Fintel reports that on August 2, 2023, Raymond James downgraded their outlook for New Relic (NYSE:NEWR) from Strong Buy to Market Perform.

Analyst Price Forecast Suggests 5.47% Upside

As of August 2, 2023, the average one-year price target for New Relic is 88.57. The forecasts range from a low of 75.75 to a high of $99.75. The average price target represents an increase of 5.47% from its latest reported closing price of 83.98.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for New Relic is 1,079MM, an increase of 13.36%. The projected annual non-GAAP EPS is 0.71.

What is the Fund Sentiment?

There are 552 funds or institutions reporting positions in New Relic. This is an increase of 65 owner(s) or 13.35% in the last quarter. Average portfolio weight of all funds dedicated to NEWR is 0.43%, an increase of 3.90%. Total shares owned by institutions decreased in the last three months by 2.37% to 62,736K shares. The put/call ratio of NEWR is 0.98, indicating a bullish outlook.

What are Other Shareholders Doing?

HMI Capital Management holds 5,059K shares representing 7.20% ownership of the company. No change in the last quarter.

Eminence Capital holds 3,517K shares representing 5.01% ownership of the company. In it’s prior filing, the firm reported owning 5,118K shares, representing a decrease of 45.51%. The firm decreased its portfolio allocation in NEWR by 29.83% over the last quarter.

Jana Partners holds 3,212K shares representing 4.57% ownership of the company. No change in the last quarter.

Wellington Management Group Llp holds 2,245K shares representing 3.20% ownership of the company. In it’s prior filing, the firm reported owning 2,250K shares, representing a decrease of 0.21%. The firm decreased its portfolio allocation in NEWR by 81.43% over the last quarter.

Champlain Investment Partners holds 2,083K shares representing 2.97% ownership of the company. In it’s prior filing, the firm reported owning 2,122K shares, representing a decrease of 1.89%. The firm increased its portfolio allocation in NEWR by 128,400.97% over the last quarter.

New Relic Background Information
(This description is provided by the company.)

The world’s best engineering teams rely on New Relic to visualize, analyze and troubleshoot their software. New Relic One is the most powerful cloud-based observability platform built to help companies create more perfect software.

This article originally appeared on Fintel

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.