New Relic (NEWR) Rating Reiterated by Needham & Company LLC

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Needham & Company LLC restated their buy rating on shares of New Relic (NYSE:NEWR) in a research report sent to investors on Wednesday, Briefing.com Automated Import reports. They currently have a $131.00 price target on the software maker’s stock, up from their previous price target of $129.00.

A number of other equities research analysts also recently weighed in on NEWR. Morgan Stanley upgraded New Relic from an equal weight rating to an overweight rating in a research report on Tuesday, January 15th. ValuEngine upgraded New Relic from a hold rating to a buy rating in a research report on Thursday, January 17th. BMO Capital Markets restated an outperform rating and set a $118.00 target price (up previously from $110.00) on shares of New Relic in a research report on Thursday, February 7th. JPMorgan Chase & Co. boosted their target price on New Relic to $114.00 and gave the stock an overweight rating in a research report on Thursday, February 7th. Finally, Wedbush restated an outperform rating and set a $124.00 target price (up previously from $116.00) on shares of New Relic in a research report on Thursday, February 7th. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $117.42.

NEWR stock opened at $97.53 on Wednesday. New Relic has a twelve month low of $70.30 and a twelve month high of $114.78. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.90 and a quick ratio of 3.53.

New Relic (NYSE:NEWR) last released its earnings results on Tuesday, May 14th. The software maker reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. The company had revenue of $132.10 million during the quarter, compared to the consensus estimate of $128.19 million. New Relic had a negative return on equity of 6.57% and a negative net margin of 8.53%. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.09 earnings per share. As a group, sell-side analysts forecast that New Relic will post -0.56 EPS for the current year.

In related news, CRO Erica Schultz sold 1,276 shares of the company’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $106.89, for a total value of $136,391.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Sachleben sold 22,641 shares of the company’s stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $106.53, for a total value of $2,411,945.73. The disclosure for this sale can be found here. Insiders sold 139,144 shares of company stock valued at $14,356,438 in the last quarter. 20.40% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. QS Investors LLC increased its holdings in New Relic by 1.0% in the fourth quarter. QS Investors LLC now owns 10,092 shares of the software maker’s stock valued at $818,000 after purchasing an additional 100 shares during the last quarter. Wealthcare Advisory Partners LLC increased its holdings in New Relic by 33.3% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 400 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. OLD National Bancorp IN increased its holdings in New Relic by 4.1% in the fourth quarter. OLD National Bancorp IN now owns 2,592 shares of the software maker’s stock valued at $210,000 after purchasing an additional 101 shares during the last quarter. Cornerstone Advisors Inc. increased its holdings in New Relic by 58.4% in the first quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock valued at $35,000 after purchasing an additional 132 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in New Relic by 44.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 491 shares of the software maker’s stock valued at $48,000 after purchasing an additional 152 shares during the last quarter. Institutional investors and hedge funds own 82.31% of the company’s stock.

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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Analyst Recommendations for New Relic (NYSE:NEWR)

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