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
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
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.
- Get a free copy of the StockNews.com research report on New Relic (NEWR)
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