New Relic (NYSE:NEWR) Receives New Coverage from Analysts at StockNews.com

Equities researchers at StockNews.com assumed coverage on shares of New Relic (NYSE:NEWR) in a research report issued to clients and investors on Sunday. The brokerage set a “buy” rating on the software maker’s stock.

Several other equities analysts have also recently weighed in on NEWR. Royal Bank of Canada cut New Relic from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $95.00 to $87.00 in a report on Monday, July 31st. Raymond James cut New Relic from a “strong-buy” rating to a “market perform” rating in a report on Wednesday, August 2nd. Loop Capital raised their price objective on New Relic from $80.00 to $87.00 and gave the company a “hold” rating in a report on Tuesday, August 1st. Wedbush restated a “neutral” rating and issued a $75.00 price objective on shares of New Relic in a report on Tuesday, August 1st. Finally, Robert W. Baird cut New Relic from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $92.00 to $87.00 in a report on Tuesday, August 1st. Twelve research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $82.00.

New Relic Stock Up 0.2 %

NEWR stock opened at $85.43 on Friday. The business’s fifty day moving average is $78.96 and its 200-day moving average is $74.51. The company has a market cap of $6.00 billion, a P/E ratio of -34.87 and a beta of 0.86. New Relic has a twelve month low of $50.24 and a twelve month high of $86.00.

New Relic (NYSE:NEWR) last released its quarterly earnings data on Monday, July 31st. The software maker reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.22. The business had revenue of $242.63 million during the quarter, compared to analysts’ expectations of $239.13 million. New Relic had a negative net margin of 17.59% and a negative return on equity of 20.28%. Research analysts anticipate that New Relic will post -0.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other New Relic news, insider Thomas J. Lloyd sold 2,598 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $84.03, for a total transaction of $218,309.94. Following the transaction, the insider now owns 7,854 shares in the company, valued at approximately $659,971.62. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other New Relic news, insider Thomas J. Lloyd sold 2,598 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $84.03, for a total value of $218,309.94. Following the sale, the insider now owns 7,854 shares of the company’s stock, valued at approximately $659,971.62. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William Staples sold 8,658 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $84.04, for a total value of $727,618.32. Following the completion of the sale, the chief executive officer now directly owns 123,243 shares in the company, valued at approximately $10,357,341.72. The disclosure for this sale can be found here. Insiders have sold a total of 43,518 shares of company stock worth $3,234,695 in the last 90 days. Company insiders own 23.00% of the company’s stock.

Institutional Investors Weigh In On New Relic

Several hedge funds have recently modified their holdings of NEWR. Norges Bank acquired a new stake in shares of New Relic during the 4th quarter valued at $28,552,000. Assenagon Asset Management S.A. boosted its holdings in shares of New Relic by 104.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 956,457 shares of the software maker’s stock valued at $62,591,000 after acquiring an additional 489,634 shares in the last quarter. Senvest Management LLC boosted its holdings in shares of New Relic by 34.7% during the 2nd quarter. Senvest Management LLC now owns 1,715,471 shares of the software maker’s stock valued at $112,260,000 after acquiring an additional 441,781 shares in the last quarter. SQN Investors LP acquired a new stake in shares of New Relic during the 4th quarter valued at $21,225,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of New Relic during the 1st quarter valued at $20,695,000. Institutional investors and hedge funds own 85.93% of the company’s stock.

New Relic Company Profile

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.