global Advisors LLC now owns 22,107 shares of the software maker’s stock worth $2,431,000 after acquiring an additional 182 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of New Relic by 1.3% in the 1st quarter. Arizona State Retirement System now owns 15,914 shares of the software maker’s stock worth $1,064,000 after acquiring an additional 206 shares in the last quarter. Finally, CWM LLC acquired a new position in shares of New Relic in the 4th quarter worth approximately $25,000. 88.24% of the stock is currently owned by institutional investors.

About New Relic (Get Rating)

New Relic, Inc, a software-as-a-service company, provides platform for engineers to plan, build, deploy, and operate software worldwide. It offers a suite of products on its open and extensible cloud-based platform, New Relic One Platform, which enables users to collect, store, and analyze telemetry data flowing through and about their software.

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