Zacks Investment Research lowered shares of New Relic (NYSE:NEWR) from a hold rating to a sell rating in a research note issued to investors 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 research analysts have also issued research reports about the company. DA Davidson set a $95.00 price objective on New Relic and gave the company a buy rating in a research report on Thursday, August 29th. Wedbush reaffirmed an outperform rating and set a $99.00 price objective (down previously from $124.00) on shares of New Relic in a research report on Wednesday, August 7th. Argus raised New Relic from a hold rating to a buy rating and set a $93.00 price objective for the company in a research report on Monday, August 12th. They noted that the move was a valuation call. Morgan Stanley reduced their price objective on New Relic from $104.00 to $84.00 and set an overweight rating for the company in a research report on Wednesday, August 21st. Finally, KeyCorp reaffirmed a hold rating on shares of New Relic in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. New Relic currently has an average rating of Hold and an average price target of $96.67.

Shares of NEWR traded up $0.06 on Tuesday, reaching $59.44. The stock had a trading volume of 4,193 shares, compared to its average volume of 1,163,089. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of -191.81 and a beta of 0.96. The company has a debt-to-equity ratio of 1.32, a quick ratio of 2.88 and a current ratio of 2.88. The company has a 50-day simple moving average of $67.64 and a 200-day simple moving average of $90.75. New Relic has a 12-month low of $54.83 and a 12-month high of $113.34.

New Relic (NYSE:NEWR) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported ($0.16) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.02. New Relic had a negative return on equity of 8.55% and a negative net margin of 9.93%. The company had revenue of $141.01 million during the quarter, compared to analyst estimates of $139.73 million. During the same quarter last year, the company earned $0.15 EPS. The firm’s revenue for the quarter was up 30.3% on a year-over-year basis. On average, analysts expect that New Relic will post -0.68 EPS for the current fiscal year.

In related news, CTO James R. Gochee sold 4,000 shares of New Relic stock in a transaction on Thursday, September 12th. The stock was 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 owns 124,823 shares of the company’s stock, valued at $7,531,819.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lewis Cirne sold 6,500 shares of New Relic stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $56.61, for a total value of $367,965.00. The disclosure for this sale can be found here. In the last three months, insiders sold 114,054 shares of company stock valued at $9,166,488. Corporate insiders own 17.40% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of NEWR. Price T Rowe Associates Inc. MD grew its holdings in shares of New Relic by 7,220.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 4,834,359 shares of the software maker’s stock worth $418,220,000 after acquiring an additional 4,768,320 shares during the period. Nuveen Asset Management LLC grew its holdings in shares of New Relic by 1,297.4% in the second quarter. Nuveen Asset Management LLC now owns 397,195 shares of the software maker’s stock worth $34,361,000 after acquiring an additional 368,771 shares during the period. First Trust Advisors LP grew its holdings in shares of New Relic by 24.7% in the second quarter. First Trust Advisors LP now owns 1,516,324 shares of the software maker’s stock worth $131,177,000 after acquiring an additional 300,484 shares during the period. Zevenbergen Capital Investments LLC bought a new stake in shares of New Relic in the first quarter worth $28,517,000. Finally, Jennison Associates LLC grew its holdings in shares of New Relic by 58.7% in the second quarter. Jennison Associates LLC now owns 723,864 shares of the software maker’s stock worth $62,621,000 after acquiring an additional 267,840 shares during the period. 80.08% of the stock is owned by institutional investors.

About New Relic

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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