New Relic Inc. (NYSE:NEWR) received a $40.00 price target from investment analysts at Oppenheimer Holdings Inc. in a report released on Monday. The brokerage currently has a “buy” rating on the stock. Oppenheimer Holdings Inc.’s target price suggests a potential upside of 29.37% from the company’s previous close.

A number of other equities analysts have also issued reports on NEWR. DA Davidson set a $49.00 target price on shares of New Relic and gave the stock a “buy” rating in a research report on Tuesday, November 22nd. Guggenheim began coverage on shares of New Relic in a report on Friday, November 18th. They issued a “buy” rating and a $50.00 price objective on the stock. JMP Securities restated a “buy” rating on shares of New Relic in a report on Thursday, November 17th. Finally, Morgan Stanley set a $43.00 price objective on shares of New Relic and gave the company a “buy” rating in a report on Wednesday, September 28th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $39.27.

Analyst Recommendations for New Relic (NYSE:NEWR)

New Relic (NYSE:NEWR) traded up 2.10% during trading on Monday, hitting $31.57. 265,763 shares of the stock traded hands. The company’s 50 day moving average is $34.70 and its 200 day moving average is $33.67. The company’s market capitalization is $1.65 billion. New Relic has a one year low of $20.39 and a one year high of $38.72.

New Relic (NYSE:NEWR) last announced its earnings results on Monday, November 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.08. New Relic had a negative net margin of 31.38% and a negative return on equity of 34.47%. The company had revenue of $63.40 million for the quarter, compared to analyst estimates of $61.93 million. During the same period in the prior year, the business earned ($0.17) earnings per share. New Relic’s quarterly revenue was up 47.8% on a year-over-year basis. On average, equities analysts forecast that New Relic will post ($0.59) EPS for the current fiscal year.

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In other news, CFO Mark Sachleben sold 3,500 shares of the stock in a transaction on Monday, November 28th. The shares were sold at an average price of $31.90, for a total transaction of $111,650.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Lewis Cirne sold 39,000 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $36.65, for a total transaction of $1,429,350.00. The disclosure for this sale can be found here. 46.60% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of NEWR. Teacher Retirement System of Texas increased its stake in shares of New Relic by 27.4% in the second quarter. Teacher Retirement System of Texas now owns 3,429 shares of the company’s stock valued at $101,000 after buying an additional 737 shares in the last quarter. Paradigm Asset Management Co. LLC increased its stake in shares of New Relic by 15.2% in the second quarter. Paradigm Asset Management Co. LLC now owns 3,800 shares of the company’s stock valued at $112,000 after buying an additional 500 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of New Relic during the third quarter valued at about $211,000. Clinton Group Inc. bought a new stake in shares of New Relic during the second quarter valued at about $239,000. Finally, Sei Investments Co. increased its stake in shares of New Relic by 116.0% in the third quarter. Sei Investments Co. now owns 6,431 shares of the company’s stock valued at $246,000 after buying an additional 3,454 shares in the last quarter. 62.19% of the stock is owned by institutional investors.

About New Relic

New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.

5 Day Chart for NYSE:NEWR

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