Goldman Sachs Group Increases New Relic (NYSE:NEWR) Price Target to $69.00

New Relic (NYSE:NEWR) had its price objective increased by Goldman Sachs Group from $60.00 to $69.00 in a report issued on Monday morning, The Fly reports.

NEWR has been the topic of several other research reports. UBS Group cut their price objective on New Relic from $98.00 to $89.00 and set a buy rating on the stock in a report on Friday, May 15th. Oppenheimer cut their price objective on New Relic from $80.00 to $65.00 in a report on Tuesday, March 24th. Morgan Stanley boosted their price objective on New Relic from $50.00 to $70.00 and gave the company an equal weight rating in a report on Friday, May 15th. BMO Capital Markets boosted their price objective on New Relic from $53.00 to $70.00 and gave the company a market perform rating in a report on Friday, May 15th. Finally, Needham & Company LLC upped their price target on New Relic from $74.00 to $79.00 and gave the stock a buy rating in a report on Friday, May 15th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. New Relic presently has an average rating of Buy and an average price target of $74.50.

Shares of New Relic stock opened at $71.06 on Monday. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 1.24. The firm has a market cap of $4.12 billion, a PE ratio of -47.06 and a beta of 1.18. New Relic has a 52 week low of $33.49 and a 52 week high of $96.46. The business’s fifty day simple moving average is $66.92 and its 200-day simple moving average is $60.11.

New Relic (NYSE:NEWR) last posted its quarterly earnings data on Thursday, May 14th. The software maker reported $0.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.49. The firm had revenue of $159.66 million for the quarter, compared to the consensus estimate of $153.59 million. New Relic had a negative return on equity of 16.29% and a negative net margin of 14.90%. As a group, equities analysts expect that New Relic will post -1.6 earnings per share for the current year.

In other news, CEO Lewis Cirne sold 40,000 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $67.67, for a total transaction of $2,706,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders have sold 114,500 shares of company stock valued at $7,286,875. Insiders own 17.40% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Matrix Capital Management Company LP boosted its position in shares of New Relic by 2,307.4% in the 1st quarter. Matrix Capital Management Company LP now owns 2,660,514 shares of the software maker’s stock valued at $123,022,000 after purchasing an additional 2,550,000 shares during the period. Eminence Capital LP boosted its position in shares of New Relic by 52.0% in the 1st quarter. Eminence Capital LP now owns 3,832,772 shares of the software maker’s stock valued at $177,227,000 after purchasing an additional 1,310,513 shares during the period. HMI Capital LLC acquired a new stake in shares of New Relic in the 4th quarter valued at about $85,423,000. Artemis Investment Management LLP acquired a new stake in shares of New Relic in the 1st quarter valued at about $54,502,000. Finally, Champlain Investment Partners LLC boosted its position in shares of New Relic by 36.3% in the 4th quarter. Champlain Investment Partners LLC now owns 3,260,600 shares of the software maker’s stock valued at $214,254,000 after purchasing an additional 868,155 shares during the period. 86.96% of the stock is owned by institutional investors and hedge funds.

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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