New Relic (NYSE:NEWR) Research Coverage Started at StockNews.com

Equities researchers at StockNews.com started coverage on shares of New Relic (NYSE:NEWR) in a report released on Monday. The brokerage set a “buy” rating on the software maker’s stock.

Other equities research analysts have also issued reports about the company. Raymond James lowered New Relic from a “strong-buy” rating to a “market perform” rating in a research report on Wednesday, August 2nd. BMO Capital Markets decreased their price target on New Relic from $88.00 to $87.00 and set a “market perform” rating on the stock in a report on Tuesday, August 1st. Loop Capital raised their target price on shares of New Relic from $80.00 to $87.00 and gave the company a “hold” rating in a research note on Tuesday, August 1st. Wedbush reaffirmed a “neutral” rating and set a $75.00 price target on shares of New Relic in a research note on Tuesday, August 1st. Finally, Credit Suisse Group downgraded New Relic from an “outperform” rating to a “neutral” rating and cut their target price for the company from $113.00 to $87.00 in a research report on Tuesday, August 1st. Thirteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $81.47.

New Relic Trading Down 0.0 %

New Relic stock opened at $85.39 on Monday. The business’s 50 day simple moving average is $80.86 and its 200 day simple moving average is $74.94. New Relic has a 12 month low of $50.24 and a 12 month high of $86.00. The company has a market cap of $6.00 billion, a price-to-earnings ratio of -34.85 and a beta of 0.86.

New Relic (NYSE:NEWR) last announced its quarterly earnings results on Monday, July 31st. The software maker reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.22. The firm had revenue of $242.63 million during the quarter, compared to the consensus estimate of $239.13 million. New Relic had a negative net margin of 17.59% and a negative return on equity of 20.28%. As a group, equities research analysts forecast that New Relic will post -0.76 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO William Staples sold 8,658 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $84.04, for a total transaction of $727,618.32. Following the completion of the transaction, the chief executive officer now owns 123,243 shares of the company’s stock, valued at approximately $10,357,341.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO William Staples sold 8,658 shares of the business’s stock in a transaction dated 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 owns 123,243 shares of the company’s stock, valued at approximately $10,357,341.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Lewis Cirne sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $65.54, for a total value of $983,100.00. Following the transaction, the chairman now owns 5,100,958 shares of the company’s stock, valued at approximately $334,316,787.32. The disclosure for this sale can be found here. Insiders have sold 34,510 shares of company stock worth $2,622,602 over the last ninety days. 23.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On New Relic

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of New Relic by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 4,973,747 shares of the software maker’s stock worth $332,645,000 after purchasing an additional 49,388 shares during the period. BlackRock Inc. grew its stake in New Relic by 2.0% during the second quarter. BlackRock Inc. now owns 3,291,364 shares of the software maker’s stock worth $215,387,000 after buying an additional 63,712 shares during the last quarter. Engaged Capital LLC increased its holdings in shares of New Relic by 7.3% during the fourth quarter. Engaged Capital LLC now owns 2,607,819 shares of the software maker’s stock worth $147,211,000 after buying an additional 177,449 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of New Relic by 2.3% in the second quarter. Clearbridge Investments LLC now owns 1,991,723 shares of the software maker’s stock valued at $130,338,000 after acquiring an additional 44,170 shares during the last quarter. Finally, Senvest Management LLC boosted its holdings in shares of New Relic by 34.7% in the 2nd quarter. Senvest Management LLC now owns 1,715,471 shares of the software maker’s stock worth $112,260,000 after acquiring an additional 441,781 shares in the last quarter. Institutional investors and hedge funds own 85.93% of the company’s stock.

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.