New Relic, Inc. (NYSE:NEWR)‘s stock had its “outperform” rating reiterated by analysts at Cowen and Company in a research note issued to investors on Wednesday. They presently have a $38.00 price target on the stock. Cowen and Company’s price target would indicate a potential upside of 14.11% from the company’s current price.
Several other brokerages have also recently commented on NEWR. Morgan Stanley set a $43.00 price target on New Relic and gave the stock a “buy” rating in a research report on Wednesday, September 28th. Guggenheim began coverage on New Relic in a research report on Friday, November 18th. They set a “buy” rating and a $50.00 price target for the company. JMP Securities reiterated a “buy” rating on shares of New Relic in a research report on Thursday, November 17th. Robert W. Baird reiterated a “hold” rating on shares of New Relic in a research report on Wednesday. Finally, DA Davidson set a $49.00 price target on New Relic and gave the stock a “buy” rating in a research report on Tuesday, November 22nd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $38.50.
New Relic (NYSE:NEWR) traded up 14.11% during mid-day trading on Wednesday, hitting $38.00. The stock had a trading volume of 3,101,781 shares. The company’s market cap is $1.98 billion. The firm’s 50-day moving average price is $30.23 and its 200 day moving average price is $33.94. New Relic has a one year low of $20.39 and a one year high of $40.10.
New Relic (NYSE:NEWR) last issued its quarterly earnings results on Monday, November 7th. The company reported ($0.09) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.08. New Relic had a negative return on equity of 34.47% and a negative net margin of 31.38%. The firm earned $63.40 million during the quarter, compared to analysts’ expectations of $61.93 million. During the same period in the previous year, the business earned ($0.17) earnings per share. The firm’s revenue for the quarter was up 47.8% on a year-over-year basis. On average, equities research analysts anticipate that New Relic will post ($0.58) EPS for the current year.
In other news, CEO Lewis Cirne sold 39,000 shares of the stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $35.61, for a total transaction of $1,388,790.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Sachleben sold 3,500 shares of the stock in a transaction on Monday, November 7th. The stock was sold at an average price of $32.78, for a total value of $114,730.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 157,551 shares of company stock valued at $5,091,249. 46.60% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Citadel Advisors LLC acquired a new position in New Relic during the third quarter worth $2,511,000. Bradley Foster & Sargent Inc. CT raised its position in New Relic by 47.6% in the third quarter. Bradley Foster & Sargent Inc. CT now owns 59,870 shares of the company’s stock valued at $2,294,000 after buying an additional 19,310 shares during the last quarter. BlackRock Advisors LLC raised its position in New Relic by 1.0% in the third quarter. BlackRock Advisors LLC now owns 93,935 shares of the company’s stock valued at $3,600,000 after buying an additional 899 shares during the last quarter. Sei Investments Co. raised its position in New Relic by 116.0% in the third quarter. Sei Investments Co. now owns 6,431 shares of the company’s stock valued at $246,000 after buying an additional 3,454 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC raised its position in New Relic by 50.8% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 133,254 shares of the company’s stock valued at $3,915,000 after buying an additional 44,918 shares during the last quarter. Institutional investors and hedge funds own 62.32% of the company’s stock.
About New Relic
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.