New Relic (NYSE:NEWR) Upgraded at UBS Group

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UBS Group upgraded shares of New Relic (NYSE:NEWR) from a neutral rating to a buy rating in a report published on Monday morning, BenzingaRatingsTable reports. The brokerage currently has $98.00 target price on the software maker’s stock, up from their prior target price of $68.00.

Several other equities analysts have also recently weighed in on NEWR. SunTrust Banks started coverage on New Relic in a report on Wednesday, October 2nd. They set a buy rating and a $80.00 price target on the stock. Deutsche Bank reissued a buy rating and set a $65.00 price target (down from $90.00) on shares of New Relic in a report on Monday, September 16th. Barclays cut New Relic from an equal weight rating to an underweight rating and set a $63.00 price target on the stock. in a report on Friday, January 10th. Goldman Sachs Group lowered their price target on New Relic from $65.00 to $52.00 and set a sell rating on the stock in a report on Monday, September 16th. Finally, BMO Capital Markets decreased their target price on New Relic from $71.00 to $68.00 and set an outperform rating on the stock in a report on Wednesday, November 6th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $84.76.

NYSE NEWR opened at $72.59 on Monday. The business’s fifty day moving average price is $67.77 and its 200-day moving average price is $68.93. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of -234.16 and a beta of 0.96. The company has a debt-to-equity ratio of 1.29, a current ratio of 3.01 and a quick ratio of 3.01. New Relic has a 1-year low of $50.00 and a 1-year high of $109.00.

New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, November 5th. The software maker reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.01). The firm had revenue of $145.80 million for the quarter, compared to the consensus estimate of $143.43 million. New Relic had a negative net margin of 11.26% and a negative return on equity of 8.90%. New Relic’s quarterly revenue was up 26.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 earnings per share. Equities research analysts anticipate that New Relic will post -0.88 EPS for the current year.

In other New Relic news, CEO Lewis Cirne sold 9,500 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $65.76, for a total transaction of $624,720.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark Sachleben sold 2,327 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $67.90, for a total value of $158,003.30. Over the last ninety days, insiders sold 28,827 shares of company stock worth $1,941,613. 17.40% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of the business. Cerebellum GP LLC raised its holdings in New Relic by 21.6% during the fourth quarter. Cerebellum GP LLC now owns 7,943 shares of the software maker’s stock valued at $522,000 after acquiring an additional 1,412 shares during the period. Fulton Breakefield Broenniman LLC bought a new stake in New Relic during the fourth quarter valued at about $371,000. Diversified Trust Co raised its holdings in New Relic by 51.0% during the fourth quarter. Diversified Trust Co now owns 11,087 shares of the software maker’s stock valued at $729,000 after acquiring an additional 3,745 shares during the period. Altfest L J & Co. Inc. purchased a new position in shares of New Relic during the fourth quarter valued at about $217,000. Finally, Jericho Capital Asset Management L.P. purchased a new position in shares of New Relic during the third quarter valued at about $30,965,000. 81.53% of the stock is currently 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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Analyst Recommendations for New Relic (NYSE:NEWR)

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