NEWR has been the topic of a number of other reports. BMO Capital Markets lowered their price target on New Relic to $73.00 and set a “positive” rating on the stock in a report on Wednesday. DA Davidson lowered their price target on New Relic to $95.00 and set a “buy” rating on the stock in a report on Wednesday. First Analysis lowered New Relic from a “strong-buy” rating to a “neutral” rating in a report on Wednesday. Zacks Investment Research raised New Relic from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Morgan Stanley lowered their price target on New Relic from $115.00 to $104.00 and set an “overweight” rating on the stock in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $107.33.
Shares of NEWR opened at $59.78 on Thursday. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of -192.84 and a beta of 0.83. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.90 and a quick ratio of 2.90. New Relic has a one year low of $55.60 and a one year high of $113.34. The company’s fifty day simple moving average is $90.37.
In related news, CEO Lewis Cirne sold 16,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $85.23, for a total transaction of $1,363,680.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Sachleben sold 3,947 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $95.73, for a total value of $377,846.31. The disclosure for this sale can be found here. Insiders have sold 183,950 shares of company stock valued at $17,491,613 in the last ninety days. Company insiders own 17.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Cornerstone Advisors Inc. boosted its position in shares of New Relic by 58.4% in the 1st quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock valued at $35,000 after purchasing an additional 132 shares during the period. Evolution Wealth Advisors LLC acquired a new position in shares of New Relic in the 1st quarter valued at $42,000. Victory Capital Management Inc. boosted its position in shares of New Relic by 255.8% in the 1st quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock valued at $58,000 after purchasing an additional 422 shares during the period. FNY Investment Advisers LLC acquired a new position in shares of New Relic in the 2nd quarter valued at $78,000. Finally, Quantamental Technologies LLC acquired a new position in shares of New Relic in the 1st quarter valued at $178,000. 78.33% of the stock is owned by institutional investors and hedge funds.
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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