New Relic (NYSE:NEWR) Cut to Sell at Zacks Investment Research

New Relic (NYSE:NEWRGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “New Relic, Inc. is a software analytics company. The Company offers solution which includes application development, production monitoring, real-time analytics, mobile application management and digital transformation. Its products include new relic APM, new relic mobile, new relic insights, new relic services, new relic browser and new relic platform. New Relic, Inc. is based in San Francisco, United States. “

A number of other brokerages have also issued reports on NEWR. BMO Capital Markets decreased their target price on shares of New Relic from $96.00 to $50.00 in a research note on Friday, May 13th. Morgan Stanley decreased their target price on shares of New Relic from $150.00 to $138.00 and set an “overweight” rating for the company in a research note on Wednesday, February 9th. Truist Financial cut their price target on shares of New Relic from $110.00 to $95.00 in a report on Tuesday, May 10th. Royal Bank of Canada cut their price target on shares of New Relic from $90.00 to $45.00 in a report on Friday, May 13th. Finally, Cowen cut their price target on shares of New Relic from $80.00 to $65.00 in a report on Friday, May 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, New Relic currently has a consensus rating of “Hold” and a consensus price target of $88.09.

New Relic stock opened at $45.89 on Wednesday. The company has a 50 day moving average price of $62.12 and a 200 day moving average price of $83.91. 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 1.54, a quick ratio of 2.49 and a current ratio of 2.15. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of -11.83 and a beta of 0.99.

In other news, COO Kristy Friedrichs sold 3,472 shares of New Relic stock in a transaction dated Wednesday, April 20th. The shares were sold at an average price of $70.47, for a total transaction of $244,671.84. Following the sale, the chief operating officer now directly owns 10,380 shares in the company, valued at approximately $731,478.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steve Hurn sold 4,642 shares of New Relic stock in a transaction dated Wednesday, April 20th. The shares were sold at an average price of $70.52, for a total transaction of $327,353.84. Following the sale, the insider now owns 24,329 shares in the company, valued at $1,715,681.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,752 shares of company stock worth $6,923,832. Insiders own 22.00% of the company’s stock.

Several institutional investors have recently modified their holdings of NEWR. Marshall Wace LLP boosted its position in shares of New Relic by 2,123.1% during the 4th quarter. Marshall Wace LLP now owns 1,208,144 shares of the software maker’s stock valued at $132,847,000 after acquiring an additional 1,153,798 shares in the last quarter. Norges Bank acquired a new position in New Relic in the fourth quarter valued at about $58,129,000. Eminence Capital LP boosted its position in New Relic by 9.7% in the first quarter. Eminence Capital LP now owns 5,153,069 shares of the software maker’s stock valued at $344,637,000 after buying an additional 456,617 shares in the last quarter. Engaged Capital LLC raised its stake in shares of New Relic by 36.0% in the third quarter. Engaged Capital LLC now owns 1,599,746 shares of the software maker’s stock worth $114,814,000 after acquiring an additional 423,054 shares during the last quarter. Finally, NewEdge Wealth LLC raised its stake in shares of New Relic by 152.9% in the third quarter. NewEdge Wealth LLC now owns 562,395 shares of the software maker’s stock worth $40,363,000 after acquiring an additional 340,054 shares during the last quarter. Institutional investors and hedge funds 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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