Oppenheimer Trims New Relic (NYSE:NEWR) Target Price to $80.00

New Relic (NYSE:NEWR) had its price target lowered by Oppenheimer from $85.00 to $80.00 in a research report sent to investors on Friday, BenzingaRatingsTable reports. The firm currently has an outperform rating on the software maker’s stock.

A number of other research firms have also weighed in on NEWR. Morgan Stanley dropped their target price on shares of New Relic from $84.00 to $80.00 and set an overweight rating for the company in a report on Tuesday, September 17th. SunTrust Banks began coverage on shares of New Relic in a report on Wednesday, October 2nd. They set a buy rating and a $80.00 target price for the company. Zacks Investment Research upgraded shares of New Relic from a sell rating to a hold rating in a report on Friday, October 4th. Wedbush restated an outperform rating and issued a $99.00 price objective (down from $124.00) on shares of New Relic in a report on Wednesday, August 7th. Finally, Argus upgraded shares of New Relic from a hold rating to a buy rating and set a $93.00 price objective for the company in a report on Monday, August 12th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the company. New Relic presently has a consensus rating of Buy and a consensus price target of $84.24.

Shares of New Relic stock traded down $0.44 during trading on Friday, reaching $61.14. 9,953 shares of the stock were exchanged, compared to its average volume of 1,185,731. The company has a quick ratio of 2.88, a current ratio of 2.88 and a debt-to-equity ratio of 1.32. The stock’s fifty day moving average is $59.81 and its 200 day moving average is $84.60. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of -197.35 and a beta of 0.97. New Relic has a 1 year low of $50.00 and a 1 year high of $109.00.

New Relic (NYSE:NEWR) last posted its earnings results on Tuesday, August 6th. The software maker reported ($0.16) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.18) by $0.02. The company had revenue of $141.01 million during 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 period in the prior year, the business posted $0.15 earnings per share. Equities analysts forecast that New Relic will post -0.71 earnings per share for the current year.

In other New Relic news, CEO Lewis Cirne sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $56.61, for a total transaction of $367,965.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider James R. Gochee sold 1,788 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $58.96, for a total transaction of $105,420.48. Following the transaction, the insider now directly owns 127,213 shares of the company’s stock, valued at approximately $7,500,478.48. The disclosure for this sale can be found here. Insiders sold 68,204 shares of company stock valued at $4,623,288 over the last 90 days. 17.40% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its stake in shares of New Relic by 7,220.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 4,834,359 shares of the software maker’s stock valued at $418,220,000 after purchasing an additional 4,768,320 shares in the last quarter. First Trust Advisors LP increased its position in shares of New Relic by 24.7% during the second quarter. First Trust Advisors LP now owns 1,516,324 shares of the software maker’s stock valued at $131,177,000 after acquiring an additional 300,484 shares in the last quarter. Clearbridge Investments LLC increased its position in shares of New Relic by 1.6% during the first quarter. Clearbridge Investments LLC now owns 1,495,239 shares of the software maker’s stock valued at $147,580,000 after acquiring an additional 23,079 shares in the last quarter. Baillie Gifford & Co. increased its position in shares of New Relic by 23.7% during the second quarter. Baillie Gifford & Co. now owns 1,259,823 shares of the software maker’s stock valued at $108,987,000 after acquiring an additional 241,662 shares in the last quarter. Finally, Jennison Associates LLC increased its position in shares of New Relic by 58.7% during the second quarter. Jennison Associates LLC now owns 723,864 shares of the software maker’s stock valued at $62,621,000 after acquiring an additional 267,840 shares in the last quarter. 79.07% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for New Relic (NYSE:NEWR)

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