Zacks Investment Research Upgrades New Relic (NYSE:NEWR) to “Hold”

Zacks Investment Research upgraded shares of New Relic (NYSE:NEWR) from a sell rating to a hold rating in a research note published 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. “

A number of other equities analysts have also recently commented on NEWR. Wedbush reiterated an outperform rating and set a $124.00 price target on shares of New Relic in a report on Wednesday, May 15th. ValuEngine upgraded Valmont Industries from a sell rating to a hold rating in a report on Friday, July 12th. Needham & Company LLC reiterated a buy rating and set a $87.00 price target on shares of LivaNova in a report on Wednesday, May 15th. BMO Capital Markets reiterated an outperform rating and set a $115.00 price target (down previously from $118.00) on shares of New Relic in a report on Tuesday, July 16th. Finally, Goldman Sachs Group initiated coverage on HubSpot in a report on Friday, June 7th. They set a buy rating and a $223.00 price target for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. New Relic presently has an average rating of Buy and a consensus target price of $114.92.

Shares of NYSE NEWR opened at $87.41 on Wednesday. The company has a market cap of $5.10 billion, a PE ratio of -281.97 and a beta of 0.82. The firm has a 50-day moving average of $93.59. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.90 and a quick ratio of 2.90. New Relic has a fifty-two week low of $70.30 and a fifty-two week high of $114.78.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, May 14th. The software maker reported $0.13 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 business had revenue of $132.10 million during the quarter, compared to analysts’ expectations of $128.19 million. During the same quarter last year, the company posted $0.09 earnings per share. New Relic’s quarterly revenue was up 34.2% on a year-over-year basis. On average, sell-side analysts anticipate that New Relic will post -0.56 earnings per share for the current fiscal year.

In other news, CEO Lewis Cirne sold 500 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $91.50, for a total transaction of $45,750.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Peter H. Fenton sold 45,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $95.16, for a total value of $4,282,200.00. Following the sale, the director now owns 617 shares of the company’s stock, valued at approximately $58,713.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,950 shares of company stock valued at $17,972,923. Corporate insiders own 17.40% of the company’s stock.

Several large investors have recently modified their holdings of NEWR. QS Investors LLC raised its position in New Relic by 1.0% during the fourth quarter. QS Investors LLC now owns 10,092 shares of the software maker’s stock valued at $818,000 after purchasing an additional 100 shares in the last quarter. Wealthcare Advisory Partners LLC increased its holdings in shares of New Relic by 33.3% during the fourth quarter. Wealthcare Advisory Partners LLC now owns 400 shares of the software maker’s stock worth $32,000 after buying an additional 100 shares in the last quarter. Cornerstone Advisors Inc. increased its holdings in shares of New Relic by 58.4% during the first quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock worth $35,000 after buying an additional 132 shares in the last quarter. American International Group Inc. increased its holdings in shares of New Relic by 1.0% during the fourth quarter. American International Group Inc. now owns 29,702 shares of the software maker’s stock worth $2,405,000 after buying an additional 287 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of New Relic by 5.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 6,370 shares of the software maker’s stock worth $628,000 after buying an additional 357 shares in the last quarter. Institutional investors own 78.69% of the company’s stock.

New Relic Company Profile

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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