Loop Capital Begins Coverage on New Relic (NYSE:NEWR)

Equities research analysts at Loop Capital assumed coverage on shares of New Relic (NYSE:NEWR) in a research report issued to clients and investors on Tuesday, The Fly reports. The brokerage set a “hold” rating on the software maker’s stock.

A number of other analysts have also issued reports on the company. BMO Capital Markets lifted their target price on New Relic from $70.00 to $78.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 4th. Goldman Sachs Group upped their target price on New Relic from $60.00 to $69.00 in a research report on Monday, June 29th. Needham & Company LLC reduced their target price on New Relic from $79.00 to $77.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Morgan Stanley dropped their price target on shares of New Relic from $70.00 to $68.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 5th. Finally, Barclays increased their price objective on shares of New Relic from $42.00 to $56.00 and gave the company an “underweight” rating in a research note on Monday, July 20th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $70.81.

Shares of NYSE:NEWR traded up $1.81 during mid-day trading on Tuesday, hitting $57.74. 778,900 shares of the company traded hands, compared to its average volume of 1,106,344. The firm’s 50 day simple moving average is $59.87 and its 200 day simple moving average is $58.59. The firm has a market cap of $3.37 billion, a P/E ratio of -32.99 and a beta of 1.04. The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.81 and a current ratio of 2.81. New Relic has a 52-week low of $33.49 and a 52-week high of $74.20.

New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, August 4th. The software maker reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.12. New Relic had a negative net margin of 16.67% and a negative return on equity of 18.93%. The business had revenue of $163.00 million during the quarter, compared to the consensus estimate of $159.35 million. During the same period in the prior year, the firm earned $0.19 earnings per share. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. Equities research analysts expect that New Relic will post -1.87 EPS for the current fiscal year.

In other news, CEO Lewis Cirne sold 40,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $70.73, for a total transaction of $2,829,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Sachleben sold 2,385 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $55.68, for a total transaction of $132,796.80. Following the transaction, the chief financial officer now directly owns 1,540 shares of the company’s stock, valued at approximately $85,747.20. The disclosure for this sale can be found here. Insiders have sold 117,885 shares of company stock valued at $8,011,667 over the last ninety days. Corporate insiders own 15.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of NEWR. Amundi Pioneer Asset Management Inc. raised its holdings in shares of New Relic by 5.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 13,000 shares of the software maker’s stock valued at $1,283,000 after acquiring an additional 700 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of New Relic by 7.1% in the first quarter. Envestnet Asset Management Inc. now owns 9,033 shares of the software maker’s stock worth $418,000 after buying an additional 602 shares during the period. UBS Group AG boosted its position in shares of New Relic by 1,213.4% in the first quarter. UBS Group AG now owns 146,235 shares of the software maker’s stock worth $6,762,000 after buying an additional 135,101 shares during the period. SG Americas Securities LLC purchased a new position in shares of New Relic during the first quarter valued at $285,000. Finally, Aperio Group LLC raised its position in New Relic by 62.6% during the first quarter. Aperio Group LLC now owns 11,436 shares of the software maker’s stock valued at $529,000 after buying an additional 4,403 shares during the period. Hedge funds and other institutional investors own 90.27% 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.

Read More: Capital gains and your 401(k) or IRA

The Fly

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.