New Relic (NYSE:NEWR) PT Lowered to $80.00 at Cowen

New Relic (NYSE:NEWR) had its price objective cut by Cowen from $100.00 to $80.00 in a research report report published on Tuesday, The Fly reports. They currently have an outperform rating on the software maker’s stock.

Several other equities research analysts also recently weighed in on NEWR. Wedbush reaffirmed an outperform rating and issued a $99.00 price target (down from $124.00) on shares of New Relic in a research note on Wednesday, August 7th. Zacks Investment Research downgraded shares of New Relic from a hold rating to a sell rating in a research note on Tuesday, September 10th. BMO Capital Markets decreased their price target on shares of New Relic to $73.00 and set a positive rating for the company in a research note on Wednesday, August 7th. Argus raised shares of New Relic from a hold rating to a buy rating and set a $93.00 price target for the company in a research note on Monday, August 12th. They noted that the move was a valuation call. Finally, Goldman Sachs Group decreased their price target on shares of New Relic from $65.00 to $52.00 and set a sell rating for the company in a research note on Monday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $86.31.

NEWR stock opened at $62.72 on Tuesday. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of -202.32 and a beta of 0.96. The company has a quick ratio of 2.88, a current ratio of 2.88 and a debt-to-equity ratio of 1.32. New Relic has a 12-month low of $50.00 and a 12-month high of $109.00. The company’s fifty day simple moving average is $62.75 and its 200 day simple moving average is $89.10.

New Relic (NYSE:NEWR) last released its earnings results on Tuesday, August 6th. The software maker reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.02. The business 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%. New Relic’s revenue for the quarter was up 30.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.15 earnings per share. Research analysts expect that New Relic will post -0.71 earnings per share for the current year.

In other news, CEO Lewis Cirne sold 17,000 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $90.10, for a total transaction of $1,531,700.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO James R. Gochee sold 4,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $60.34, for a total transaction of $241,360.00. Following the sale, the chief technology officer now directly owns 124,823 shares of the company’s stock, valued at $7,531,819.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 99,054 shares of company stock valued at $7,711,788. 17.40% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Cornerstone Advisors Inc. boosted its holdings in New Relic by 58.4% during the first quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock worth $35,000 after purchasing an additional 132 shares during the last quarter. Wedbush Securities Inc. boosted its holdings in New Relic by 5.9% during the second quarter. Wedbush Securities Inc. now owns 2,661 shares of the software maker’s stock worth $230,000 after purchasing an additional 148 shares during the last quarter. Nvwm LLC boosted its holdings in New Relic by 4.1% during the second quarter. Nvwm LLC now owns 4,869 shares of the software maker’s stock worth $421,000 after purchasing an additional 192 shares during the last quarter. Coldstream Capital Management Inc. boosted its holdings in New Relic by 8.6% during the second quarter. Coldstream Capital Management Inc. now owns 2,516 shares of the software maker’s stock worth $218,000 after purchasing an additional 199 shares during the last quarter. Finally, Flinton Capital Management LLC boosted its holdings in New Relic by 51.9% during the second quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock worth $57,000 after purchasing an additional 224 shares during the last quarter. Institutional investors and hedge funds own 79.12% 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.

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