Insider Selling: New Relic Inc. (NEWR) President Sells 5,312 Shares of Stock
New Relic Inc. (NYSE:NEWR) President Hilarie A. Koplow sold 5,312 shares of the company’s stock in a transaction that occurred on Monday, October 10th. The stock was sold at an average price of $36.84, for a total value of $195,694.08. Following the sale, the president now directly owns 7,048 shares of the company’s stock, valued at approximately $259,648.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
New Relic Inc. (NYSE:NEWR) opened at 36.29 on Wednesday. New Relic Inc. has a 12 month low of $20.39 and a 12 month high of $40.13. The company has a 50-day moving average price of $37.12 and a 200 day moving average price of $31.41. The company’s market capitalization is $1.84 billion.
New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, August 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.03. New Relic had a negative return on equity of 34.30% and a negative net margin of 34.91%. The business had revenue of $58.60 million for the quarter, compared to analyst estimates of $56.96 million. During the same quarter last year, the firm earned ($0.21) EPS. New Relic’s revenue for the quarter was up 53.8% compared to the same quarter last year. On average, equities research analysts forecast that New Relic Inc. will post ($0.62) EPS for the current fiscal year.
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Large investors have recently made changes to their positions in the stock. Polar Capital LLP purchased a new stake in shares of New Relic during the second quarter worth about $11,418,000. BlackRock Fund Advisors raised its stake in shares of New Relic by 251.6% in the second quarter. BlackRock Fund Advisors now owns 527,586 shares of the company’s stock worth $15,500,000 after buying an additional 377,522 shares in the last quarter. State Street Corp raised its stake in shares of New Relic by 215.5% in the second quarter. State Street Corp now owns 336,324 shares of the company’s stock worth $9,883,000 after buying an additional 229,727 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of New Relic by 13.6% in the second quarter. Vanguard Group Inc. now owns 1,862,972 shares of the company’s stock worth $54,734,000 after buying an additional 223,679 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of New Relic by 59.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 541,253 shares of the company’s stock worth $15,902,000 after buying an additional 200,994 shares in the last quarter. 58.44% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on the company. Morgan Stanley set a $43.00 target price on New Relic and gave the stock a “buy” rating in a research report on Wednesday, September 28th. Cowen and Company began coverage on New Relic in a research report on Friday, June 24th. They set an “outperform” rating and a $38.00 target price for the company. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $38.50.
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.
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