New Relic Inc. (NEWR) Insider Sells $144,600.00 in Stock
New Relic Inc. (NYSE:NEWR) insider James R. Gochee sold 4,000 shares of the company’s stock in a transaction on Wednesday, October 12th. The shares were sold at an average price of $36.15, for a total value of $144,600.00. Following the completion of the sale, the insider now owns 383,090 shares of the company’s stock, valued at approximately $13,848,703.50. 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) traded down 1.30% on Wednesday, reaching $35.82. The company had a trading volume of 199,212 shares. The stock’s market capitalization is $1.82 billion. New Relic Inc. has a 12 month low of $20.39 and a 12 month high of $40.13. The firm has a 50 day moving average price of $37.10 and a 200-day moving average price of $31.44.
New Relic (NYSE:NEWR) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.20) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.03. The firm had revenue of $58.60 million for the quarter, compared to analyst estimates of $56.96 million. New Relic had a negative return on equity of 34.30% and a negative net margin of 34.91%. The company’s revenue for the quarter was up 53.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.21) earnings per share. Analysts forecast that New Relic Inc. will post ($0.62) earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of NEWR. JPMorgan Chase & Co. raised its position in New Relic by 183.9% in the first quarter. JPMorgan Chase & Co. now owns 116,964 shares of the company’s stock valued at $3,050,000 after buying an additional 75,761 shares in the last quarter. State Street Corp increased its stake in New Relic by 10.8% in the first quarter. State Street Corp now owns 106,597 shares of the company’s stock valued at $2,778,000 after buying an additional 10,413 shares in the last quarter. AXA increased its stake in New Relic by 13.2% in the first quarter. AXA now owns 120,000 shares of the company’s stock valued at $3,130,000 after buying an additional 14,000 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in New Relic by 671.0% in the first quarter. Goldman Sachs Group Inc. now owns 49,123 shares of the company’s stock valued at $1,281,000 after buying an additional 42,752 shares in the last quarter. Finally, Hamilton Lane Advisors LLC increased its stake in New Relic by 12.8% in the second quarter. Hamilton Lane Advisors LLC now owns 58,548 shares of the company’s stock valued at $1,766,000 after buying an additional 6,659 shares in the last quarter. Hedge funds and other institutional investors own 58.44% of the company’s stock.
NEWR has been the subject of several research analyst reports. Cowen and Company initiated coverage on New Relic in a report on Friday, June 24th. They issued an “outperform” rating and a $38.00 price objective for the company. Morgan Stanley set a $43.00 price objective on 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 six have assigned a buy rating to the company. New Relic presently has an average rating of “Buy” and a consensus target price of $38.50.
New Relic Company Profile
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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