Oppenheimer Holdings, Inc. restated their outperform rating on shares of New Relic, Inc. (NYSE:NEWR) in a report released on Friday, May 12th. Oppenheimer Holdings, Inc. currently has a $46.00 price target on the software maker’s stock, up from their prior price target of $40.00.
Several other brokerages have also recently issued reports on NEWR. Robert W. Baird lifted their target price on shares of New Relic from $40.00 to $42.00 and gave the stock an outperform rating in a research note on Thursday, April 6th. Zacks Investment Research raised shares of New Relic from a sell rating to a buy rating and set a $44.00 price target on the stock in a research report on Wednesday, April 12th. Cowen and Company reaffirmed an outperform rating and issued a $44.00 target price (up previously from $38.00) on shares of New Relic in a research report on Wednesday, February 8th. Finally, Pacific Crest reaffirmed an overweight rating on shares of New Relic in a research report on Friday, January 27th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. New Relic currently has a consensus rating of Buy and a consensus price target of $46.56.
New Relic (NEWR) traded up 0.39% on Friday, reaching $41.09. 591,219 shares of the company traded hands. The stock’s market capitalization is $2.20 billion. The stock’s 50-day moving average is $42.53 and its 200-day moving average is $36.53. New Relic has a 1-year low of $27.20 and a 1-year high of $45.32.
New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, May 9th. The software maker reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.04. New Relic had a negative net margin of 23.18% and a negative return on equity of 30.80%. The company had revenue of $73.30 million during the quarter, compared to analyst estimates of $73.04 million. During the same quarter in the previous year, the firm earned ($0.24) EPS. The firm’s revenue was up 39.6% compared to the same quarter last year. Equities research analysts expect that New Relic will post ($0.27) EPS for the current year.
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In other New Relic news, CEO Lewis Cirne sold 33,000 shares of the firm’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $40.81, for a total value of $1,346,730.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Sachleben sold 1,050 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $44.68, for a total value of $46,914.00. Following the completion of the sale, the chief financial officer now directly owns 937 shares in the company, valued at $41,865.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 185,457 shares of company stock valued at $7,661,025. 46.60% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the company. Focused Wealth Management Inc increased its stake in New Relic by 7.5% in the fourth quarter. Focused Wealth Management Inc now owns 4,290 shares of the software maker’s stock valued at $121,000 after buying an additional 300 shares in the last quarter. Fortaleza Asset Management Inc. increased its stake in New Relic by 73.8% in the first quarter. Fortaleza Asset Management Inc. now owns 4,910 shares of the software maker’s stock valued at $182,000 after buying an additional 2,085 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in New Relic by 203.4% in the first quarter. Envestnet Asset Management Inc. now owns 5,473 shares of the software maker’s stock valued at $204,000 after buying an additional 3,669 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in New Relic during the fourth quarter valued at about $212,000. Finally, Wrapmanager Inc. acquired a new stake in New Relic during the fourth quarter valued at about $239,000. Institutional investors own 72.31% of the company’s stock.
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.
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