New Relic (NYSE:NEWR) Upgraded by Zacks Investment Research to Hold

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New Relic (NYSE:NEWR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday, Zacks.com reports.

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. “

Several other equities research analysts have also recently issued reports on the company. TheStreet cut New Relic from a “c-” rating to a “d+” rating in a report on Tuesday, November 5th. Raymond James reaffirmed a “hold” rating on shares of New Relic in a report on Monday, September 23rd. Cowen set a $80.00 price objective on New Relic and gave the stock a “buy” rating in a research note on Monday, September 23rd. ValuEngine cut New Relic from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Finally, First Analysis cut New Relic from a “strong-buy” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company. New Relic currently has an average rating of “Buy” and an average price target of $84.12.

Shares of New Relic stock traded down $0.50 during trading hours on Friday, hitting $65.51. The company’s stock had a trading volume of 900,208 shares, compared to its average volume of 1,013,988. The business has a 50 day moving average price of $62.39 and a two-hundred day moving average price of $79.62. New Relic has a 12-month low of $50.00 and a 12-month high of $109.00. The company has a market cap of $3.88 billion, a PE ratio of -211.32 and a beta of 0.97. The company has a debt-to-equity ratio of 1.32, a quick ratio of 2.88 and a current ratio of 2.88.

New Relic (NYSE:NEWR) last issued its earnings results on Tuesday, November 5th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.39. New Relic had a negative return on equity of 9.07% and a negative net margin of 11.26%. The firm had revenue of $145.80 million for the quarter, compared to analysts’ expectations of $143.43 million. During the same period in the previous year, the firm posted $0.20 earnings per share. The business’s revenue was up 26.9% compared to the same quarter last year. As a group, research analysts anticipate that New Relic will post -0.74 earnings per share for the current year.

In other New Relic news, CFO Mark Sachleben sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $63.21, for a total transaction of $632,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Erica Schultz sold 4,340 shares of the company’s 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 of the company’s stock, valued at approximately $1,280,736.42. The disclosure for this sale can be found here. Insiders sold 57,704 shares of company stock valued at $3,529,568 in the last quarter. 17.40% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Elkfork Partners LLC lifted its holdings in shares of New Relic by 51.9% during the 2nd quarter. Elkfork Partners LLC now owns 1,394 shares of the software maker’s stock valued at $121,000 after purchasing an additional 476 shares during the last quarter. Swiss National Bank increased its position in shares of New Relic by 16.6% in the 2nd quarter. Swiss National Bank now owns 90,697 shares of the software maker’s stock valued at $7,846,000 after acquiring an additional 12,900 shares during the period. Baillie Gifford & Co. increased its position in shares of New Relic by 23.7% in the 2nd quarter. Baillie Gifford & Co. now owns 1,259,823 shares of the software maker’s stock valued at $108,987,000 after acquiring an additional 241,662 shares during the period. US Bancorp DE increased its position in shares of New Relic by 41.4% in the 2nd quarter. US Bancorp DE now owns 12,569 shares of the software maker’s stock valued at $1,088,000 after acquiring an additional 3,681 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new position in shares of New Relic in the 2nd quarter valued at $55,000. Institutional investors own 78.38% 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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