Argus upgraded shares of New Relic (NYSE:NEWR) from a hold rating to a buy rating in a research note released on Monday morning, BenzingaRatingsTable reports. Argus currently has $93.00 price objective on the software maker’s stock. The analysts noted that the move was a valuation call.

Several other research firms also recently weighed in on NEWR. ValuEngine downgraded shares of New Relic from a buy rating to a hold rating in a research report on Thursday, August 8th. Wedbush reiterated an outperform rating and issued a $99.00 price target (down from $124.00) on shares of New Relic in a research report on Wednesday, August 7th. Morgan Stanley decreased their price target on shares of New Relic from $115.00 to $104.00 and set an overweight rating on the stock in a research report on Wednesday, August 7th. DA Davidson decreased their price target on shares of New Relic to $95.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Finally, Oppenheimer decreased their price target on shares of New Relic from $125.00 to $109.00 and set an outperform rating on the stock in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $100.50.

NEWR opened at $58.85 on Monday. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 1.16. New Relic has a 1-year low of $55.60 and a 1-year high of $113.34. The company has a market capitalization of $3.70 billion, a PE ratio of -189.84 and a beta of 0.83. The firm’s 50 day simple moving average is $85.42 and its two-hundred day simple moving average is $96.98.

New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported ($0.16) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. New Relic had a negative net margin of 9.93% and a negative return on equity of 8.74%. The business had revenue of $141.01 million for the quarter, compared to the consensus estimate of $139.73 million. During the same period last year, the firm earned $0.15 earnings per share. The company’s quarterly revenue was up 30.3% on a year-over-year basis. Equities analysts forecast that New Relic will post -0.68 earnings per share for the current fiscal year.

In other news, Director Peter H. Fenton sold 45,000 shares of the stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $95.16, for a total value of $4,282,200.00. Following the completion of the sale, the director now directly owns 617 shares of the company’s stock, valued at $58,713.72. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Lewis Cirne sold 500 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $91.50, for a total transaction of $45,750.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 170,147 shares of company stock valued at $15,510,250. Corporate insiders own 17.40% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cornerstone Advisors Inc. grew its stake in New Relic by 58.4% during the first quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock valued at $35,000 after acquiring an additional 132 shares in the last quarter. Evolution Wealth Advisors LLC purchased a new position in New Relic during the first quarter valued at $42,000. Point72 Hong Kong Ltd purchased a new position in New Relic during the second quarter valued at $55,000. Flinton Capital Management LLC grew its stake in New Relic by 51.9% during the second quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock valued at $57,000 after acquiring an additional 224 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in New Relic by 255.8% during the first quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock valued at $58,000 after acquiring an additional 422 shares in the last quarter. 79.30% 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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Analyst Recommendations for New Relic (NYSE:NEWR)

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