New Relic (NYSE:NEWR) Upgraded to “Buy” by StockNews.com

StockNews.com upgraded shares of New Relic (NYSE:NEWRGet Rating) from a hold rating to a buy rating in a research report sent to investors on Thursday morning.

Other research analysts have also issued reports about the stock. Royal Bank of Canada raised their price target on shares of New Relic from $45.00 to $62.00 in a research note on Thursday, July 21st. Canaccord Genuity Group started coverage on shares of New Relic in a report on Thursday, July 7th. They issued a buy rating and a $81.00 price objective for the company. Truist Financial cut their price objective on shares of New Relic from $85.00 to $80.00 and set a buy rating for the company in a report on Monday, July 18th. Morgan Stanley downgraded shares of New Relic from an overweight rating to an equal weight rating and set a $64.00 price objective for the company. in a report on Monday, July 11th. Finally, Canaccord Genuity Group started coverage on shares of New Relic in a report on Thursday, July 7th. They issued a buy rating for the company. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $77.50.

New Relic Stock Up 0.5 %

NEWR stock opened at $60.06 on Thursday. The company’s 50-day simple moving average is $61.31 and its 200-day simple moving average is $58.88. New Relic has a 52-week low of $41.66 and a 52-week high of $129.70. The firm has a market cap of $4.04 billion, a P/E ratio of -17.66 and a beta of 0.96.

New Relic (NYSE:NEWRGet Rating) last issued its quarterly earnings results on Thursday, August 4th. The software maker reported ($0.79) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.15. The firm had revenue of $216.46 million for the quarter, compared to analyst estimates of $212.68 million. New Relic had a negative net margin of 27.05% and a negative return on equity of 68.32%. On average, analysts anticipate that New Relic will post -2.27 earnings per share for the current fiscal year.

Insider Transactions at New Relic

In other news, COO Kristy Friedrichs sold 13,590 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $70.22, for a total transaction of $954,289.80. Following the completion of the sale, the chief operating officer now owns 9,439 shares in the company, valued at approximately $662,806.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO William Staples sold 6,412 shares of the business’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $66.57, for a total value of $426,846.84. Following the sale, the chief executive officer now owns 57,680 shares in the company, valued at approximately $3,839,757.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Kristy Friedrichs sold 13,590 shares of the stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $70.22, for a total value of $954,289.80. Following the transaction, the chief operating officer now directly owns 9,439 shares in the company, valued at approximately $662,806.58. The disclosure for this sale can be found here. Insiders sold 123,265 shares of company stock worth $7,651,228 in the last 90 days. Insiders own 21.00% of the company’s stock.

Hedge Funds Weigh In On New Relic

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tcwp LLC purchased a new position in New Relic during the 1st quarter valued at about $52,000. Private Ocean LLC boosted its holdings in New Relic by 18.0% during the 1st 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 period. PNC Financial Services Group Inc. boosted its holdings in New Relic by 129.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,066 shares of the software maker’s stock valued at $72,000 after acquiring an additional 601 shares during the period. Penserra Capital Management LLC boosted its holdings in New Relic by 50.0% during the 1st quarter. Penserra Capital Management LLC now owns 1,254 shares of the software maker’s stock valued at $83,000 after acquiring an additional 418 shares during the period. Finally, KRS Capital Management LLC purchased a new position in New Relic during the 4th quarter valued at about $155,000. 87.21% of the stock is currently owned by hedge funds and other institutional investors.

New Relic Company Profile

(Get Rating)

New Relic, Inc, a software-as-a-service company, delivers a software platform for customers to collect telemetry data and derive insights from that data in a unified front-end application. It offers a suite of products on its open and extensible cloud-based platform, which enables users to collect, store, and analyze telemetry data.

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Analyst Recommendations for New Relic (NYSE:NEWR)

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