New Relic (NYSE:NEWR) Sets New 12-Month Low After Analyst Downgrade

New Relic Inc (NYSE:NEWR) hit a new 52-week low during mid-day trading on Wednesday after DA Davidson lowered their price target on the stock to $95.00. DA Davidson currently has a buy rating on the stock. New Relic traded as low as $56.66 and last traded at $56.92, with a volume of 3043309 shares. The stock had previously closed at $83.76.

Several other equities analysts also recently issued reports on NEWR. Raymond James downgraded New Relic from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Goldman Sachs Group started coverage on New Relic in a research report on Friday, June 7th. They set a “sell” rating and a $83.00 price objective for the company. BMO Capital Markets reduced their price objective on New Relic to $73.00 and set a “positive” rating for the company in a research report on Wednesday. Zacks Investment Research upgraded New Relic from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, ValuEngine upgraded New Relic from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $108.50.

In other New Relic news, CEO Lewis Cirne sold 16,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $85.23, for a total value of $1,363,680.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark Sachleben sold 15,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $103.88, for a total value of $1,558,200.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 183,950 shares of company stock worth $17,491,613. 17.40% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of NEWR. Cornerstone Advisors Inc. increased its holdings in shares of 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 buying an additional 132 shares in the last quarter. Evolution Wealth Advisors LLC bought a new stake in New Relic during the first quarter valued at about $42,000. Victory Capital Management Inc. boosted its holdings in New Relic by 255.8% during the first quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock valued at $58,000 after acquiring an additional 422 shares during the period. FNY Investment Advisers LLC bought a new stake in New Relic during the second quarter valued at about $78,000. Finally, Quantamental Technologies LLC bought a new stake in New Relic during the first quarter valued at about $178,000. 78.33% of the stock is currently owned by institutional investors.

The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 1.16. The stock’s fifty day moving average price is $91.16. The stock has a market cap of $5.13 billion, a P/E ratio of -185.21 and a beta of 0.83.

New Relic (NYSE:NEWR) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported ($0.16) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.02. The business had revenue of $141.01 million during the quarter, compared to analyst estimates of $139.73 million. New Relic had a negative net margin of 8.53% and a negative return on equity of 6.57%. The firm’s revenue for the quarter was up 30.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.15 earnings per share. Equities analysts anticipate that New Relic Inc will post -0.56 EPS for the current year.

About New Relic (NYSE:NEWR)

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.

Featured Article: Asset Allocation, Balancing Your Investments

Receive News & Ratings for New Relic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Relic and related companies with MarketBeat.com's FREE daily email newsletter.