Goldman Sachs Group Trims New Relic (NYSE:NEWR) Target Price to $52.00

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New Relic (NYSE:NEWR) had its price objective decreased by Goldman Sachs Group from $65.00 to $52.00 in a research note released on Monday morning, The Fly reports. Goldman Sachs Group currently has a sell rating on the software maker’s stock.

NEWR has been the subject of several other reports. UBS Group set a $73.00 price objective on shares of New Relic and gave the stock a hold rating in a report on Wednesday, August 7th. Raymond James lowered shares of New Relic from an outperform rating to a market perform rating in a report on Wednesday, August 7th. Barclays started coverage on shares of New Relic in a report on Monday, August 26th. They set an equal weight rating and a $63.00 price objective for the company. ValuEngine lowered shares of New Relic from a buy rating to a hold rating in a report on Thursday, August 8th. Finally, Morgan Stanley decreased their price objective on shares of New Relic from $104.00 to $84.00 and set an overweight rating for the company in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $86.31.

NEWR opened at $62.72 on Monday. The company has a fifty day simple moving average of $62.75 and a 200 day simple moving average of $89.10. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of -202.32 and a beta of 0.96. New Relic has a twelve month low of $50.00 and a twelve month high of $109.00. The company has a current ratio of 2.88, a quick ratio of 2.88 and a debt-to-equity ratio of 1.32.

New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported ($0.16) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.02. The business 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%. The business’s revenue was up 30.3% on a year-over-year basis. During the same period last year, the business earned $0.15 EPS. On average, analysts forecast that New Relic will post -0.68 earnings per share for the current fiscal year.

In other news, CTO James R. Gochee sold 4,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $60.34, for a total value of $241,360.00. Following the transaction, the chief technology officer now directly owns 124,823 shares in the company, valued at approximately $7,531,819.82. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark Sachleben sold 15,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $93.65, for a total transaction of $1,404,750.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 99,054 shares of company stock worth $7,711,788. Insiders own 17.40% of the company’s stock.

Large investors have recently modified their holdings of the stock. Cornerstone Advisors Inc. lifted its position 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 purchasing an additional 132 shares during the last quarter. Evolution Wealth Advisors LLC bought a new stake in New Relic in the 1st quarter valued at about $42,000. Point72 Hong Kong Ltd bought a new stake in New Relic in the 2nd quarter valued at about $55,000. Flinton Capital Management LLC raised its position in shares of New Relic by 51.9% during the 2nd quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock worth $57,000 after buying an additional 224 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of New Relic by 255.8% during the 1st quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock worth $58,000 after buying an additional 422 shares in the last quarter. Hedge funds and other institutional investors own 79.12% 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.

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