New Relic (NEWR) Sets New 52-Week High and Low at $110.96

Shares of New Relic Inc (NYSE:NEWR) hit a new 52-week high and low during trading on Thursday . The stock traded as low as $110.96 and last traded at $109.25, with a volume of 21965 shares. The stock had previously closed at $109.27.

Several analysts recently commented on NEWR shares. Wedbush started coverage on New Relic in a research note on Friday, February 23rd. They set an “outperform” rating and a $86.00 price objective on the stock. Zacks Investment Research raised New Relic from a “hold” rating to a “buy” rating and set a $82.00 price objective on the stock in a research note on Thursday, March 8th. KeyCorp raised their price objective on New Relic from $70.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, March 19th. They noted that the move was a valuation call. Needham & Company LLC raised their price objective on New Relic from $73.00 to $84.00 and gave the stock a “buy” rating in a research note on Monday, April 2nd. Finally, ValuEngine raised New Relic from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $87.73.

The company has a market cap of $5.83 billion, a PE ratio of -147.86 and a beta of 0.83.

New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, May 8th. The software maker reported $0.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.04. New Relic had a negative return on equity of 20.14% and a negative net margin of 12.76%. The firm had revenue of $98.40 million for the quarter, compared to the consensus estimate of $96.34 million. During the same quarter last year, the business posted ($0.11) EPS. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. equities analysts forecast that New Relic Inc will post -0.59 EPS for the current year.

In other news, CFO Mark Sachleben sold 763 shares of the firm’s stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $75.90, for a total value of $57,911.70. Following the completion of the transaction, the chief financial officer now owns 2,203 shares in the company, valued at approximately $167,207.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Erica Schultz sold 1,800 shares of the firm’s stock in a transaction dated Monday, April 16th. The shares were sold at an average price of $73.15, for a total value of $131,670.00. Following the completion of the transaction, the executive now owns 22,327 shares of the company’s stock, valued at approximately $1,633,220.05. The disclosure for this sale can be found here. Insiders sold a total of 350,262 shares of company stock worth $29,733,486 in the last three months. Company insiders own 23.10% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of New Relic by 15.4% in the 1st quarter. BlackRock Inc. now owns 2,556,605 shares of the software maker’s stock valued at $189,496,000 after acquiring an additional 340,747 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of New Relic by 2,139.1% in the 4th quarter. First Trust Advisors LP now owns 1,264,352 shares of the software maker’s stock valued at $73,042,000 after acquiring an additional 1,207,885 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in shares of New Relic by 4.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 849,956 shares of the software maker’s stock valued at $49,102,000 after acquiring an additional 35,388 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of New Relic by 34.7% in the 1st quarter. Baillie Gifford & Co. now owns 676,608 shares of the software maker’s stock valued at $50,150,000 after acquiring an additional 174,255 shares in the last quarter. Finally, TimesSquare Capital Management LLC grew its holdings in shares of New Relic by 10.1% in the 4th quarter. TimesSquare Capital Management LLC now owns 625,350 shares of the software maker’s stock valued at $36,126,000 after acquiring an additional 57,310 shares in the last quarter. Institutional investors own 73.74% of the company’s stock.

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.

Receive News & Ratings for New Relic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Relic and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply