New Relic (NYSE:NEWR) Rating Reiterated by KeyCorp
New Relic (NYSE:NEWR)‘s stock had its “hold” rating reissued by investment analysts at KeyCorp in a report issued on Wednesday, August 7th, TipRanks reports.
NEWR has been the subject of a number of other research reports. Zacks Investment Research raised shares of New Relic from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Needham & Company LLC set a $120.00 price objective on shares of New Relic and gave the company a “buy” rating in a report on Wednesday, August 7th. Oppenheimer dropped their price objective on shares of New Relic from $125.00 to $109.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. ValuEngine lowered shares of New Relic from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Finally, Morgan Stanley dropped their price objective on shares of New Relic from $115.00 to $104.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $99.07.
Shares of New Relic stock traded up $1.50 during trading hours on Wednesday, reaching $58.50. 1,447,334 shares of the company’s stock were exchanged, compared to its average volume of 1,842,761. New Relic has a 1 year low of $55.60 and a 1 year high of $113.34. The company has a market capitalization of $3.35 billion, a P/E ratio of -188.71 and a beta of 0.83. The business has a fifty day moving average of $80.50 and a two-hundred day moving average of $95.27. 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 (NYSE:NEWR) last released its earnings results on Tuesday, August 6th. The software maker reported ($0.16) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.18) by $0.02. New Relic had a negative net margin of 9.93% and a negative return on equity of 8.55%. The business had revenue of $141.01 million during the quarter, compared to analyst estimates of $139.73 million. During the same quarter in the prior year, the firm earned $0.15 earnings per share. The company’s revenue for the quarter was up 30.3% compared to the same quarter last year. As a group, research analysts predict that New Relic will post -0.68 EPS for the current year.
In related news, CEO Lewis Cirne sold 19,500 shares of New Relic stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $97.72, for a total transaction of $1,905,540.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Sachleben sold 15,000 shares of New Relic stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $96.98, for a total value of $1,454,700.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 133,904 shares of company stock valued at $11,498,947. 17.40% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. Cornerstone Advisors Inc. grew its holdings in New Relic by 58.4% in the 1st quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock valued at $35,000 after buying an additional 132 shares during the period. Wedbush Securities Inc. grew its holdings in New Relic by 5.9% in the 2nd quarter. Wedbush Securities Inc. now owns 2,661 shares of the software maker’s stock valued at $230,000 after buying an additional 148 shares during the period. Nvwm LLC grew its holdings in New Relic by 4.1% in the 2nd quarter. Nvwm LLC now owns 4,869 shares of the software maker’s stock valued at $421,000 after buying an additional 192 shares during the period. Coldstream Capital Management Inc. grew its holdings in New Relic by 8.6% in the 2nd quarter. Coldstream Capital Management Inc. now owns 2,516 shares of the software maker’s stock valued at $218,000 after buying an additional 199 shares during the period. Finally, Flinton Capital Management LLC grew its holdings in New Relic by 51.9% in the 2nd quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock valued at $57,000 after buying an additional 224 shares during the period. Hedge funds and other institutional investors own 74.72% 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.