New Relic Inc (NEWR) Receives “Outperform” Rating from Oppenheimer Holdings Inc.

Oppenheimer Holdings Inc. reaffirmed their outperform rating on shares of New Relic Inc (NYSE:NEWR) in a research report released on Friday. They currently have a $46.00 target price on the software maker’s stock, up from their previous target price of $40.00.

Several other equities analysts also recently commented on NEWR. Robert W. Baird increased their price objective on shares of New Relic from $40.00 to $42.00 and gave the company an outperform rating in a research note on Thursday, April 6th. Pacific Crest reissued an overweight rating on shares of New Relic in a research note on Friday, January 27th. Cowen and Company reissued an outperform rating and issued a $38.00 price objective on shares of New Relic in a research note on Wednesday, January 25th. Finally, Zacks Investment Research downgraded shares of New Relic from a hold rating to a sell rating in a research note on Wednesday, April 5th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. New Relic currently has a consensus rating of Buy and an average target price of $45.50.

New Relic (NYSE:NEWR) opened at 41.52 on Friday. The company has a 50-day moving average of $40.00 and a 200 day moving average of $35.12. New Relic has a 52-week low of $25.76 and a 52-week high of $44.94. The company’s market cap is $2.20 billion.

New Relic (NYSE:NEWR) last issued its quarterly earnings data on Tuesday, May 9th. The software maker reported ($0.11) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.04. The business had revenue of $73.30 million during the quarter, compared to the consensus estimate of $73.04 million. New Relic had a negative net margin of 26.90% and a negative return on equity of 32.99%. The firm’s revenue was up 39.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.24) EPS. Equities research analysts predict that New Relic will post ($0.27) EPS for the current year.

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In other news, insider James R. Gochee sold 4,789 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $43.71, for a total transaction of $209,327.19. Following the completion of the transaction, the insider now owns 363,941 shares of the company’s stock, valued at $15,907,861.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Hilarie A. Koplow sold 1,130 shares of the firm’s stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $35.25, for a total transaction of $39,832.50. Following the transaction, the president now directly owns 2,294 shares of the company’s stock, valued at approximately $80,863.50. The disclosure for this sale can be found here. Insiders have sold 161,486 shares of company stock valued at $6,312,478 in the last ninety days. Insiders own 46.60% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Bradley Foster & Sargent Inc. CT increased its position in shares of New Relic by 47.6% in the third quarter. Bradley Foster & Sargent Inc. CT now owns 59,870 shares of the software maker’s stock worth $2,294,000 after buying an additional 19,310 shares in the last quarter. Tocqueville Asset Management L.P. increased its position in shares of New Relic by 101.4% in the third quarter. Tocqueville Asset Management L.P. now owns 87,575 shares of the software maker’s stock worth $3,356,000 after buying an additional 44,100 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of New Relic by 9.7% in the third quarter. Bank of New York Mellon Corp now owns 138,423 shares of the software maker’s stock worth $5,304,000 after buying an additional 12,281 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in shares of New Relic by 22.6% in the third quarter. UBS Asset Management Americas Inc. now owns 10,324 shares of the software maker’s stock worth $396,000 after buying an additional 1,900 shares in the last quarter. Finally, Sei Investments Co. increased its position in shares of New Relic by 116.0% in the third quarter. Sei Investments Co. now owns 6,431 shares of the software maker’s stock worth $246,000 after buying an additional 3,454 shares in the last quarter. 63.71% of the stock is owned by institutional investors and hedge funds.

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.

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