New Relic (NYSE:NEWR) Stock Rating Reaffirmed by Robert W. Baird

New Relic (NYSE:NEWR)‘s stock had its “buy” rating reiterated by investment analysts at Robert W. Baird in a research note issued on Thursday, AnalystRatings.com reports.

Other research analysts have also recently issued reports about the stock. UBS Group cut shares of New Relic from a “buy” rating to a “neutral” rating and lowered their price target for the company from $89.00 to $76.00 in a research report on Friday, February 5th. Loop Capital lifted their price target on shares of New Relic from $60.00 to $70.00 and gave the company a “hold” rating in a research report on Friday, February 5th. Oppenheimer cut shares of New Relic from an “outperform” rating to a “market perform” rating in a research report on Friday, February 5th. Zacks Investment Research cut shares of New Relic from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Needham & Company LLC lowered their price target on shares of New Relic from $82.00 to $78.00 and set a “buy” rating for the company in a research report on Friday, February 5th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $70.06.

Shares of NEWR opened at $63.25 on Thursday. The firm’s 50-day moving average price is $60.78 and its 200-day moving average price is $63.67. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of -28.49 and a beta of 1.01. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 1.13. New Relic has a 1-year low of $45.81 and a 1-year high of $81.10.

New Relic (NYSE:NEWR) last announced its earnings results on Thursday, February 4th. The software maker reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.58. The firm had revenue of $166.34 million for the quarter, compared to analyst estimates of $164.81 million. New Relic had a negative net margin of 20.65% and a negative return on equity of 26.93%. On average, research analysts forecast that New Relic will post -2.32 EPS for the current fiscal year.

In other news, CEO Lewis Cirne sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, April 1st. The shares were sold at an average price of $62.50, for a total transaction of $1,875,000.00. Following the completion of the transaction, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at $1,875,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Staples sold 3,894 shares of the business’s stock in a transaction that occurred on Monday, February 15th. The shares were sold at an average price of $64.58, for a total transaction of $251,474.52. Following the transaction, the insider now directly owns 11,402 shares of the company’s stock, valued at $736,341.16. The disclosure for this sale can be found here. Insiders sold 64,894 shares of company stock valued at $4,087,405 over the last ninety days. Corporate insiders own 17.40% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bartlett & Co. LLC raised its holdings in shares of New Relic by 47.4% during the fourth quarter. Bartlett & Co. LLC now owns 423 shares of the software maker’s stock valued at $28,000 after purchasing an additional 136 shares during the last quarter. Cribstone Capital Management LLC purchased a new position in shares of New Relic during the fourth quarter valued at approximately $45,000. Private Ocean LLC raised its holdings in shares of New Relic by 27.2% during the fourth quarter. Private Ocean LLC now owns 869 shares of the software maker’s stock valued at $57,000 after purchasing an additional 186 shares during the last quarter. Berman Capital Advisors LLC purchased a new position in shares of New Relic during the fourth quarter valued at approximately $65,000. Finally, Winslow Evans & Crocker Inc. raised its holdings in shares of New Relic by 65.4% during the fourth quarter. Winslow Evans & Crocker Inc. now owns 1,265 shares of the software maker’s stock valued at $83,000 after purchasing an additional 500 shares during the last quarter. 86.04% 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 platform that companies use to build, develop, and operate their digital businesses worldwide. It offers a suite of products on its open and extensible cloud-based platform, New Relic One Platform, which enables users to collect, store, and analyze telemetry data flowing through and about their software.

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Analyst Recommendations for New Relic (NYSE:NEWR)

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