BMO Capital Markets Cuts New Relic (NEWR) Price Target to $110.00

New Relic (NYSE:NEWR) had its price objective cut by BMO Capital Markets from $117.00 to $110.00 in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. They currently have an outperform rating on the software maker’s stock.

Other research analysts have also recently issued reports about the company. Zacks Investment Research cut New Relic from a strong-buy rating to a hold rating in a report on Wednesday, October 10th. TheStreet upgraded New Relic from a d rating to a c rating in a report on Thursday, August 23rd. ValuEngine cut New Relic from a strong-buy rating to a buy rating in a report on Monday, July 30th. Morgan Stanley upped their price objective on New Relic from $80.00 to $102.00 and gave the company an equal weight rating in a report on Wednesday, August 8th. Finally, Needham & Company LLC upped their price objective on New Relic from $121.00 to $129.00 and gave the company a buy rating in a report on Wednesday, August 8th. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. New Relic currently has a consensus rating of Buy and a consensus price target of $103.47.

NEWR traded down $3.37 during trading hours on Wednesday, reaching $88.77. The company’s stock had a trading volume of 845,210 shares, compared to its average volume of 862,941. New Relic has a fifty-two week low of $51.68 and a fifty-two week high of $114.78. The stock has a market capitalization of $5.43 billion, a PE ratio of -119.96 and a beta of 0.82. The company has a debt-to-equity ratio of 1.28, a quick ratio of 3.83 and a current ratio of 3.83.

New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, November 6th. The software maker reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.03). New Relic had a negative net margin of 6.93% and a negative return on equity of 8.61%. The business had revenue of $114.90 million during the quarter, compared to analyst estimates of $112.26 million. During the same quarter in the prior year, the company posted ($0.06) earnings per share. The company’s revenue was up 35.7% on a year-over-year basis. As a group, equities research analysts forecast that New Relic will post -0.38 earnings per share for the current fiscal year.

In other New Relic news, CFO Mark Sachleben sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, August 13th. The stock was sold at an average price of $105.35, for a total value of $1,580,250.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Lewis Cirne sold 89,000 shares of the business’s stock in a transaction that occurred on Friday, November 2nd. The shares were sold at an average price of $88.23, for a total value of $7,852,470.00. The disclosure for this sale can be found here. In the last three months, insiders sold 435,742 shares of company stock worth $41,611,091. 20.40% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in NEWR. Dimensional Fund Advisors LP purchased a new stake in New Relic in the first quarter valued at approximately $679,000. Stifel Financial Corp purchased a new stake in New Relic in the first quarter valued at approximately $203,000. UBS Group AG raised its position in New Relic by 120.5% in the first quarter. UBS Group AG now owns 29,623 shares of the software maker’s stock valued at $2,195,000 after purchasing an additional 16,190 shares during the period. LPL Financial LLC purchased a new stake in New Relic in the first quarter valued at approximately $238,000. Finally, Xact Kapitalforvaltning AB increased its position in shares of New Relic by 24.8% during the first quarter. Xact Kapitalforvaltning AB now owns 5,037 shares of the software maker’s stock worth $373,000 after acquiring an additional 1,000 shares during the period. 76.96% of the stock is currently owned by institutional investors.

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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