UBS Group upgraded shares of New Relic (NYSE:NEWR) from a neutral rating to a buy rating in a report issued on Monday morning, BenzingaRatingsTable reports. The brokerage currently has $98.00 target price on the software maker’s stock, up from their previous target price of $68.00.
Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley lowered their price target on shares of New Relic from $84.00 to $80.00 and set an overweight rating for the company in a research report on Tuesday, September 17th. Raymond James reaffirmed a hold rating on shares of New Relic in a research report on Monday, September 23rd. DA Davidson reaffirmed a positive rating and issued a $78.00 price target on shares of New Relic in a research report on Friday, December 13th. Needham & Company LLC reaffirmed a buy rating and issued a $110.00 price target on shares of New Relic in a research report on Friday, December 13th. Finally, Goldman Sachs Group lowered their price target on shares of New Relic from $65.00 to $52.00 and set a sell rating for the company in a research report on Monday, September 16th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the stock. New Relic presently has an average rating of Buy and a consensus target price of $84.76.
Shares of NEWR opened at $72.44 on Monday. The company has a 50 day moving average price of $67.85 and a 200-day moving average price of $68.85. New Relic has a fifty-two week low of $50.00 and a fifty-two week high of $109.00. The stock has a market capitalization of $4.27 billion, a PE ratio of -233.68 and a beta of 0.96. The company has a debt-to-equity ratio of 1.29, a quick ratio of 3.01 and a current ratio of 3.01.
New Relic (NYSE:NEWR) last announced its quarterly earnings results on Tuesday, November 5th. The software maker reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.01). New Relic had a negative return on equity of 8.90% and a negative net margin of 11.26%. The business had revenue of $145.80 million during the quarter, compared to analysts’ expectations of $143.43 million. During the same period in the previous year, the company posted $0.20 EPS. New Relic’s revenue for the quarter was up 26.9% on a year-over-year basis. Equities research analysts forecast that New Relic will post -0.88 EPS for the current year.
In related news, CEO Lewis Cirne sold 8,500 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $67.75, for a total transaction of $575,875.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Sachleben sold 2,327 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $67.90, for a total transaction of $158,003.30. Insiders have sold 28,827 shares of company stock valued at $1,941,613 in the last three months. 17.40% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in shares of New Relic in the third quarter worth $27,000. NEXT Financial Group Inc raised its holdings in shares of New Relic by 905.3% in the third quarter. NEXT Financial Group Inc now owns 573 shares of the software maker’s stock worth $35,000 after buying an additional 516 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of New Relic in the second quarter worth $55,000. Winslow Evans & Crocker Inc. raised its holdings in shares of New Relic by 44.8% in the third quarter. Winslow Evans & Crocker Inc. now owns 666 shares of the software maker’s stock worth $44,000 after buying an additional 206 shares during the last quarter. Finally, Quantum Capital Management purchased a new position in shares of New Relic in the third quarter worth $47,000. 81.53% of the stock is owned by institutional investors and hedge funds.
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.
Further Reading: Understanding debt-to-equity ratio in fundamental analysis
Receive News & Ratings for New Relic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Relic and related companies with MarketBeat.com's FREE daily email newsletter.