New Relic (NYSE:NEWR) Downgraded by Cowen

Cowen cut shares of New Relic (NYSE:NEWR) from an outperform rating to a market perform rating in a research note issued to investors on Thursday morning, Briefing.com Automated Import reports. Cowen currently has $72.00 target price on the software maker’s stock.

NEWR has been the subject of several other research reports. Needham & Company LLC increased their price target on New Relic from $74.00 to $79.00 and gave the company a buy rating in a research note on Friday, May 15th. Robert W. Baird increased their price target on New Relic from $58.00 to $75.00 and gave the company an outperform rating in a research note on Friday, May 15th. Morgan Stanley increased their price target on New Relic from $50.00 to $70.00 and gave the company an equal weight rating in a research note on Friday, May 15th. Barclays raised their target price on New Relic from $42.00 to $56.00 and gave the stock an underweight rating in a research note on Monday, July 20th. Finally, UBS Group decreased their target price on New Relic from $98.00 to $89.00 and set a buy rating for the company in a research note on Friday, May 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $73.94.

New Relic stock traded up $1.21 during trading hours on Thursday, hitting $70.91. The stock had a trading volume of 1,059,687 shares, compared to its average volume of 1,049,373. 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 stock has a market cap of $4.27 billion, a price-to-earnings ratio of -46.96 and a beta of 1.18. New Relic has a one year low of $33.49 and a one year high of $96.25. The business’s 50 day simple moving average is $67.83 and its 200-day simple moving average is $60.00.

New Relic (NYSE:NEWR) last issued its quarterly earnings results on Thursday, May 14th. The software maker reported $0.14 earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.49. The company had revenue of $159.66 million during the quarter, compared to analysts’ expectations of $153.59 million. New Relic had a negative return on equity of 16.29% and a negative net margin of 14.90%. Research analysts anticipate that New Relic will post -1.6 EPS for the current fiscal year.

In other news, CEO Lewis Cirne sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $70.73, for a total value of $2,829,200.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 17.40% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. Flagship Harbor Advisors LLC lifted its holdings in New Relic by 10.7% during the second quarter. Flagship Harbor Advisors LLC now owns 1,860 shares of the software maker’s stock worth $128,000 after acquiring an additional 180 shares during the period. Alliancebernstein L.P. raised its stake in shares of New Relic by 0.8% in the first quarter. Alliancebernstein L.P. now owns 26,623 shares of the software maker’s stock valued at $1,231,000 after buying an additional 200 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of New Relic by 5.3% in the second quarter. Envestnet Asset Management Inc. now owns 9,515 shares of the software maker’s stock valued at $656,000 after buying an additional 482 shares during the period. Credit Agricole S A grew its position in shares of New Relic by 33.3% in the first quarter. Credit Agricole S A now owns 2,000 shares of the software maker’s stock valued at $92,000 after purchasing an additional 500 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of New Relic in the second quarter valued at $34,000. Institutional investors and hedge funds own 86.92% of the company’s stock.

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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Analyst Recommendations for New Relic (NYSE:NEWR)

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