New Relic (NYSE:NEWR) had its target price increased by investment analysts at Stephens from $60.00 to $70.00 in a research report issued to clients and investors on Wednesday. The brokerage currently has an “overweight” rating on the software maker’s stock. Stephens’ target price would suggest a potential upside of 9.00% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. JMP Securities upped their price objective on New Relic from $54.00 to $56.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 8th. BMO Capital Markets upped their price objective on New Relic from $68.00 to $71.00 and gave the company a “market perform” rating in a research note on Wednesday, February 7th. JPMorgan Chase & Co. downgraded New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a research note on Tuesday, December 12th. Morgan Stanley upped their price objective on New Relic from $48.00 to $52.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 8th. Finally, BidaskClub downgraded New Relic from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $60.00.

Shares of New Relic (NYSE:NEWR) traded down $0.16 during midday trading on Wednesday, hitting $64.22. The stock had a trading volume of 331,672 shares, compared to its average volume of 462,917. New Relic has a 12-month low of $33.10 and a 12-month high of $66.10. The stock has a market cap of $3,569.31, a P/E ratio of -64.87 and a beta of 0.98.

New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. New Relic had a negative return on equity of 25.22% and a negative net margin of 16.17%. The firm had revenue of $91.83 million for the quarter, compared to the consensus estimate of $89.31 million. During the same quarter in the previous year, the business earned ($0.09) EPS. The company’s revenue was up 34.8% compared to the same quarter last year. research analysts anticipate that New Relic will post -0.81 earnings per share for the current year.

In other New Relic news, VP Robin Schulman sold 1,797 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $54.44, for a total transaction of $97,828.68. Following the sale, the vice president now owns 1,107 shares of the company’s stock, valued at approximately $60,265.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Sachleben sold 5,000 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $64.58, for a total transaction of $322,900.00. The disclosure for this sale can be found here. Insiders have sold a total of 162,458 shares of company stock worth $9,554,091 in the last three months. Insiders own 23.10% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in NEWR. Schwab Charles Investment Management Inc. increased its holdings in shares of New Relic by 21.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 131,923 shares of the software maker’s stock worth $5,675,000 after purchasing an additional 23,082 shares during the period. Teachers Advisors LLC increased its holdings in shares of New Relic by 28.2% in the second quarter. Teachers Advisors LLC now owns 74,517 shares of the software maker’s stock worth $3,205,000 after purchasing an additional 16,392 shares during the period. Ameriprise Financial Inc. bought a new position in shares of New Relic in the second quarter worth $1,294,000. Nationwide Fund Advisors increased its holdings in shares of New Relic by 31.1% in the second quarter. Nationwide Fund Advisors now owns 16,626 shares of the software maker’s stock worth $715,000 after purchasing an additional 3,945 shares during the period. Finally, New York State Common Retirement Fund increased its holdings in shares of New Relic by 15.6% in the second quarter. New York State Common Retirement Fund now owns 64,605 shares of the software maker’s stock worth $2,779,000 after purchasing an additional 8,699 shares during the period. 75.49% of the stock is currently owned by hedge funds and other institutional investors.

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About New Relic

New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.

Analyst Recommendations for New Relic (NYSE:NEWR)

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