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

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New Relic (NYSE:NEWR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, 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. “

Other equities analysts have also recently issued reports about the stock. SunTrust Banks assumed coverage on shares of New Relic in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $80.00 price objective for the company. Raymond James reissued a “hold” rating on shares of New Relic in a research note on Monday, September 23rd. Oppenheimer dropped their price objective on shares of New Relic from $85.00 to $80.00 and set an “outperform” rating for the company in a research note on Friday, October 11th. Deutsche Bank reissued a “buy” rating and issued a $65.00 price objective (down from $90.00) on shares of New Relic in a research note on Monday, September 16th. Finally, Barclays assumed coverage on shares of New Relic in a research note on Monday, August 26th. They issued an “equal weight” rating and a $63.00 price objective for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $84.12.

NYSE NEWR traded up $0.76 on Tuesday, reaching $63.70. The company had a trading volume of 21,702 shares, compared to its average volume of 718,386. The company has a quick ratio of 2.88, a current ratio of 2.88 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $3.69 billion, a PE ratio of -205.48 and a beta of 0.97. The firm’s 50 day moving average price is $60.96 and its 200 day moving average price is $81.44. New Relic has a 12 month low of $50.00 and a 12 month high of $109.00.

New Relic (NYSE:NEWR) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.02. The company had revenue of $141.01 million for the quarter, compared to the consensus estimate of $139.73 million. New Relic had a negative net margin of 9.93% and a negative return on equity of 8.55%. New Relic’s revenue for the quarter was up 30.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.15 EPS. On average, research analysts expect that New Relic will post -0.71 EPS for the current year.

In other New Relic news, CTO James R. Gochee sold 4,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $60.34, for a total value of $241,360.00. Following the completion of the sale, the chief technology officer now directly owns 124,823 shares of the company’s stock, valued at approximately $7,531,819.82. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Lewis Cirne sold 8,500 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $62.28, for a total transaction of $529,380.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,204 shares of company stock valued at $4,623,288. 17.40% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in NEWR. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in shares of New Relic during the 3rd quarter worth approximately $27,000. NEXT Financial Group Inc raised its stake in shares of New Relic by 905.3% during the 3rd quarter. NEXT Financial Group Inc now owns 573 shares of the software maker’s stock worth $35,000 after acquiring an additional 516 shares in the last quarter. Winslow Evans & Crocker Inc. raised its stake in shares of New Relic by 44.8% during the 3rd quarter. Winslow Evans & Crocker Inc. now owns 666 shares of the software maker’s stock worth $44,000 after acquiring an additional 206 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in shares of New Relic during the 2nd quarter worth approximately $55,000. Finally, Flinton Capital Management LLC raised its stake in shares of New Relic by 51.9% during the 2nd quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock worth $57,000 after acquiring an additional 224 shares in the last quarter. 78.33% of the stock is owned by institutional investors.

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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