Analysts Set New Relic Inc (NEWR) Price Target at $54.08

Shares of New Relic Inc (NYSE:NEWR) have been given an average recommendation of “Buy” by the fifteen brokerages that are currently covering the firm, Marketbeat reports. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $54.08.

Several analysts recently issued reports on NEWR shares. JPMorgan Chase & Co. downgraded shares of New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price target for the company. in a research report on Tuesday, December 12th. UBS Group started coverage on shares of New Relic in a research report on Thursday, November 9th. They issued a “neutral” rating and a $53.00 price target for the company. JMP Securities lifted their price target on shares of New Relic from $54.00 to $56.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 8th. Morgan Stanley lifted their price target on shares of New Relic from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 8th. Finally, KeyCorp reissued an “overweight” rating and issued a $57.00 price target (up previously from $52.00) on shares of New Relic in a research report on Wednesday, November 8th.

In related news, CFO Mark Sachleben sold 5,000 shares of the business’s stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $50.40, for a total value of $252,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Lewis Cirne sold 33,000 shares of the business’s stock in a transaction dated Friday, October 6th. The shares were sold at an average price of $50.72, for a total value of $1,673,760.00. The disclosure for this sale can be found here. Insiders sold a total of 187,693 shares of company stock worth $10,090,081 over the last three months. 23.10% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. AXA increased its position in shares of New Relic by 8.2% during the third quarter. AXA now owns 171,000 shares of the software maker’s stock valued at $8,516,000 after buying an additional 13,000 shares during the period. Granahan Investment Management Inc. MA bought a new stake in shares of New Relic during the third quarter valued at about $269,000. PEAK6 Investments L.P. increased its position in shares of New Relic by 107.6% during the third quarter. PEAK6 Investments L.P. now owns 17,403 shares of the software maker’s stock valued at $867,000 after buying an additional 9,019 shares during the period. Asset Management One Co. Ltd. increased its position in shares of New Relic by 48.6% during the third quarter. Asset Management One Co. Ltd. now owns 14,858 shares of the software maker’s stock valued at $731,000 after buying an additional 4,859 shares during the period. Finally, Westfield Capital Management Co. LP bought a new stake in shares of New Relic during the third quarter valued at about $23,221,000. Institutional investors and hedge funds own 76.45% of the company’s stock.

New Relic (NYSE:NEWR) traded up $0.75 during trading hours on Tuesday, hitting $57.77. 229,608 shares of the stock traded hands, compared to its average volume of 472,491. The company has a market cap of $3,180.41, a price-to-earnings ratio of -51.58 and a beta of 1.03. New Relic has a 12 month low of $27.87 and a 12 month high of $60.85.

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

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