KeyCorp Raises New Relic (NEWR) Price Target to $86.00

New Relic (NYSE:NEWR) had its price objective lifted by KeyCorp from $70.00 to $86.00 in a research note issued to investors on Monday morning. They currently have an overweight rating on the software maker’s stock. The analysts noted that the move was a valuation call.

A number of other analysts have also issued reports on NEWR. Zacks Investment Research upgraded New Relic from a hold rating to a buy rating and set a $82.00 price target for the company in a report on Thursday, March 8th. Needham & Company LLC boosted their price target on New Relic from $69.00 to $73.00 and gave the company a buy rating in a report on Wednesday, February 7th. Robert W. Baird boosted their price target on New Relic from $65.00 to $68.00 and gave the company an outperform rating in a report on Wednesday, February 7th. Oppenheimer boosted their price target on New Relic from $57.00 to $66.00 and gave the company an outperform rating in a report on Wednesday, February 7th. Finally, BMO Capital Markets boosted their price target on New Relic from $68.00 to $71.00 and gave the company a market perform rating in a report on Wednesday, February 7th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $65.79.

New Relic stock opened at $78.52 on Monday. New Relic has a 12-month low of $34.61 and a 12-month high of $79.08. The stock has a market capitalization of $4,153.11, a P/E ratio of -79.31 and a beta of 0.67.

New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 business had revenue of $91.83 million during the quarter, compared to analyst estimates of $89.31 million. During the same quarter in the previous year, the business earned ($0.09) earnings per share. The company’s revenue for the quarter was up 34.8% compared to the same quarter last year. analysts forecast that New Relic will post -0.77 earnings per share for the current fiscal year.

In other New Relic news, CFO Mark Sachleben sold 7,500 shares of the company’s stock in a transaction on Monday, March 19th. The stock was sold at an average price of $75.51, for a total transaction of $566,325.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robin Schulman sold 2,318 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $62.81, for a total value of $145,593.58. Following the sale, the vice president now owns 2,895 shares of the company’s stock, valued at approximately $181,834.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 315,422 shares of company stock valued at $21,118,823. 23.10% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the company. Fox Run Management L.L.C. acquired a new position in shares of New Relic during the fourth quarter worth $534,000. Prudential Financial Inc. acquired a new position in shares of New Relic during the third quarter worth $269,000. BNP Paribas Arbitrage SA increased its position in shares of New Relic by 518.3% during the third quarter. BNP Paribas Arbitrage SA now owns 23,574 shares of the software maker’s stock worth $1,174,000 after purchasing an additional 19,761 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of New Relic by 17.9% during the third quarter. New York State Common Retirement Fund now owns 76,195 shares of the software maker’s stock worth $3,795,000 after purchasing an additional 11,590 shares in the last quarter. Finally, Sei Investments Co. acquired a new position in shares of New Relic during the third quarter worth $482,000. 75.77% of the stock is currently owned by institutional investors and hedge funds.

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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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