New Relic, Inc. (NYSE:NEWR) Receives Average Rating of “Hold” from Brokerages

Shares of New Relic, Inc. (NYSE:NEWR – Get Rating) have been assigned a consensus recommendation of “Hold” from the fourteen brokerages that are currently covering the company, Marketbeat Ratings reports. Seven analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $66.67.

A number of brokerages have recently weighed in on NEWR. Credit Suisse Group began coverage on New Relic in a research note on Friday, September 23rd. They set an “outperform” rating and a $78.00 price target on the stock. Royal Bank of Canada dropped their price target on New Relic from $62.00 to $55.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 9th. Cowen dropped their price target on New Relic to $63.00 in a research note on Tuesday, November 15th. StockNews.com raised New Relic from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Canaccord Genuity Group decreased their target price on New Relic from $81.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, November 9th.

Insiders Place Their Bets

In other New Relic news, Director Jana Partners Llc sold 317,488 shares of the company’s stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $61.30, for a total value of $19,462,014.40. Following the sale, the director now owns 3,212,444 shares in the company, valued at approximately $196,922,817.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other New Relic news, Director Jana Partners Llc sold 317,488 shares of the company’s stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $61.30, for a total value of $19,462,014.40. Following the sale, the director now owns 3,212,444 shares in the company, valued at approximately $196,922,817.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Lewis Cirne sold 30,000 shares of the stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $51.38, for a total value of $1,541,400.00. Following the transaction, the chairman now owns 47,958 shares in the company, valued at approximately $2,464,082.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 620,940 shares of company stock worth $36,806,171. Corporate insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Iron Horse Wealth Management LLC purchased a new position in shares of New Relic during the 4th quarter valued at approximately $66,000. Maryland State Retirement & Pension System purchased a new position in shares of New Relic during the 4th quarter valued at approximately $220,000. Exchange Traded Concepts LLC lifted its position in shares of New Relic by 10.5% during the 4th quarter. Exchange Traded Concepts LLC now owns 6,206 shares of the software maker’s stock valued at $350,000 after buying an additional 588 shares in the last quarter. Diversified Trust Co lifted its position in shares of New Relic by 6.3% during the 4th quarter. Diversified Trust Co now owns 15,594 shares of the software maker’s stock valued at $880,000 after buying an additional 927 shares in the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in shares of New Relic during the 4th quarter valued at approximately $101,000. Hedge funds and other institutional investors own 83.56% of the company’s stock.

New Relic Price Performance

NEWR opened at $56.70 on Friday. The business’s 50-day moving average is $56.49 and its two-hundred day moving average is $58.10. New Relic has a 1 year low of $41.66 and a 1 year high of $110.96. The firm has a market capitalization of $3.87 billion, a PE ratio of -17.39 and a beta of 0.86.

New Relic (NYSE:NEWR – Get Rating) last posted its earnings results on Tuesday, November 8th. The software maker reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.17. New Relic had a negative return on equity of 62.88% and a negative net margin of 25.24%. The company had revenue of $226.91 million for the quarter, compared to analyst estimates of $222.60 million. As a group, sell-side analysts expect that New Relic will post -2.17 EPS for the current year.

About New Relic

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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.