Needham & Company LLC Reiterates Buy Rating for New Relic (NEWR)

New Relic (NYSE:NEWR)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a report issued on Wednesday, Briefing.com Automated Import reports. They currently have a $131.00 target price on the software maker’s stock, up from their previous target price of $129.00. Needham & Company LLC’s price objective indicates a potential upside of 29.74% from the stock’s previous close.

NEWR has been the subject of a number of other research reports. BMO Capital Markets reiterated 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. Zacks Investment Research cut shares of New Relic from a “buy” rating to a “hold” rating in a research report on Wednesday, April 3rd. Wedbush reiterated 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. ValuEngine upgraded shares of New Relic from a “hold” rating to a “buy” rating in a research report on Thursday, January 17th. Finally, DA Davidson reiterated a “buy” rating on shares of New Relic in a research report on Thursday, February 7th. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $117.42.

Shares of New Relic stock opened at $100.97 on Wednesday. The stock has a market cap of $5.78 billion, a P/E ratio of -325.71 and a beta of 1.03. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.23. New Relic has a 12-month low of $70.30 and a 12-month high of $114.78.

New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, May 14th. The software maker reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. The business had revenue of $132.10 million during the quarter, compared to analysts’ expectations of $128.19 million. New Relic had a negative net margin of 8.53% and a negative return on equity of 6.74%. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same quarter last year, the company posted $0.09 EPS. As a group, equities research analysts forecast that New Relic will post -0.23 EPS for the current fiscal year.

In other news, insider James R. Gochee sold 1,624 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $106.82, for a total value of $173,475.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Erica Schultz sold 1,276 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $106.89, for a total transaction of $136,391.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 126,341 shares of company stock worth $13,058,174. Insiders own 20.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. QS Investors LLC boosted its stake in New Relic by 1.0% during the 4th quarter. QS Investors LLC now owns 10,092 shares of the software maker’s stock worth $818,000 after acquiring an additional 100 shares during the last quarter. Vista Equity Partners Management LLC bought a new position in New Relic during the 4th quarter worth approximately $13,553,000. Rhumbline Advisers boosted its stake in New Relic by 48.0% during the 4th quarter. Rhumbline Advisers now owns 60,113 shares of the software maker’s stock worth $4,867,000 after acquiring an additional 19,499 shares during the last quarter. Stanley Laman Group Ltd. bought a new position in New Relic during the 4th quarter worth approximately $6,003,000. Finally, Toronado Partners LLC bought a new position in New Relic during the 4th quarter worth approximately $9,307,000. 82.31% of the stock is currently owned by 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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Analyst Recommendations for New Relic (NYSE:NEWR)

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