New Relic (NYSE:NEWR) Upgraded at ValuEngine

New Relic (NYSE:NEWR) was upgraded by equities research analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a research note issued on Friday, June 1st.

A number of other brokerages also recently weighed in on NEWR. Zacks Investment Research downgraded New Relic from a “buy” rating to a “hold” rating in a report on Wednesday, April 11th. BMO Capital Markets boosted their price objective on New Relic to $83.00 and gave the company a “market perform” rating in a report on Tuesday, May 8th. Robert W. Baird boosted their price objective on New Relic from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Cowen boosted their price objective on New Relic from $74.00 to $84.00 and gave the company an “outperform” rating in a report on Wednesday, May 9th. Finally, JMP Securities cut New Relic from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 9th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $87.73.

Shares of NEWR stock traded up $1.79 during mid-day trading on Friday, reaching $106.90. 7,999 shares of the stock traded hands, compared to its average volume of 977,579. New Relic has a 1-year low of $39.11 and a 1-year high of $110.08. The firm has a market capitalization of $5.79 billion, a price-to-earnings ratio of -144.54 and a beta of 0.83.



New Relic (NYSE:NEWR) last announced its quarterly earnings results on Tuesday, May 8th. The software maker reported $0.09 EPS for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.04. The firm had revenue of $98.40 million for the quarter, compared to analyst estimates of $96.34 million. New Relic had a negative return on equity of 20.14% and a negative net margin of 12.76%. The business’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period last year, the firm posted ($0.11) earnings per share. analysts forecast that New Relic will post -0.59 EPS for the current year.

In related news, insider James R. Gochee sold 333 shares of the stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $75.90, for a total transaction of $25,274.70. Following the completion of the sale, the insider now directly owns 329,275 shares in the company, valued at approximately $24,991,972.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Sachleben sold 7,500 shares of the stock in a transaction dated Thursday, May 3rd. The shares were sold at an average price of $70.82, for a total value of $531,150.00. The disclosure for this sale can be found here. Insiders sold a total of 350,262 shares of company stock worth $29,594,206 over the last 90 days. Corporate insiders own 23.10% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Gideon Capital Advisors Inc. increased its position in New Relic by 105.5% during the 1st quarter. Gideon Capital Advisors Inc. now owns 8,964 shares of the software maker’s stock valued at $664,000 after buying an additional 4,601 shares in the last quarter. Swiss National Bank increased its position in New Relic by 5.5% during the 4th quarter. Swiss National Bank now owns 55,697 shares of the software maker’s stock valued at $3,218,000 after buying an additional 2,900 shares in the last quarter. Goldman Sachs Group Inc. increased its position in New Relic by 2.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 411,951 shares of the software maker’s stock valued at $23,799,000 after buying an additional 11,038 shares in the last quarter. Geode Capital Management LLC increased its position in New Relic by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 349,177 shares of the software maker’s stock valued at $20,171,000 after buying an additional 9,930 shares in the last quarter. Finally, BlackRock Inc. increased its position in New Relic by 4.4% during the 4th quarter. BlackRock Inc. now owns 2,215,858 shares of the software maker’s stock valued at $128,010,000 after buying an additional 94,283 shares in the last quarter. Institutional investors own 73.74% of the company’s stock.

New Relic Company Profile

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for New Relic (NYSE:NEWR)

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