Wedbush Reiterates Outperform Rating for New Relic (NYSE:NEWR)

Wedbush restated their outperform rating on shares of New Relic (NYSE:NEWR) in a research note published on Friday morning, RTT News reports. They currently have a $124.00 price target on the software maker’s stock.

NEWR has been the topic of several other research reports. BMO Capital Markets reaffirmed an outperform rating and set a $115.00 price target (down previously from $118.00) on shares of New Relic in a research note on Tuesday, July 16th. ValuEngine raised Valmont Industries from a sell rating to a hold rating in a research note on Friday, July 12th. Zacks Investment Research lowered H&E Equipment Services from a hold rating to a sell rating in a research note on Wednesday, July 17th. Goldman Sachs Group assumed coverage on HubSpot in a research note on Friday, June 7th. They set a buy rating and a $223.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a buy rating and set a $87.00 price target on shares of LivaNova in a research note on Wednesday, May 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. New Relic currently has a consensus rating of Buy and an average price target of $114.92.

New Relic stock opened at $89.78 on Friday. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $5.19 billion, a price-to-earnings ratio of -289.61 and a beta of 0.83. The business has a fifty day simple moving average of $92.85. New Relic has a 52 week low of $70.30 and a 52 week high of $114.78.

New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, May 14th. The software maker reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.07. New Relic had a negative return on equity of 6.57% and a negative net margin of 8.53%. The business had revenue of $132.10 million for the quarter, compared to analyst estimates of $128.19 million. During the same quarter in the prior year, the firm posted $0.09 earnings per share. The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. As a group, equities analysts forecast that New Relic will post -0.56 EPS for the current year.

In related news, CEO Lewis Cirne sold 21,000 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $104.75, for a total value of $2,199,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Peter H. Fenton sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $95.16, for a total value of $4,282,200.00. Following the completion of the sale, the director now owns 617 shares of the company’s stock, valued at approximately $58,713.72. The disclosure for this sale can be found here. Insiders sold 184,950 shares of company stock valued at $17,972,923 in the last quarter. 17.40% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. QS Investors LLC increased its holdings in New Relic by 1.0% in the fourth quarter. QS Investors LLC now owns 10,092 shares of the software maker’s stock valued at $818,000 after purchasing an additional 100 shares during the last quarter. Cornerstone Advisors Inc. increased its holdings in shares of New Relic by 58.4% in the first quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock worth $35,000 after acquiring an additional 132 shares in the last quarter. American International Group Inc. increased its holdings in shares of New Relic by 1.0% in the fourth quarter. American International Group Inc. now owns 29,702 shares of the software maker’s stock worth $2,405,000 after acquiring an additional 287 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of New Relic by 5.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 6,370 shares of the software maker’s stock worth $628,000 after acquiring an additional 357 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of New Relic by 255.8% in the first quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock worth $58,000 after acquiring an additional 422 shares in the last quarter. Institutional investors and hedge funds own 78.29% of the company’s stock.

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.

Further Reading: What Are Treasury Bonds?

Analyst Recommendations for New Relic (NYSE:NEWR)

Receive News & Ratings for New Relic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Relic and related companies with MarketBeat.com's FREE daily email newsletter.