New Relic (NYSE:NEWR – Get Rating) had its price objective lifted by Truist Financial from $65.00 to $77.00 in a report issued on Wednesday morning, The Fly reports. The firm currently has a hold rating on the software maker’s stock.
Several other equities research analysts have also issued reports on the company. Raymond James raised their price objective on New Relic from $75.00 to $90.00 and gave the company a strong-buy rating in a research note on Wednesday, February 8th. Canaccord Genuity Group increased their price target on New Relic from $74.00 to $88.00 and gave the stock a buy rating in a report on Thursday, February 9th. Credit Suisse Group increased their price target on New Relic from $78.00 to $90.00 and gave the stock an outperform rating in a report on Wednesday, February 8th. Robert W. Baird increased their price target on New Relic from $90.00 to $92.00 and gave the stock an outperform rating in a report on Wednesday. Finally, Morgan Stanley increased their price target on New Relic from $67.00 to $80.00 and gave the stock an equal weight rating in a report on Wednesday, February 8th. Seven analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $79.80.
New Relic Stock Down 3.3 %
NYSE NEWR opened at $79.75 on Wednesday. The firm has a market cap of $5.49 billion, a price-to-earnings ratio of -29.76 and a beta of 0.90. The business has a 50-day moving average price of $73.65 and a 200-day moving average price of $66.11. New Relic has a twelve month low of $42.40 and a twelve month high of $86.00.
Insiders Place Their Bets
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the company. Belpointe Asset Management LLC acquired a new position in New Relic during the 4th quarter valued at about $29,000. Bourgeon Capital Management LLC bought a new position in shares of New Relic in the fourth quarter valued at approximately $42,000. PNC Financial Services Group Inc. boosted its holdings in shares of New Relic by 78.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 901 shares of the software maker’s stock valued at $51,000 after acquiring an additional 396 shares in the last quarter. SRS Capital Advisors Inc. bought a new position in shares of New Relic in the first quarter valued at approximately $75,000. Finally, Iron Horse Wealth Management LLC bought a new position in shares of New Relic in the fourth quarter valued at approximately $66,000. 83.56% of the stock is owned by institutional investors and hedge funds.
New Relic Company Profile
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.
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