New Relic Inc (NEWR) Receives $55.15 Consensus Target Price from Analysts

Shares of New Relic Inc (NYSE:NEWR) have earned an average rating of “Buy” from the sixteen analysts that are currently covering the stock, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $55.15.

A number of analysts have recently commented on the company. JMP Securities boosted their price objective on New Relic from $54.00 to $56.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 8th. JPMorgan Chase & Co. downgraded New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a research note on Tuesday, December 12th. Morgan Stanley boosted their target price on New Relic from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 8th. BidaskClub lowered New Relic from a “buy” rating to a “hold” rating in a research report on Tuesday, November 7th. Finally, Needham & Company LLC started coverage on New Relic in a research report on Monday, October 23rd. They set a “buy” rating and a $69.00 target price on the stock.

In other news, CEO Lewis Cirne sold 33,000 shares of New Relic stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $51.15, for a total transaction of $1,687,950.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Robin Schulman sold 1,797 shares of New Relic stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $54.44, for a total value of $97,828.68. Following the transaction, the vice president now owns 1,107 shares in the company, valued at approximately $60,265.08. The disclosure for this sale can be found here. Insiders have sold 178,139 shares of company stock worth $9,995,635 over the last ninety days. 23.10% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of NEWR. TimesSquare Capital Management LLC grew its holdings in shares of New Relic by 657.4% during the third quarter. TimesSquare Capital Management LLC now owns 568,040 shares of the software maker’s stock valued at $28,288,000 after buying an additional 493,040 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in shares of New Relic during the third quarter valued at $23,221,000. Hunt Lane Capital LP purchased a new position in shares of New Relic during the second quarter valued at $18,752,000. Paulson & CO. Inc. purchased a new position in shares of New Relic during the second quarter valued at $15,195,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of New Relic by 1,352.1% during the second quarter. Goldman Sachs Group Inc. now owns 277,901 shares of the software maker’s stock valued at $11,953,000 after buying an additional 258,763 shares in the last quarter. Institutional investors and hedge funds own 75.98% of the company’s stock.

New Relic (NEWR) traded up $2.28 on Friday, hitting $61.94. The stock had a trading volume of 388,797 shares, compared to its average volume of 328,202. New Relic has a 12 month low of $33.10 and a 12 month high of $62.15. The company has a market cap of $3,285.02, a P/E ratio of -55.30 and a beta of 1.03.

New Relic (NYSE:NEWR) last posted its quarterly earnings data on Tuesday, November 7th. The software maker reported ($0.06) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.04. New Relic had a negative return on equity of 29.19% and a negative net margin of 19.43%. The company had revenue of $84.68 million for the quarter, compared to the consensus estimate of $82.98 million. During the same quarter in the previous year, the business earned ($0.09) EPS. The company’s quarterly revenue was up 33.5% compared to the same quarter last year. equities research analysts predict that New Relic will post -0.98 earnings per share for the current year.

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About New Relic

New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.

Analyst Recommendations for New Relic (NYSE:NEWR)

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