New Relic (NYSE:NEWR) Given New $73.00 Price Target at BMO Capital Markets

New Relic (NYSE:NEWR) had its price objective cut by stock analysts at BMO Capital Markets to $73.00 in a research report issued on Wednesday, The Fly reports. The brokerage presently has a “positive” rating on the software maker’s stock. BMO Capital Markets’ price objective suggests a potential downside of 12.85% from the company’s current price.

NEWR has been the topic of several other research reports. Raymond James lowered shares of New Relic from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Goldman Sachs Group started coverage on shares of New Relic in a research report on Friday, June 7th. They issued a “sell” rating and a $83.00 price target on the stock. ValuEngine raised shares of New Relic from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Needham & Company LLC reissued a “buy” rating and issued a $131.00 price target (up previously from $129.00) on shares of New Relic in a research report on Wednesday, May 15th. Finally, Wedbush reissued an “outperform” rating and issued a $99.00 price target (down previously from $124.00) on shares of New Relic in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $109.33.

NYSE NEWR opened at $83.76 on Wednesday. The company has a 50 day simple moving average of $91.16. New Relic has a 12-month low of $70.30 and a 12-month high of $113.34. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $5.13 billion, a price-to-earnings ratio of -270.19 and a beta of 0.83.

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

In other New Relic news, CEO Lewis Cirne sold 19,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $97.72, for a total value of $1,905,540.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider James R. Gochee sold 6,850 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $92.80, for a total transaction of $635,680.00. Following the completion of the transaction, the insider now directly owns 137,776 shares of the company’s stock, valued at approximately $12,785,612.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 183,950 shares of company stock valued at $17,491,613. 17.40% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Cornerstone Advisors Inc. grew its stake in New Relic by 58.4% in the 1st quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock worth $35,000 after buying an additional 132 shares in the last quarter. Wedbush Securities Inc. grew its stake in New Relic by 5.9% in the 2nd quarter. Wedbush Securities Inc. now owns 2,661 shares of the software maker’s stock worth $230,000 after buying an additional 148 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in New Relic by 5.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 6,370 shares of the software maker’s stock worth $628,000 after buying an additional 357 shares in the last quarter. Victory Capital Management Inc. grew its stake in New Relic by 255.8% in the 1st quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock worth $58,000 after buying an additional 422 shares in the last quarter. Finally, Evolution Wealth Advisors LLC purchased a new position in New Relic in the 1st quarter worth approximately $42,000. 78.33% of the stock is owned by institutional investors and hedge funds.

About New Relic

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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