New Relic, Inc. (NYSE:NEWR) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of New Relic, Inc. (NYSE:NEWR – Get Rating) have earned an average recommendation of “Moderate Buy” from the fifteen ratings firms that are presently covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $77.54.

Several equities analysts recently commented on NEWR shares. Credit Suisse Group boosted their price target on New Relic from $78.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 8th. Robert W. Baird upped their target price on shares of New Relic from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, February 8th. Raymond James lifted their price target on New Relic from $75.00 to $90.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, February 8th. Royal Bank of Canada increased their target price on New Relic from $55.00 to $75.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 8th. Finally, BMO Capital Markets boosted their price target on New Relic from $62.00 to $88.00 and gave the company a “market perform” rating in a report on Thursday, February 9th.

New Relic Stock Down 2.1 %

NYSE:NEWR opened at $71.07 on Friday. The company has a market capitalization of $4.90 billion, a PE ratio of -26.52 and a beta of 0.90. New Relic has a 52-week low of $41.66 and a 52-week high of $80.88. The stock has a fifty day simple moving average of $66.25 and a 200-day simple moving average of $60.51.

New Relic (NYSE:NEWR – Get Rating) last posted its quarterly earnings results on Tuesday, February 7th. The software maker reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.20. New Relic had a negative return on equity of 48.42% and a negative net margin of 20.08%. The company had revenue of $239.76 million during the quarter, compared to analysts’ expectations of $232.63 million. As a group, equities analysts anticipate that New Relic will post -1.83 earnings per share for the current year.

Insider Buying and Selling at New Relic

In other New Relic news, Chairman Lewis Cirne sold 15,000 shares of the firm’s stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $63.38, for a total value of $950,700.00. Following the sale, the chairman now directly owns 5,220,628 shares in the company, valued at $330,883,402.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Kristy Friedrichs sold 873 shares of the firm’s stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $78.05, for a total transaction of $68,137.65. Following the transaction, the chief operating officer now directly owns 11,114 shares of the company’s stock, valued at $867,447.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Lewis Cirne sold 15,000 shares of the firm’s stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $63.38, for a total value of $950,700.00. Following the transaction, the chairman now directly owns 5,220,628 shares in the company, valued at $330,883,402.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,873 shares of company stock worth $2,382,588. 21.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NEWR. Sachem Head Capital Management LP acquired a new position in shares of New Relic during the second quarter valued at $74,324,000. Norges Bank acquired a new position in shares of New Relic during the fourth quarter valued at $28,552,000. Jacobs Levy Equity Management Inc. grew its holdings in New Relic by 1,029.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 553,958 shares of the software maker’s stock worth $31,786,000 after acquiring an additional 504,930 shares during the period. Kettle Hill Capital Management LLC acquired a new position in New Relic during the second quarter worth about $23,972,000. Finally, Eminence Capital LP grew its holdings in New Relic by 8.3% during the second quarter. Eminence Capital LP now owns 5,579,236 shares of the software maker’s stock worth $279,241,000 after acquiring an additional 426,167 shares during the period. 83.56% of the stock is owned by institutional investors and hedge funds.

New Relic Company Profile

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New Relic, Inc engages in the provision of software solutions. It delivers an open and extensible cloud-based platform that enables organizations to collect, store and analyze massive amounts of data in real time to better operate applications and infrastructure. It offers solutions to e-commerce and retail, media, and public sector industries.