Brokerages Set New Relic Inc (NEWR) Price Target at $60.33

Shares of New Relic Inc (NYSE:NEWR) have received a consensus rating of “Buy” from the fourteen brokerages that are presently covering the firm, MarketBeat.com reports. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $60.33.

A number of equities analysts have issued reports on the company. Oppenheimer increased their price target on New Relic from $57.00 to $66.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. JPMorgan Chase & Co. downgraded New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price target on the stock. in a research report on Tuesday, December 12th. BMO Capital Markets assumed coverage on New Relic in a research report on Friday, January 12th. They set a “market perform” rating and a $68.00 price target on the stock. Stephens increased their price target on New Relic from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Finally, Robert W. Baird increased their price target on New Relic from $65.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th.

In other news, VP Robin Schulman sold 8,401 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $69.89, for a total value of $587,145.89. Following the transaction, the vice president now owns 7,869 shares in the company, valued at $549,964.41. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James R. Gochee sold 428 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $59.10, for a total value of $25,294.80. Following the completion of the transaction, the insider now owns 337,904 shares in the company, valued at approximately $19,970,126.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 264,895 shares of company stock worth $16,319,421. Company insiders own 23.10% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. lifted its position in shares of New Relic by 0.8% in the second quarter. Macquarie Group Ltd. now owns 41,109 shares of the software maker’s stock valued at $1,768,000 after acquiring an additional 313 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in shares of New Relic by 50.4% in the second quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock valued at $111,000 after acquiring an additional 862 shares in the last quarter. American International Group Inc. lifted its position in shares of New Relic by 4.8% in the fourth quarter. American International Group Inc. now owns 20,601 shares of the software maker’s stock valued at $1,190,000 after acquiring an additional 945 shares in the last quarter. Essex Investment Management Co. LLC lifted its position in shares of New Relic by 11.4% in the third quarter. Essex Investment Management Co. LLC now owns 10,031 shares of the software maker’s stock valued at $500,000 after acquiring an additional 1,025 shares in the last quarter. Finally, Teachers Advisors LLC lifted its position in shares of New Relic by 1.9% in the fourth quarter. Teachers Advisors LLC now owns 76,201 shares of the software maker’s stock valued at $4,402,000 after acquiring an additional 1,427 shares in the last quarter. Institutional investors and hedge funds own 79.97% of the company’s stock.

New Relic (NYSE NEWR) traded up $0.44 during trading on Wednesday, reaching $71.26. The company had a trading volume of 485,474 shares, compared to its average volume of 534,823. The firm has a market capitalization of $3,920.00, a price-to-earnings ratio of -71.98 and a beta of 0.98. New Relic has a 12-month low of $33.10 and a 12-month high of $72.67.

New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. The company had revenue of $91.83 million for the quarter, compared to the consensus estimate of $89.31 million. New Relic had a negative return on equity of 25.22% and a negative net margin of 16.17%. New Relic’s revenue for the quarter was up 34.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.09) earnings per share. research analysts predict that New Relic will post -0.81 EPS for the current year.

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New Relic Company Profile

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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