New Relic (NYSE:NEWR - Get Rating) had its price objective lowered by equities researchers at Cowen from $80.00 to $65.00 in a report released on Friday, Stock Target Advisor reports. Cowen's price target suggests a potential upside of 40.39% from the company's previous close.
Other equities research analysts also recently issued research reports about the company. Robert W. Baird cut their price objective on New Relic from $117.00 to $75.00 in a research report on Friday. Morgan Stanley cut their target price on shares of New Relic from $150.00 to $138.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 9th. Needham & Company LLC downgraded shares of New Relic from a "buy" rating to a "hold" rating in a research note on Friday. Royal Bank of Canada cut their target price on shares of New Relic from $90.00 to $45.00 in a research note on Friday. Finally, Truist Financial cut their target price on shares of New Relic from $110.00 to $95.00 in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, New Relic currently has an average rating of "Hold" and a consensus price target of $88.09.
Shares of NYSE:NEWR traded down $1.52 on Friday, reaching $46.30. 206,982 shares of the company traded hands, compared to its average volume of 870,626. New Relic has a fifty-two week low of $45.32 and a fifty-two week high of $129.70. The company's 50 day moving average is $64.69 and its 200-day moving average is $86.11. The stock has a market capitalization of $3.06 billion, a PE ratio of -11.52 and a beta of 0.99. The company has a debt-to-equity ratio of 1.47, a current ratio of 2.49 and a quick ratio of 2.49.
New Relic (NYSE:NEWR - Get Rating) last announced its quarterly earnings data on Tuesday, February 8th. The software maker reported ($0.96) EPS for the quarter, missing analysts' consensus estimates of ($0.79) by ($0.17). New Relic had a negative net margin of 34.10% and a negative return on equity of 68.08%. The company had revenue of $203.59 million for the quarter, compared to analyst estimates of $200.44 million. During the same quarter last year, the company posted ($0.75) EPS. New Relic's revenue was up 22.4% on a year-over-year basis. As a group, analysts expect that New Relic will post -3.63 EPS for the current year.
In other New Relic news, Chairman Lewis Cirne sold 30,000 shares of the stock in a transaction on Friday, May 6th. The shares were sold at an average price of $57.71, for a total transaction of $1,731,300.00. Following the transaction, the chairman now directly owns 42,918 shares of the company's stock, valued at $2,476,797.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Sachleben sold 15,616 shares of the stock in a transaction on Wednesday, April 20th. The stock was sold at an average price of $70.52, for a total transaction of $1,101,240.32. Following the transaction, the chief financial officer now directly owns 16,524 shares in the company, valued at $1,165,272.48. The disclosure for this sale can be found here. Insiders sold 106,748 shares of company stock worth $7,014,959 over the last ninety days. 22.00% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of the business. Quadrant Capital Group LLC boosted its holdings in New Relic by 77.7% during the fourth quarter. Quadrant Capital Group LLC now owns 231 shares of the software maker's stock valued at $25,000 after acquiring an additional 101 shares during the period. CWM LLC bought a new stake in New Relic during the fourth quarter valued at about $25,000. Tcwp LLC bought a new stake in New Relic during the first quarter valued at about $52,000. Canada Pension Plan Investment Board boosted its holdings in New Relic by 132.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 559 shares of the software maker's stock valued at $62,000 after acquiring an additional 318 shares during the period. Finally, Private Ocean LLC boosted its holdings in New Relic by 18.0% during the first quarter. Private Ocean LLC now owns 1,050 shares of the software maker's stock valued at $70,000 after acquiring an additional 160 shares during the period. 88.24% of the stock is currently owned by hedge funds and other institutional investors.
About New Relic (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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