New Relic (NYSE:NEWR) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of New Relic (NYSE:NEWR) from a sell rating to a hold rating in a research note published on Tuesday morning, Zacks.com reports.

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. “

Other research analysts have also issued research reports about the stock. DA Davidson decreased their price target on shares of New Relic to $95.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Oppenheimer decreased their price target on shares of New Relic from $125.00 to $109.00 and set an outperform rating on the stock in a research report on Wednesday, August 7th. BMO Capital Markets decreased their price target on shares of New Relic to $73.00 and set a positive rating on the stock in a research report on Wednesday, August 7th. First Analysis lowered shares of New Relic from a strong-buy rating to a neutral rating and set a $80.00 price target on the stock. in a research report on Wednesday, August 7th. Finally, UBS Group set a $73.00 price target on shares of New Relic and gave the stock a hold rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. New Relic has a consensus rating of Buy and a consensus price target of $99.07.

New Relic stock opened at $58.50 on Tuesday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 2.88 and a current ratio of 2.88. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of -188.71 and a beta of 0.83. New Relic has a 1 year low of $55.60 and a 1 year high of $113.34. The firm’s 50 day moving average price is $80.50 and its two-hundred day moving average price is $95.27.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported ($0.16) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. The firm had revenue of $141.01 million for the quarter, compared to analyst estimates of $139.73 million. New Relic had a negative net margin of 9.93% and a negative return on equity of 8.55%. The firm’s quarterly revenue was up 30.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.15 earnings per share. As a group, equities analysts predict that New Relic will post -0.68 EPS for the current fiscal year.

In related news, CEO Lewis Cirne sold 19,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $97.72, for a total value of $1,905,540.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James R. Gochee sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $95.50, for a total transaction of $382,000.00. The disclosure for this sale can be found here. Insiders sold a total of 133,904 shares of company stock valued at $11,498,947 in the last ninety days. Company insiders own 17.40% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Cornerstone Advisors Inc. boosted its stake in shares of New Relic by 58.4% during the 1st quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock valued at $35,000 after buying an additional 132 shares during the period. Evolution Wealth Advisors LLC acquired a new stake in shares of New Relic during the 1st quarter valued at $42,000. Victory Capital Management Inc. boosted its stake in shares of New Relic by 255.8% during the 1st quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock valued at $58,000 after buying an additional 422 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of New Relic during the 2nd quarter valued at $55,000. Finally, Flinton Capital Management LLC boosted its stake in shares of New Relic by 51.9% during the 2nd quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock valued at $57,000 after buying an additional 224 shares during the period. 74.72% of the stock is owned by hedge funds and other institutional investors.

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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