New Relic, Inc. (NYSE:NEWR) Receives $83.89 Average Target Price from Analysts

Shares of New Relic, Inc. (NYSE:NEWRGet Rating) have been assigned an average rating of “Hold” from the twelve ratings firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $83.89.

NEWR has been the topic of several recent analyst reports. Cowen lowered their target price on shares of New Relic from $80.00 to $65.00 in a research report on Friday, May 13th. Needham & Company LLC lowered shares of New Relic from a “buy” rating to a “hold” rating in a research report on Friday, May 13th. Zacks Investment Research lowered shares of New Relic from a “hold” rating to a “sell” rating in a research report on Saturday, April 9th. Royal Bank of Canada lowered their target price on shares of New Relic from $90.00 to $45.00 in a research report on Friday, May 13th. Finally, Morgan Stanley reduced their price target on shares of New Relic from $150.00 to $138.00 and set an “overweight” rating on the stock in a report on Wednesday, February 9th.

Shares of NEWR opened at $45.14 on Friday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 2.49 and a current ratio of 2.49. The firm’s 50-day moving average is $63.49 and its two-hundred day moving average is $85.26. New Relic has a twelve month low of $41.66 and a twelve month high of $129.70.

In related news, Chairman Lewis Cirne sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 6th. The shares were sold at an average price of $66.12, for a total transaction of $1,983,600.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Kristy Friedrichs sold 3,472 shares of the company’s stock in a transaction that occurred on Wednesday, April 20th. The shares were sold at an average price of $70.47, for a total transaction of $244,671.84. Following the transaction, the chief operating officer now directly owns 10,380 shares in the company, valued at approximately $731,478.60. The disclosure for this sale can be found here. Insiders sold 109,076 shares of company stock worth $6,853,221 in the last ninety days. Insiders own 22.00% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Eminence Capital LP raised its stake in New Relic by 9.7% during the first quarter. Eminence Capital LP now owns 5,153,069 shares of the software maker’s stock worth $344,637,000 after purchasing an additional 456,617 shares during the period. Vanguard Group Inc. raised its stake in New Relic by 1.0% during the first quarter. Vanguard Group Inc. now owns 4,973,747 shares of the software maker’s stock worth $332,645,000 after purchasing an additional 49,388 shares during the period. Clearbridge Investments LLC raised its stake in New Relic by 0.5% during the first quarter. Clearbridge Investments LLC now owns 1,889,144 shares of the software maker’s stock worth $126,346,000 after purchasing an additional 9,341 shares during the period. Engaged Capital LLC raised its stake in New Relic by 36.0% during the third quarter. Engaged Capital LLC now owns 1,599,746 shares of the software maker’s stock worth $114,814,000 after purchasing an additional 423,054 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in New Relic by 8.9% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,562,561 shares of the software maker’s stock worth $104,504,000 after purchasing an additional 127,940 shares during the period. 88.24% of the stock is currently owned by institutional investors and hedge funds.

New Relic Company Profile (Get Rating)

New Relic, Inc, a software-as-a-service company, provides platform for engineers to plan, build, deploy, and operate software 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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