New Relic (NYSE:NEWR) was downgraded by Zacks Investment Research from a "hold" rating to a "sell" rating in a research note issued to investors on Wednesday, 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. "
Other analysts have also issued reports about the stock. KeyCorp assumed coverage on shares of New Relic in a research report on Monday, November 23rd. They issued a "sector weight" rating on the stock. Morgan Stanley reduced their target price on shares of New Relic from $68.00 to $65.00 and set an "equal weight" rating on the stock in a research report on Friday, November 6th. Berenberg Bank began coverage on shares of New Relic in a research report on Wednesday, October 7th. They set a "buy" rating and a $85.00 target price on the stock. BMO Capital Markets reduced their target price on shares of New Relic from $70.00 to $64.00 and set a "market perform" rating on the stock in a research report on Friday, November 6th. Finally, Needham & Company LLC reduced their target price on shares of New Relic from $77.00 to $72.00 and set a "buy" rating on the stock in a research report on Friday, November 6th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. New Relic currently has a consensus rating of "Hold" and an average target price of $69.18.
New Relic stock opened at $76.77 on Wednesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.87 and a quick ratio of 2.87. New Relic has a 1-year low of $33.49 and a 1-year high of $78.07. The firm has a market capitalization of $4.68 billion, a P/E ratio of -34.58 and a beta of 1.01. The company's 50-day moving average is $67.80 and its 200 day moving average is $62.18.
New Relic (NYSE:NEWR) last posted its quarterly earnings data on Thursday, November 5th. The software maker reported ($0.07) earnings per share for the quarter, missing the Zacks' consensus estimate of $0.01 by ($0.08). New Relic had a negative return on equity of 26.93% and a negative net margin of 20.65%. The firm had revenue of $166.00 million during the quarter, compared to analysts' expectations of $163.50 million. During the same period last year, the company earned $0.24 earnings per share. The business's revenue for the quarter was up 13.9% compared to the same quarter last year. Research analysts anticipate that New Relic will post -2.32 earnings per share for the current fiscal year.
In other news, Director David J. Henshall bought 4,750 shares of the stock in a transaction on Tuesday, November 10th. The stock was bought at an average cost of $54.74 per share, for a total transaction of $260,015.00. Following the completion of the purchase, the director now directly owns 4,750 shares in the company, valued at $260,015. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lewis Cirne sold 35,000 shares of the firm's stock in a transaction that occurred on Tuesday, December 1st. The shares were sold at an average price of $59.63, for a total transaction of $2,087,050.00. The disclosure for this sale can be found here. 17.40% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of NEWR. Private Ocean LLC raised its holdings in shares of New Relic by 38.5% in the third quarter. Private Ocean LLC now owns 683 shares of the software maker's stock worth $38,000 after buying an additional 190 shares during the last quarter. Winslow Evans & Crocker Inc. raised its holdings in shares of New Relic by 188.7% in the third quarter. Winslow Evans & Crocker Inc. now owns 765 shares of the software maker's stock worth $43,000 after buying an additional 500 shares during the last quarter. Focused Wealth Management Inc purchased a new position in shares of New Relic in the third quarter worth $45,000. PNC Financial Services Group Inc. raised its holdings in shares of New Relic by 53.8% in the second quarter. PNC Financial Services Group Inc. now owns 686 shares of the software maker's stock worth $47,000 after buying an additional 240 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new position in shares of New Relic in the second quarter worth $55,000. 86.04% of the stock is owned by institutional investors and hedge funds.
About New Relic
New Relic, Inc, a software-as-a-service company, provides platform that companies use to build, develop, and operate their digital businesses 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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