New Relic (NYSE:NEWR) Rating Increased to Hold at Zacks Investment Research

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

Several other equities research analysts have also recently weighed in on the company. BMO Capital Markets dropped their price objective on New Relic from $71.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday. Argus upgraded New Relic from a “hold” rating to a “buy” rating and set a $93.00 price objective for the company in a report on Monday, August 12th. They noted that the move was a valuation call. Barclays set a $66.00 price objective on New Relic and gave the stock a “hold” rating in a report on Friday, November 1st. Raymond James reiterated a “hold” rating on shares of New Relic in a report on Monday, September 23rd. Finally, TheStreet cut New Relic from a “c-” rating to a “d+” rating in a report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $84.12.

NYSE NEWR traded down $0.50 on Friday, hitting $65.51. The company’s stock had a trading volume of 900,208 shares, compared to its average volume of 1,013,988. New Relic has a 52-week low of $50.00 and a 52-week high of $109.00. The company has a current ratio of 2.88, a quick ratio of 2.88 and a debt-to-equity ratio of 1.32. The company’s 50-day simple moving average is $62.39 and its 200 day simple moving average is $79.62. The firm has a market cap of $3.88 billion, a P/E ratio of -211.32 and a beta of 0.97.

New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, November 5th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.39. New Relic had a negative return on equity of 9.07% and a negative net margin of 11.26%. The business had revenue of $145.80 million during the quarter, compared to analysts’ expectations of $143.43 million. During the same quarter last year, the business posted $0.20 EPS. The business’s revenue was up 26.9% on a year-over-year basis. On average, research analysts forecast that New Relic will post -0.74 EPS for the current fiscal year.

In related news, CTO James R. Gochee sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $60.34, for a total transaction of $241,360.00. Following the completion of the transaction, the chief technology officer now 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 can be accessed through this link. Also, CEO Lewis Cirne sold 9,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $65.76, for a total value of $624,720.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,704 shares of company stock valued at $3,529,568. 17.40% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the stock. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in New Relic during the 3rd quarter valued at approximately $27,000. NEXT Financial Group Inc increased its position in New Relic by 905.3% during the 3rd quarter. NEXT Financial Group Inc now owns 573 shares of the software maker’s stock valued at $35,000 after buying an additional 516 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in New Relic during the 2nd quarter valued at approximately $55,000. Flinton Capital Management LLC increased its holdings in shares of New Relic by 51.9% in the 2nd quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock worth $57,000 after purchasing an additional 224 shares in the last quarter. Finally, Winslow Evans & Crocker Inc. increased its holdings in shares of New Relic by 44.8% in the 3rd quarter. Winslow Evans & Crocker Inc. now owns 666 shares of the software maker’s stock worth $44,000 after purchasing an additional 206 shares in the last quarter. 78.38% 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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