New Relic, Inc. (NYSE:NEWR) Given Consensus Recommendation of “Hold” by Brokerages

Shares of New Relic, Inc. (NYSE:NEWR – Get Rating) have been assigned an average rating of “Hold” from the fourteen research firms that are currently covering the company, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $66.67.

Several brokerages have recently weighed in on NEWR. BMO Capital Markets cut their target price on New Relic from $70.00 to $62.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 9th. Robert W. Baird cut their target price on New Relic to $75.00 in a research report on Tuesday, November 15th. Truist Financial lowered New Relic from a “buy” rating to a “hold” rating and cut their target price for the stock from $80.00 to $55.00 in a research report on Monday, January 9th. Credit Suisse Group began coverage on New Relic in a research report on Friday, September 23rd. They set an “outperform” rating and a $78.00 target price on the stock. Finally, Wedbush initiated coverage on New Relic in a research report on Wednesday, December 14th. They set a “neutral” rating and a $68.00 target price on the stock.

Insider Activity

In other news, Director Jana Partners Llc sold 317,488 shares of the business’s stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $61.30, for a total value of $19,462,014.40. Following the transaction, the director now owns 3,212,444 shares of the company’s stock, valued at $196,922,817.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO William Staples sold 6,485 shares of the business’s stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $58.04, for a total value of $376,389.40. Following the transaction, the chief executive officer now owns 65,403 shares of the company’s stock, valued at $3,795,990.12. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jana Partners Llc sold 317,488 shares of New Relic stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $61.30, for a total value of $19,462,014.40. Following the completion of the sale, the director now owns 3,212,444 shares in the company, valued at $196,922,817.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 620,940 shares of company stock valued at $36,806,171. Company insiders own 21.00% of the company’s stock.

Institutional Trading of New Relic

Institutional investors have recently modified their holdings of the business. Iron Horse Wealth Management LLC purchased a new stake in shares of New Relic in the fourth quarter valued at approximately $66,000. PNC Financial Services Group Inc. boosted its stake in shares of New Relic by 129.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,066 shares of the software maker’s stock valued at $72,000 after buying an additional 601 shares in the last quarter. US Bancorp DE boosted its stake in shares of New Relic by 57.3% in the second quarter. US Bancorp DE now owns 1,546 shares of the software maker’s stock valued at $77,000 after buying an additional 563 shares in the last quarter. Penserra Capital Management LLC boosted its stake in shares of New Relic by 50.0% in the first quarter. Penserra Capital Management LLC now owns 1,254 shares of the software maker’s stock valued at $83,000 after buying an additional 418 shares in the last quarter. Finally, Private Ocean LLC purchased a new stake in shares of New Relic in the third quarter valued at approximately $83,000. 83.56% of the stock is currently owned by hedge funds and other institutional investors.

New Relic Stock Performance

Shares of NEWR opened at $56.70 on Friday. The stock has a 50-day simple moving average of $56.49 and a 200-day simple moving average of $58.10. The stock has a market capitalization of $3.87 billion, a PE ratio of -17.39 and a beta of 0.86. New Relic has a 1 year low of $41.66 and a 1 year high of $110.96.

New Relic (NYSE:NEWR – Get Rating) last announced its quarterly earnings data on Tuesday, November 8th. The software maker reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.17. The business had revenue of $226.91 million during the quarter, compared to analysts’ expectations of $222.60 million. New Relic had a negative return on equity of 62.88% and a negative net margin of 25.24%. Analysts predict that New Relic will post -2.17 EPS for the current year.

New Relic Company Profile

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New Relic, Inc, a software-as-a-service company, delivers a software platform for customers to collect telemetry data and derive insights from that data in a unified front-end application. It offers a suite of products on its open and extensible cloud-based platform, which enables users to collect, store, and analyze telemetry data.