In yesterday’s Wall Street session, New Relic Inc. (NYSE:NEWR) shares traded at $83.96, down -0.02% from the previous session.
As of this writing, 16 analysts cover New Relic Inc. (NYSE:NEWR). The consensus rating among analysts is ‘Hold’. As we calculate the median target price by taking the range between a high of $95.00 and a low of $75.00, we find $87.00. Given the previous closing price of $83.98, this indicates a potential upside of 3.6 percent. NEWR stock price is now 17.99% away from the 50-day moving average and 26.73% away from the 200-day moving average. The market capitalization of the company currently stands at $5.81B.
There are 13 analysts who have given it a hold rating, whereas 3 have given it a buy rating. Brokers who have rated the stock have averaged $87.36 as their price target over the next twelve months.
With the price target enhanced from $75 to $95, RBC Capital Mkts Upgraded its rating from Sector Perform to Outperform for New Relic Inc. (NYSE: NEWR).
In other news, Cirne Lewis, Executive Chairman sold 15,000 shares of the company’s stock on Jul 06. The stock was sold for $983,094 at an average price of $65.54. Upon completion of the transaction, the Executive Chairman now directly owns 5,100,958 shares in the company, valued at $428.28 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jun 16, Chief Revenue Officer Dodds Mark sold 9,008 shares of the business’s stock. A total of $612,104 was realized by selling the stock at an average price of $67.95. This leaves the insider owning 13,143 shares of the company worth $1.1 million. Insiders disposed of 1,133,800 shares of company stock worth roughly $95.19 million over the past 1 year. A total of 0.30% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in NEWR stock. A new stake in New Relic Inc. shares was purchased by CINCTIVE CAPITAL MANAGEMENT LP during the first quarter worth $25,070,000. POINT72 ASSET MANAGEMENT, L.P. invested $24,815,000 in shares of NEWR during the first quarter. In the first quarter, LOS ANGELES CAPITAL MANAGEMENT LLC acquired a new stake in New Relic Inc. valued at approximately $23,079,000. EXODUSPOINT CAPITAL MANAGEMENT, LP acquired a new stake in NEWR for approximately $15,790,000. G2 INVESTMENT PARTNERS MANAGEMENT LLC purchased a new stake in NEWR valued at around $15,301,000 in the second quarter. In total, there are 383 active investors with 85.80% ownership of the company’s stock.
Tuesday morning saw New Relic Inc. (NYSE: NEWR) opened at $84.00. During the past 12 months, New Relic Inc. has had a low of $50.24 and a high of $86.00. As of last week, the company has a debt-to-equity ratio of 1.47, a current ratio of 1.20, and a quick ratio of 1.20. The fifty day moving average price for NEWR is $71.14 and a two-hundred day moving average price translates $66.41 for the stock.
The latest earnings results from New Relic Inc. (NYSE: NEWR) was released for Jun, 2023. According to the Software – Application Company, earnings per share came in at $0.43, beating analysts’ expectations of $0.31 by 0.12. This compares to -$0.85 EPS in the same period last year. The net profit margin was -19.50% and return on equity was -54.90% for NEWR. The company reported revenue of $242.63 million for the quarter, compared to $216.46 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 12.09 percent. For the current quarter, analysts expect NEWR to generate $250.47M in revenue.
New Relic Inc.(NEWR) 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. The company’s platform also provides New Relic Instant Observability, an open-source ecosystem of quickstarts that delivers pre-built integrations, dashboards, and alerts for approximately 450 technologies and frameworks; and supports custom app development through common open-source frameworks, a library of existing applications, and a development environment. It sells its products through direct sales organizations, and online and offline sales in the United States and internationally. New Relic, Inc. was founded in 2007 and is headquartered in San Francisco, California.
