Cowen Trims New Relic (NYSE:NEWR) Target Price to $65.00

New Relic (NYSE:NEWRGet Rating) had its price objective lowered by Cowen from $80.00 to $65.00 in a research report released on Friday, Stock Target Advisor reports.

Several other research firms have also issued reports on NEWR. Needham & Company LLC lowered shares of New Relic from a buy rating to a hold rating in a report on Friday. Morgan Stanley lowered their target price on shares of New Relic from $150.00 to $138.00 and set an overweight rating for the company in a report on Wednesday, February 9th. Zacks Investment Research lowered shares of New Relic from a hold rating to a sell rating in a report on Saturday, April 9th. StockNews.com initiated coverage on shares of New Relic in a report on Thursday, March 31st. They issued a hold rating for the company. Finally, BMO Capital Markets lowered their target price on shares of New Relic from $96.00 to $50.00 in a report on Friday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $88.09.

NEWR stock traded down $1.22 during trading on Friday, hitting $46.60. 5,401,185 shares of the company’s stock traded hands, compared to its average volume of 891,516. New Relic has a 52 week low of $41.66 and a 52 week high of $129.70. 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 business has a fifty day simple moving average of $64.16 and a 200 day simple moving average of $85.69.

New Relic (NYSE:NEWRGet Rating) last released its quarterly earnings data on Tuesday, February 8th. The software maker reported ($0.96) EPS 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 business 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) EPS. New Relic’s revenue for the quarter was up 22.4% compared to the same quarter last year. Analysts anticipate that New Relic will post -2.54 earnings per share for the current fiscal year.

In other news, 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Kristy Friedrichs sold 1,814 shares of New Relic stock in a transaction that occurred on Tuesday, February 15th. The stock was sold at an average price of $70.92, for a total transaction of $128,648.88. The disclosure for this sale can be found here. Insiders have sold a total of 106,748 shares of company stock worth $7,014,959 in the last three months. Insiders own 22.00% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Caas Capital Management LP boosted its stake in New Relic by 23.0% in the 3rd quarter. Caas Capital Management LP now owns 35,427 shares of the software maker’s stock worth $2,543,000 after purchasing an additional 6,627 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in New Relic in the 4th quarter worth approximately $13,539,000. Capital Fund Management S.A. acquired a new stake in New Relic in the 3rd quarter worth approximately $1,122,000. Janus Henderson Group PLC acquired a new stake in New Relic in the 3rd quarter worth approximately $411,000. Finally, Engaged Capital LLC boosted its stake in New Relic by 36.0% in the 3rd quarter. Engaged Capital LLC now owns 1,599,746 shares of the software maker’s stock worth $114,814,000 after purchasing an additional 423,054 shares in the last quarter. Institutional investors own 88.24% of the company’s stock.

New Relic Company Profile (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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