New Relic (NEWR) Price Target Raised to $84.00 at Needham & Company LLC

New Relic (NYSE:NEWR) had its price target raised by equities researchers at Needham & Company LLC from $73.00 to $84.00 in a note issued to investors on Monday. The firm currently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 13.33% from the stock’s previous close.

Several other equities research analysts also recently commented on the company. JPMorgan Chase downgraded New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price objective for the company. in a report on Tuesday, December 12th. BMO Capital Markets started coverage on New Relic in a report on Friday, January 12th. They issued a “market perform” rating and a $68.00 price objective for the company. Wedbush started coverage on New Relic in a report on Friday, February 23rd. They issued an “outperform” rating and a $86.00 price objective for the company. Stephens increased their price objective on New Relic from $60.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. Finally, Zacks Investment Research downgraded New Relic from a “buy” rating to a “hold” rating in a report on Friday, March 9th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. New Relic has an average rating of “Buy” and an average target price of $66.57.

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NYSE NEWR opened at $74.12 on Monday. The company has a market capitalization of $4,109.31, a PE ratio of -67.38 and a beta of 0.64. New Relic has a 12 month low of $36.60 and a 12 month high of $79.08.

New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, February 6th. The software maker reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.12. The company had revenue of $91.83 million during the quarter, compared to the consensus estimate of $89.31 million. New Relic had a negative return on equity of 25.22% and a negative net margin of 16.17%. The firm’s revenue for the quarter was up 34.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. analysts forecast that New Relic will post -0.77 earnings per share for the current year.

In other New Relic news, insider James R. Gochee sold 4,000 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $58.31, for a total transaction of $233,240.00. Following the transaction, the insider now owns 333,476 shares in the company, valued at approximately $19,444,985.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Sachleben sold 5,000 shares of the stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $59.35, for a total value of $296,750.00. The disclosure for this sale can be found here. Insiders have sold a total of 315,422 shares of company stock valued at $21,118,823 in the last ninety days. Insiders own 23.10% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Xact Kapitalforvaltning AB bought a new position in New Relic during the 4th quarter worth $233,000. MetLife Investment Advisors LLC bought a new position in New Relic during the 4th quarter worth $800,000. Macquarie Group Ltd. increased its position in New Relic by 13.2% during the 4th quarter. Macquarie Group Ltd. now owns 48,319 shares of the software maker’s stock worth $2,792,000 after buying an additional 5,623 shares during the period. Teachers Advisors LLC increased its position in New Relic by 1.9% during the 4th quarter. Teachers Advisors LLC now owns 76,201 shares of the software maker’s stock worth $4,402,000 after buying an additional 1,427 shares during the period. Finally, Two Sigma Securities LLC bought a new position in New Relic during the 4th quarter worth $293,000. Hedge funds and other institutional investors own 75.77% of the company’s stock.

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New Relic Company Profile

New Relic, Inc, a software-as-a-service company, provides digital intelligence products worldwide. The company's cloud-based platform and suite of products include New Relic Digital Intelligence Platform, which enables organizations to collect, store, and analyze data. It provides New Relic Application Performance Management that offers visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser, a product that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

Analyst Recommendations for New Relic (NYSE:NEWR)

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