Robert W. Baird Lowers New Relic (NYSE:NEWR) Price Target to $77.00

New Relic (NYSE:NEWR) had its price target reduced by Robert W. Baird from $84.00 to $77.00 in a research report sent to investors on Tuesday morning, BenzingaRatingsTable reports. Robert W. Baird currently has an outperform rating on the software maker’s stock.

Other analysts also recently issued reports about the company. First Analysis downgraded New Relic from a strong-buy rating to a neutral rating and set a $80.00 price target on the stock. in a research note on Wednesday, August 7th. Raymond James downgraded New Relic from an outperform rating to a market perform rating in a research note on Wednesday, August 7th. BMO Capital Markets decreased their price target on New Relic to $73.00 and set a positive rating on the stock in a research note on Wednesday, August 7th. Wedbush restated 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. Finally, Oppenheimer decreased their price target on New Relic from $125.00 to $109.00 and set an outperform rating on the stock in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the company. New Relic has an average rating of Buy and an average price target of $84.81.

New Relic stock opened at $63.22 on Tuesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.88 and a quick ratio of 2.88. New Relic has a 1-year low of $50.00 and a 1-year high of $109.00. The company has a market cap of $3.51 billion, a PE ratio of -203.94 and a beta of 0.96. The stock’s 50 day moving average price is $62.13 and its 200 day moving average price is $88.87.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported ($0.16) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.02. New Relic had a negative return on equity of 8.55% and a negative net margin of 9.93%. The firm had revenue of $141.01 million for the quarter, compared to the consensus estimate of $139.73 million. During the same period in the previous year, the business earned $0.15 earnings per share. The company’s revenue for the quarter was up 30.3% compared to the same quarter last year. On average, equities research analysts anticipate that New Relic will post -0.71 EPS for the current fiscal year.

In other news, CTO James R. Gochee sold 4,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $60.34, for a total value of $241,360.00. Following the completion of the transaction, the chief technology officer now directly owns 124,823 shares of the company’s stock, valued at $7,531,819.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Sachleben sold 15,000 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $93.65, for a total value of $1,404,750.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 99,054 shares of company stock worth $7,711,788. 17.40% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Cornerstone Advisors Inc. increased its stake in New Relic by 58.4% in the first quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock valued at $35,000 after purchasing an additional 132 shares during the last quarter. Wedbush Securities Inc. grew its position in New Relic by 5.9% during the second quarter. Wedbush Securities Inc. now owns 2,661 shares of the software maker’s stock valued at $230,000 after acquiring an additional 148 shares during the period. Nvwm LLC grew its position in New Relic by 4.1% during the second quarter. Nvwm LLC now owns 4,869 shares of the software maker’s stock valued at $421,000 after acquiring an additional 192 shares during the period. Coldstream Capital Management Inc. grew its position 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 valued at $218,000 after acquiring an additional 199 shares during the period. Finally, Flinton Capital Management LLC grew its position in New Relic by 51.9% during the second quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock valued at $57,000 after acquiring an additional 224 shares during the period. Hedge funds and other institutional investors 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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