Analysts Set New Relic Inc (NEWR) Target Price at $116.73

Shares of New Relic Inc (NYSE:NEWR) have earned a consensus recommendation of “Buy” from the eighteen brokerages that are presently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $116.73.

Several research analysts have commented on the company. JPMorgan Chase & Co. raised New Relic from a “neutral” rating to an “overweight” rating in a research report on Thursday, December 13th. Wedbush reaffirmed an “outperform” rating and set a $116.00 price target on shares of New Relic in a research report on Thursday, December 20th. Morgan Stanley raised New Relic from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, January 15th. ValuEngine raised New Relic from a “hold” rating to a “buy” rating in a research report on Thursday, January 17th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $118.00 price target (up previously from $110.00) on shares of New Relic in a research report on Thursday, February 7th.

In other New Relic news, CFO Mark Sachleben sold 2,000 shares of the business’s stock in a transaction on Thursday, January 10th. The stock was sold at an average price of $85.24, for a total transaction of $170,480.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CRO Erica Schultz sold 1,276 shares of the business’s stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $106.89, for a total value of $136,391.64. The disclosure for this sale can be found here. In the last three months, insiders sold 203,341 shares of company stock worth $18,354,294. Corporate insiders own 20.40% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Capital Impact Advisors LLC raised its holdings in shares of New Relic by 13.2% in the fourth quarter. Capital Impact Advisors LLC now owns 26,010 shares of the software maker’s stock worth $2,088,000 after acquiring an additional 3,042 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of New Relic by 27.6% in the fourth quarter. American Century Companies Inc. now owns 93,085 shares of the software maker’s stock worth $7,537,000 after acquiring an additional 20,146 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of New Relic by 9.4% in the fourth quarter. Geode Capital Management LLC now owns 470,182 shares of the software maker’s stock worth $38,070,000 after acquiring an additional 40,494 shares during the last quarter. Norges Bank acquired a new position in shares of New Relic in the fourth quarter worth $32,845,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of New Relic by 9.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 94,864 shares of the software maker’s stock worth $7,681,000 after acquiring an additional 7,914 shares during the last quarter. Institutional investors own 80.45% of the company’s stock.

Shares of NYSE NEWR traded up $0.28 during midday trading on Friday, hitting $98.70. 937,900 shares of the company’s stock were exchanged, compared to its average volume of 745,987. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.53 and a current ratio of 3.53. New Relic has a twelve month low of $68.89 and a twelve month high of $114.78. The firm has a market capitalization of $5.66 billion, a PE ratio of -133.38 and a beta of 1.04.

New Relic (NYSE:NEWR) last issued its earnings results on Wednesday, February 6th. The software maker reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.03. New Relic had a negative return on equity of 6.08% and a negative net margin of 6.96%. The business had revenue of $124.00 million for the quarter, compared to analyst estimates of $120.18 million. During the same quarter last year, the company earned $0.05 EPS. The business’s quarterly revenue was up 35.1% on a year-over-year basis. On average, sell-side analysts forecast that New Relic will post -0.32 earnings per share for the current fiscal year.

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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