New Relic (NYSE:NEWR – Get Free Report) had its price target raised by equities research analysts at Loop Capital from $80.00 to $87.00 in a research note issued to investors on Tuesday, FlyOnTheWall reports. Loop Capital’s target price would indicate a potential upside of 3.61% from the company’s current price.
Several other research analysts also recently commented on the company. Credit Suisse Group downgraded New Relic from an “outperform” rating to a “neutral” rating in a report on Tuesday. Truist Financial boosted their target price on New Relic from $65.00 to $77.00 and gave the company a “hold” rating in a research report on Wednesday, May 24th. Robert W. Baird downgraded New Relic from an “outperform” rating to a “neutral” rating in a research note on Tuesday. Royal Bank of Canada downgraded New Relic from an “outperform” rating to a “sector perform” rating in a research note on Monday. Finally, StockNews.com assumed coverage on New Relic in a research note on Thursday, May 18th. They set a “buy” rating for the company. Nine investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, New Relic currently has a consensus rating of “Hold” and an average price target of $82.86.
New Relic Trading Up 13.4 %
NEWR stock opened at $83.97 on Tuesday. The firm has a market cap of $5.90 billion, a PE ratio of -31.45 and a beta of 0.83. The business’s 50-day moving average price is $70.21 and its two-hundred day moving average price is $70.60. New Relic has a 1-year low of $50.24 and a 1-year high of $86.00.
Insiders Place Their Bets
In other New Relic news, Chairman Lewis Cirne sold 15,000 shares of the stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $65.54, for a total transaction of $983,100.00. Following the sale, the chairman now directly owns 5,100,958 shares of the company’s stock, valued at approximately $334,316,787.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Thomas J. Lloyd sold 2,794 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $70.20, for a total value of $196,138.80. Following the sale, the insider now directly owns 6,729 shares in the company, valued at $472,375.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Lewis Cirne sold 15,000 shares of the firm’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $65.54, for a total transaction of $983,100.00. Following the completion of the transaction, the chairman now directly owns 5,100,958 shares in the company, valued at approximately $334,316,787.32. The disclosure for this sale can be found here. Insiders sold a total of 130,199 shares of company stock worth $31,997,819 over the last 90 days. Company insiders own 23.00% of the company’s stock.
Hedge Funds Weigh In On New Relic
Several large investors have recently bought and sold shares of NEWR. Raymond James & Associates increased its holdings in shares of New Relic by 71.3% in the first quarter. Raymond James & Associates now owns 59,633 shares of the software maker’s stock valued at $3,988,000 after purchasing an additional 24,817 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in shares of New Relic in the first quarter worth about $345,000. Citigroup Inc. lifted its holdings in shares of New Relic by 28.1% in the first quarter. Citigroup Inc. now owns 10,991 shares of the software maker’s stock worth $735,000 after acquiring an additional 2,409 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of New Relic by 129.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,066 shares of the software maker’s stock valued at $72,000 after buying an additional 601 shares during the period. Finally, Acadian Asset Management LLC acquired a new position in shares of New Relic in the first quarter valued at approximately $113,000. 82.03% of the stock is currently owned by institutional investors and hedge funds.
New Relic Company Profile
New Relic, Inc, a software-as-a-service company, delivers a software platform for customers to collect telemetry data and derive insights from that data in a unified front-end application. It offers a suite of products on its open and extensible cloud-based platform, which enables users to collect, store, and analyze telemetry data.
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