New Relic (NYSE:NEWR) Earns Buy Rating from Analysts at StockNews.com

StockNews.com began coverage on shares of New Relic (NYSE:NEWR – Get Rating) in a report released on Thursday morning. The firm issued a buy rating on the software maker’s stock.

Several other equities analysts have also issued reports on the company. Royal Bank of Canada upped their price target on New Relic from $55.00 to $75.00 and gave the company a sector perform rating in a research note on Wednesday, February 8th. Raymond James raised their price objective on New Relic from $75.00 to $90.00 and gave the company a strong-buy rating in a research report on Wednesday, February 8th. Robert W. Baird increased their target price on New Relic from $75.00 to $90.00 and gave the stock an outperform rating in a research note on Wednesday, February 8th. Credit Suisse Group raised their price objective on New Relic from $78.00 to $90.00 and gave the stock an outperform rating in a research note on Wednesday, February 8th. Finally, Morgan Stanley raised their price objective on New Relic from $67.00 to $80.00 and gave the company an equal weight rating in a report on Wednesday, February 8th. Eight research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $77.54.

New Relic Stock Performance

Shares of NYSE NEWR opened at $70.14 on Thursday. New Relic has a one year low of $41.66 and a one year high of $80.88. The business has a 50-day moving average price of $67.77 and a two-hundred day moving average price of $60.76.

New Relic (NYSE:NEWR – Get Rating) last issued its quarterly earnings data on Tuesday, February 7th. The software maker reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.20. The business had revenue of $239.76 million for the quarter, compared to the consensus estimate of $232.63 million. New Relic had a negative return on equity of 48.42% and a negative net margin of 20.08%. As a group, analysts anticipate that New Relic will post -1.83 earnings per share for the current year.

Insider Transactions at New Relic

In other news, COO Kristy Friedrichs sold 873 shares of the company’s stock in a transaction on Wednesday, February 8th. The shares were sold at an average price of $78.05, for a total value of $68,137.65. Following the transaction, the chief operating officer now owns 11,114 shares of the company’s stock, valued at $867,447.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, COO Kristy Friedrichs sold 873 shares of the stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $78.05, for a total value of $68,137.65. Following the transaction, the chief operating officer now owns 11,114 shares of the company’s stock, valued at $867,447.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Lewis Cirne sold 15,000 shares of the stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $63.38, for a total value of $950,700.00. Following the completion of the transaction, the chairman now directly owns 5,220,628 shares in the company, valued at approximately $330,883,402.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,873 shares of company stock valued at $2,382,588. 21.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. California Public Employees Retirement System grew its stake in shares of New Relic by 10.4% during the third quarter. California Public Employees Retirement System now owns 111,760 shares of the software maker’s stock valued at $6,413,000 after buying an additional 10,510 shares during the last quarter. Echo Street Capital Management LLC lifted its holdings in New Relic by 151.4% in the second quarter. Echo Street Capital Management LLC now owns 10,430 shares of the software maker’s stock worth $522,000 after buying an additional 6,282 shares during the period. Point72 Asset Management L.P. lifted its holdings in New Relic by 620.9% in the second quarter. Point72 Asset Management L.P. now owns 403,700 shares of the software maker’s stock worth $20,205,000 after buying an additional 347,700 shares during the period. Eminence Capital LP lifted its holdings in New Relic by 1.9% in the third quarter. Eminence Capital LP now owns 5,684,328 shares of the software maker’s stock worth $326,167,000 after buying an additional 105,092 shares during the period. Finally, Twinbeech Capital LP purchased a new stake in New Relic in the third quarter worth about $3,555,000. Institutional investors own 83.56% of the company’s stock.

New Relic Company Profile

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New Relic, Inc engages in the provision of software solutions. It delivers an open and extensible cloud-based platform that enables organizations to collect, store and analyze massive amounts of data in real time to better operate applications and infrastructure. It offers solutions to e-commerce and retail, media, and public sector industries.