Wedbush Reaffirms “Outperform” Rating for New Relic (NYSE:NEWR)

Wedbush reaffirmed their outperform rating on shares of New Relic (NYSE:NEWR) in a research report released on Friday morning, RTT News reports. They currently have a $124.00 price target on the software maker’s stock.

Other equities research analysts also recently issued reports about the stock. BMO Capital Markets reiterated an outperform rating and issued a $115.00 price target (down from $118.00) on shares of New Relic in a research report on Tuesday, July 16th. Goldman Sachs Group started coverage on shares of HubSpot in a research report on Friday, June 7th. They issued a buy rating and a $223.00 price target for the company. Zacks Investment Research downgraded shares of H&E Equipment Services from a hold rating to a sell rating in a research report on Wednesday, July 17th. ValuEngine upgraded shares of Valmont Industries from a sell rating to a hold rating in a research report on Friday, July 12th. Finally, Needham & Company LLC reiterated a buy rating and issued a $87.00 price target on shares of LivaNova in a research report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $114.92.

Shares of NYSE:NEWR opened at $87.41 on Friday. New Relic has a 12-month low of $70.30 and a 12-month high of $114.78. The company has a market capitalization of $5.10 billion, a PE ratio of -281.97 and a beta of 0.83. The stock’s 50 day moving average price is $93.59. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 1.16.

New Relic (NYSE:NEWR) last issued its quarterly earnings data on Tuesday, May 14th. The software maker reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. New Relic had a negative return on equity of 6.57% and a negative net margin of 8.53%. The company had revenue of $132.10 million during the quarter, compared to analysts’ expectations of $128.19 million. During the same quarter in the previous year, the company posted $0.09 earnings per share. The business’s revenue was up 34.2% on a year-over-year basis. On average, analysts forecast that New Relic will post -0.56 earnings per share for the current year.

In other New Relic news, Director Peter H. Fenton sold 45,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $95.16, for a total transaction of $4,282,200.00. Following the completion of the transaction, the director now directly owns 617 shares in the company, valued at $58,713.72. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Lewis Cirne sold 21,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $104.75, for a total transaction of $2,199,750.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 184,950 shares of company stock valued at $17,972,923. 17.40% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in NEWR. Cerebellum GP LLC raised its holdings in shares of New Relic by 24.3% during the second quarter. Cerebellum GP LLC now owns 3,942 shares of the software maker’s stock valued at $341,000 after purchasing an additional 771 shares during the period. Commonwealth Equity Services LLC raised its holdings in shares of New Relic by 249.8% during the second quarter. Commonwealth Equity Services LLC now owns 18,804 shares of the software maker’s stock valued at $1,626,000 after purchasing an additional 13,429 shares during the period. Sarasin & Partners LLP acquired a new position in shares of New Relic during the second quarter valued at about $3,631,000. Diversified Trust Co raised its holdings in shares of New Relic by 17.8% during the second quarter. Diversified Trust Co now owns 6,432 shares of the software maker’s stock valued at $556,000 after purchasing an additional 970 shares during the period. Finally, Evolution Wealth Advisors LLC raised its holdings in shares of New Relic by 155.4% during the second quarter. Evolution Wealth Advisors LLC now owns 1,088 shares of the software maker’s stock valued at $94,000 after purchasing an additional 662 shares during the period. Institutional investors and hedge funds own 78.29% 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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Analyst Recommendations for New Relic (NYSE:NEWR)

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