New Relic (NYSE:NEWR) Price Target Lowered to $45.00 at Royal Bank of Canada

New Relic (NYSE:NEWR – Get Rating) had its target price reduced by Royal Bank of Canada from $90.00 to $45.00 in a research report report published on Friday, The Fly reports.

Other equities analysts have also issued research reports about the company. Zacks Investment Research lowered New Relic from a hold rating to a sell rating in a research report on Saturday, April 9th. Morgan Stanley decreased their price objective on New Relic from $150.00 to $138.00 and set an overweight rating for the company in a research report on Wednesday, February 9th. Robert W. Baird decreased their price objective on New Relic from $117.00 to $75.00 in a research report on Friday. Truist Financial decreased their price objective on New Relic from $110.00 to $95.00 in a research report on Tuesday. Finally, StockNews.com started coverage on New Relic in a research report on Thursday, March 31st. They set a hold rating for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $88.09.

Shares of NYSE:NEWR traded down $1.22 during midday trading on Friday, reaching $46.60. The company had a trading volume of 5,401,185 shares, compared to its average volume of 891,516. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.47. New Relic has a 1-year low of $41.66 and a 1-year high of $129.70. The company has a fifty day simple moving average of $64.16 and a two-hundred day simple moving average of $85.69.

New Relic (NYSE:NEWR – Get Rating) last released its quarterly earnings results on Tuesday, February 8th. The software maker reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $200.44 million. During the same quarter last year, the business earned ($0.75) EPS. The company’s revenue for the quarter was up 22.4% compared to the same quarter last year. Sell-side analysts forecast that New Relic will post -2.54 earnings per share for the current year.

In related news, CEO William Staples sold 2,535 shares of the firm’s stock in a transaction that occurred on Tuesday, February 15th. The stock was sold at an average price of $70.92, for a total value of $179,782.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Lewis Cirne sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 6th. The shares were sold at an average price of $66.12, for a total value of $1,983,600.00. The disclosure for this sale can be found here. Insiders sold a total of 106,748 shares of company stock worth $7,014,959 over the last three months. 22.00% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of NEWR. Marshall Wace LLP increased its position in New Relic by 2,123.1% in the 4th quarter. Marshall Wace LLP now owns 1,208,144 shares of the software maker’s stock worth $132,847,000 after buying an additional 1,153,798 shares during the period. Norges Bank bought a new position in New Relic in the 4th quarter worth approximately $58,129,000. Engaged Capital LLC increased its position 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 buying an additional 423,054 shares during the period. NewEdge Wealth LLC grew its holdings in shares of New Relic by 152.9% during the 3rd quarter. NewEdge Wealth LLC now owns 562,395 shares of the software maker’s stock worth $40,363,000 after purchasing an additional 340,054 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of New Relic by 193.5% during the 4th quarter. Millennium Management LLC now owns 468,824 shares of the software maker’s stock worth $51,552,000 after purchasing an additional 309,070 shares in the last quarter. 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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