New Relic (NYSE:NEWR) Given New $92.00 Price Target at Robert W. Baird

New Relic (NYSE:NEWR – Get Rating) had its price objective upped by equities research analysts at Robert W. Baird from $90.00 to $92.00 in a note issued to investors on Wednesday, The Fly reports. The firm presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target points to a potential upside of 17.59% from the company’s previous close.

A number of other brokerages have also weighed in on NEWR. Morgan Stanley raised their price target on shares of New Relic from $67.00 to $80.00 and gave the company an “equal weight” rating in a report on Wednesday, February 8th. StockNews.com assumed coverage on shares of New Relic in a research note on Thursday, May 18th. They set a “buy” rating on the stock. Credit Suisse Group upped their price target on shares of New Relic from $78.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, February 8th. Canaccord Genuity Group upped their price target on shares of New Relic from $74.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, February 9th. Finally, Cowen increased their price objective on shares of New Relic from $63.00 to $73.00 and gave the company a “market perform” rating in a research note on Wednesday, February 8th. Seven research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, New Relic currently has an average rating of “Moderate Buy” and an average price target of $79.80.

New Relic Stock Performance

NYSE NEWR opened at $78.24 on Wednesday. The stock has a market cap of $5.39 billion, a PE ratio of -29.30 and a beta of 0.90. New Relic has a twelve month low of $42.40 and a twelve month high of $86.00. The firm has a 50-day simple moving average of $73.77 and a 200 day simple moving average of $66.19.

Insider Activity

In other New Relic news, CEO William Staples sold 23,613 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $70.19, for a total value of $1,657,396.47. Following the transaction, the chief executive officer now directly owns 104,368 shares in the company, valued at $7,325,589.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other New Relic news, CEO William Staples sold 23,613 shares of New Relic stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $70.19, for a total transaction of $1,657,396.47. Following the completion of the sale, the chief executive officer now owns 104,368 shares of the company’s stock, valued at $7,325,589.92. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Thomas J. Lloyd sold 2,794 shares of New Relic stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $70.20, for a total value of $196,138.80. Following the completion of the transaction, the insider now owns 6,729 shares in the company, valued at approximately $472,375.80. The disclosure for this sale can be found here. Insiders sold 106,191 shares of company stock worth $30,457,526 over the last three months. 21.00% of the stock is currently owned by insiders.

Institutional Trading of New Relic

Several large investors have recently bought and sold shares of the company. Belpointe Asset Management LLC bought a new position in New Relic in the 4th quarter valued at approximately $29,000. Bourgeon Capital Management LLC bought a new position in shares of New Relic during the 4th quarter valued at about $42,000. PNC Financial Services Group Inc. boosted its holdings in shares of New Relic by 78.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 901 shares of the software maker’s stock valued at $51,000 after purchasing an additional 396 shares during the last quarter. SRS Capital Advisors Inc. bought a new position in shares of New Relic in the 1st quarter valued at about $75,000. Finally, Iron Horse Wealth Management LLC purchased a new stake in New Relic in the 4th quarter worth about $66,000. 83.56% of the stock is owned by institutional investors.

New Relic Company Profile

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New Relic, Inc engages in the provision of software solutions. It delivers an open and extensible cloud-based platform that enables organizations to collect, store and analyze massive amounts of data in real time to better operate applications and infrastructure. It offers solutions to e-commerce and retail, media, and public sector industries.