New Relic (NEWR) Given Outperform Rating at Wedbush


Wedbush reissued their outperform rating on shares of New Relic (NYSE:NEWR) in a research note released on Wednesday morning, Marketbeat Ratings reports. They currently have a $116.00 price target on the software maker’s stock, down from their prior price target of $126.00.


NEWR has been the topic of several other research reports. Argus started coverage on New Relic in a report on Tuesday, July 17th. They set a hold rating on the stock. TheStreet upgraded New Relic from a d rating to a c rating in a report on Thursday, August 23rd. Zacks Investment Research upgraded New Relic from a hold rating to a buy rating and set a $118.00 target price on the stock in a report on Tuesday, August 14th. Needham & Company LLC upped their target price on New Relic from $121.00 to $129.00 and gave the stock a buy rating in a report on Wednesday, August 8th. Finally, DA Davidson started coverage on New Relic in a report on Wednesday, July 11th. They set a neutral rating and a $105.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company has an average rating of Buy and an average target price of $98.50.

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Shares of New Relic stock opened at $85.83 on Wednesday. The stock has a market capitalization of $5.32 billion, a PE ratio of -115.99 and a beta of 0.79. New Relic has a one year low of $49.56 and a one year high of $114.78. The company has a debt-to-equity ratio of 1.28, a quick ratio of 3.83 and a current ratio of 3.83.

New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, August 7th. The software maker reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. The company had revenue of $108.22 million for the quarter, compared to analyst estimates of $106.09 million. New Relic had a negative return on equity of 12.19% and a negative net margin of 9.13%. Analysts predict that New Relic will post -0.38 earnings per share for the current fiscal year.


In other New Relic news, insider James R. Gochee sold 5,826 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $103.34, for a total transaction of $602,058.84. Following the transaction, the insider now owns 317,376 shares of the company’s stock, valued at $32,797,635.84. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CRO Erica Schultz sold 1,800 shares of the business’s stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $106.74, for a total value of $192,132.00. Following the transaction, the executive now directly owns 22,066 shares in the company, valued at approximately $2,355,324.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 431,742 shares of company stock worth $43,055,873. Company insiders own 20.40% of the company’s stock.


A number of hedge funds and other institutional investors have recently made changes to their positions in NEWR. Tower Research Capital LLC TRC increased its position in New Relic by 95.1% during the second quarter. Tower Research Capital LLC TRC now owns 1,198 shares of the software maker’s stock worth $121,000 after buying an additional 584 shares during the last quarter. Cerebellum GP LLC acquired a new position in shares of New Relic in the second quarter valued at approximately $172,000. CIBC Asset Management Inc acquired a new position in shares of New Relic in the second quarter valued at approximately $200,000. Stifel Financial Corp acquired a new position in shares of New Relic in the first quarter valued at approximately $203,000. Finally, Commonwealth Equity Services LLC acquired a new position in shares of New Relic in the first quarter valued at approximately $212,000. 77.20% of the stock is currently owned by hedge funds and other institutional investors.


New Relic Company Profile

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

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