Wall Street Analysts Are Downgrading These 5 Stocks

02. New Relic, Inc. (NYSE:NEWR)

Number of Hedge Fund Holders: 46

On August 1, RBC Capital shifted its evaluation of New Relic, Inc. (NYSE:NEWR) by downgrading it from “Outperform” to “Sector Perform.” The firm has also adjusted the price target for NEWR from $95 to $87. This adjustment comes after the company’s announcement of its acquisition agreement by TPG and Francisco Partners for $6.5 billion at $87 per share in cash. Similarly, Baird has made a parallel downgrade, moving New Relic, Inc. (NYSE:NEWR) rating from “Outperform” to “Neutral.” The company’s price target has been lowered from $92 to $87. These changes in rating and price target reflect the evolving landscape surrounding New Relic, Inc. (NYSE:NEWR) as it undergoes the acquisition process.