New Relic (NYSE:NEWR)‘s stock had its “outperform” rating reiterated by equities researchers at BMO Capital Markets in a research report issued to clients and investors on Tuesday, Briefing.com Automated Import reports. They presently have a $115.00 target price on the software maker’s stock, down from their previous target price of $118.00. BMO Capital Markets’ price objective indicates a potential upside of 30.73% from the stock’s previous close.
Several other brokerages have also issued reports on NEWR. Goldman Sachs Group assumed coverage on shares of HubSpot in a research note on Friday, June 7th. They set a “buy” rating and a $223.00 price target for the company. ValuEngine upgraded shares of Valmont Industries from a “sell” rating to a “hold” rating in a research note on Friday, July 12th. Zacks Investment Research lowered shares of HENGAN INTL GRP/ADR from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 21st. Needham & Company LLC restated a “buy” rating and set a $87.00 price target on shares of LivaNova in a research note on Wednesday, May 15th. Finally, Wedbush restated an “outperform” rating and set a $124.00 price target on shares of New Relic in a research note on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $114.92.
NYSE:NEWR opened at $87.97 on Tuesday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 2.90 and a current ratio of 2.90. The stock has a market cap of $5.21 billion, a price-to-earnings ratio of -283.77 and a beta of 0.82. New Relic has a 52 week low of $70.30 and a 52 week high of $114.78. The company has a 50-day moving average price of $94.10.
In related news, CRO Erica Schultz sold 3,680 shares of New Relic stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $100.82, for a total value of $371,017.60. Following the completion of the transaction, the executive now directly owns 24,676 shares in the company, valued at approximately $2,487,834.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James R. Gochee sold 5,673 shares of New Relic stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $100.95, for a total transaction of $572,689.35. Following the completion of the transaction, the insider now owns 285,234 shares of the company’s stock, valued at $28,794,372.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,950 shares of company stock valued at $17,972,923. 17.40% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in NEWR. Diversified Trust Co raised its position in New Relic by 17.8% in the 2nd quarter. Diversified Trust Co now owns 6,432 shares of the software maker’s stock worth $556,000 after purchasing an additional 970 shares during the period. Evolution Wealth Advisors LLC raised its position in New Relic by 155.4% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 1,088 shares of the software maker’s stock worth $94,000 after purchasing an additional 662 shares during the period. Campbell & CO Investment Adviser LLC raised its position in New Relic by 31.0% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 3,052 shares of the software maker’s stock worth $264,000 after purchasing an additional 723 shares during the period. Amundi Pioneer Asset Management Inc. raised its position in New Relic by 5.7% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 13,000 shares of the software maker’s stock worth $1,283,000 after purchasing an additional 700 shares during the period. Finally, Nordea Investment Management AB raised its position in New Relic by 1.9% in the 1st quarter. Nordea Investment Management AB now owns 55,236 shares of the software maker’s stock worth $5,451,000 after purchasing an additional 1,051 shares during the period. Institutional investors and hedge funds own 78.69% of the company’s stock.
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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