According to Zacks, “New Relic, Inc. is a software analytics company. The Company offers solution which includes application development, production monitoring, real-time analytics, mobile application management and digital transformation. Its products include new relic APM, new relic mobile, new relic insights, new relic services, new relic browser and new relic platform. New Relic, Inc. is based in San Francisco, United States. “
Several other brokerages also recently commented on NEWR. Needham & Company LLC increased their price objective on New Relic from $114.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. Cowen set a $80.00 price objective on New Relic and gave the stock a “buy” rating in a research note on Monday, September 23rd. Goldman Sachs Group decreased their price target on New Relic from $65.00 to $52.00 and set a “sell” rating for the company in a research report on Monday, September 16th. Raymond James reaffirmed a “hold” rating on shares of New Relic in a research report on Monday, September 23rd. Finally, DA Davidson set a $95.00 price target on New Relic and gave the company a “buy” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $84.12.
New Relic (NYSE:NEWR) last issued its quarterly earnings data on Tuesday, November 5th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of ($0.15) by $0.39. The firm had revenue of $145.80 million during the quarter, compared to the consensus estimate of $143.43 million. New Relic had a negative return on equity of 8.90% and a negative net margin of 11.26%. The company’s quarterly revenue was up 26.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.20 earnings per share. As a group, research analysts anticipate that New Relic will post -0.89 EPS for the current year.
In other New Relic news, CRO Erica Schultz sold 4,340 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $58.21, for a total value of $252,631.40. Following the completion of the sale, the executive now directly owns 22,002 shares of the company’s stock, valued at $1,280,736.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lewis Cirne sold 9,500 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $65.76, for a total value of $624,720.00. The disclosure for this sale can be found here. Insiders have sold 43,704 shares of company stock valued at $2,654,468 over the last ninety days. 17.40% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the business. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in New Relic in the third quarter worth $27,000. NEXT Financial Group Inc increased its position in New Relic by 905.3% in the third quarter. NEXT Financial Group Inc now owns 573 shares of the software maker’s stock worth $35,000 after buying an additional 516 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in New Relic in the second quarter worth $55,000. Flinton Capital Management LLC increased its position in New Relic by 51.9% in the second quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock worth $57,000 after buying an additional 224 shares during the last quarter. Finally, Winslow Evans & Crocker Inc. increased its position in New Relic by 44.8% in the third quarter. Winslow Evans & Crocker Inc. now owns 666 shares of the software maker’s stock worth $44,000 after buying an additional 206 shares during the last quarter. 79.39% 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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