According to Zacks, “New Relic, Inc. is a software analytics company. The Company offers solution which includes application development, production monitoring, real-time analytics, mobile application management and digital transformation. Its products include new relic APM, new relic mobile, new relic insights, new relic services, new relic browser and new relic platform. New Relic, Inc. is based in San Francisco, United States. “
A number of other research analysts have also weighed in on the company. Raymond James lowered New Relic from an outperform rating to a market perform rating in a report on Wednesday, August 7th. First Analysis lowered New Relic from a strong-buy rating to a neutral rating and set a $80.00 target price on the stock. in a report on Wednesday, August 7th. Goldman Sachs Group started coverage on New Relic in a report on Friday, June 7th. They issued a sell rating and a $83.00 target price on the stock. ValuEngine lowered New Relic from a buy rating to a hold rating in a report on Thursday, August 8th. Finally, Wedbush restated an outperform rating and issued a $99.00 target price (down previously from $124.00) on shares of New Relic in a report on Wednesday, August 7th. One 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 presently has an average rating of Buy and a consensus target price of $99.07.
NEWR stock opened at $57.00 on Tuesday. New Relic has a twelve month low of $55.60 and a twelve month high of $113.34. The company has a quick ratio of 2.88, a current ratio of 2.88 and a debt-to-equity ratio of 1.32. The stock’s 50 day moving average is $81.15 and its 200-day moving average is $95.50. The firm has a market capitalization of $3.32 billion, a PE ratio of -183.87 and a beta of 0.83.
New Relic (NYSE:NEWR) last posted its 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. New Relic had a negative return on equity of 8.55% and a negative net margin of 9.93%. The company had revenue of $141.01 million for the quarter, compared to analyst estimates of $139.73 million. During the same quarter last year, the company earned $0.15 earnings per share. The company’s revenue for the quarter was up 30.3% on a year-over-year basis. On average, equities research analysts anticipate that New Relic will post -0.68 earnings per share for the current fiscal year.
In related news, CEO Lewis Cirne sold 19,500 shares of New Relic stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $97.72, for a total transaction of $1,905,540.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Erica Schultz sold 4,340 shares of New Relic stock in a transaction on Monday, August 19th. The stock was sold at an average price of $58.21, for a total value of $252,631.40. Following the sale, the executive now owns 22,002 shares in the company, valued at $1,280,736.42. The disclosure for this sale can be found here. Insiders have sold 133,904 shares of company stock worth $11,498,947 over the last quarter. 17.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its position in New Relic by 7,220.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 4,834,359 shares of the software maker’s stock worth $418,220,000 after buying an additional 4,768,320 shares during the last quarter. BlackRock Inc. increased its position in New Relic by 2.3% in the first quarter. BlackRock Inc. now owns 3,880,134 shares of the software maker’s stock worth $382,970,000 after buying an additional 87,904 shares during the last quarter. First Trust Advisors LP increased its position in New Relic by 24.7% in the second quarter. First Trust Advisors LP now owns 1,516,324 shares of the software maker’s stock worth $131,177,000 after buying an additional 300,484 shares during the last quarter. Clearbridge Investments LLC increased its position in New Relic by 1.6% in the first quarter. Clearbridge Investments LLC now owns 1,495,239 shares of the software maker’s stock worth $147,580,000 after buying an additional 23,079 shares during the last quarter. Finally, Baillie Gifford & Co. increased its position in New Relic by 23.7% in the second quarter. Baillie Gifford & Co. now owns 1,259,823 shares of the software maker’s stock worth $108,987,000 after buying an additional 241,662 shares during the last quarter. Institutional investors and hedge funds own 74.72% of the company’s stock.
New Relic Company Profile
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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