New Relic, Inc. (NYSE:NEWR) Insider Sells $150,495.60 in Stock
New Relic, Inc. (NYSE:NEWR) insider James R. Gochee sold 3,320 shares of New Relic stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $45.33, for a total transaction of $150,495.60. Following the sale, the insider now owns 360,630 shares of the company’s stock, valued at $16,347,357.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
New Relic, Inc. (NYSE:NEWR) traded up 2.89% during midday trading on Tuesday, reaching $46.28. 509,382 shares of the company were exchanged. New Relic, Inc. has a 52-week low of $27.85 and a 52-week high of $46.53. The stock’s market capitalization is $2.48 billion. The firm’s 50-day moving average price is $43.07 and its 200 day moving average price is $37.36.
New Relic (NYSE:NEWR) last issued its earnings results on Tuesday, May 9th. The software maker reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. The company had revenue of $73.30 million for the quarter, compared to the consensus estimate of $73.04 million. New Relic had a negative return on equity of 30.80% and a negative net margin of 23.18%. The firm’s quarterly revenue was up 39.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.24) EPS. Equities analysts predict that New Relic, Inc. will post ($0.27) earnings per share for the current year.
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A number of equities research analysts have recently commented on NEWR shares. Oppenheimer Holdings, Inc. set a $40.00 price target on shares of New Relic and gave the stock a “buy” rating in a report on Tuesday, April 4th. Zacks Investment Research downgraded shares of New Relic from a “hold” rating to a “sell” rating in a report on Wednesday, April 5th. Stephens assumed coverage on shares of New Relic in a report on Thursday, May 25th. They set an “overweight” rating and a $55.00 price target for the company. CIBC boosted their target price on shares of New Relic from $40.00 to $46.00 and gave the company an “outperform” rating in a report on Monday, May 15th. Finally, Robert W. Baird boosted their target price on shares of New Relic from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, April 6th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. New Relic has a consensus rating of “Buy” and an average price target of $46.56.
Several institutional investors have recently modified their holdings of NEWR. Russell Investments Group Ltd. increased its position in shares of New Relic by 36.5% in the first quarter. Russell Investments Group Ltd. now owns 23,447 shares of the software maker’s stock worth $868,000 after buying an additional 6,269 shares in the last quarter. Granite Investment Partners LLC increased its position in shares of New Relic by 835.1% in the first quarter. Granite Investment Partners LLC now owns 431,364 shares of the software maker’s stock worth $15,991,000 after buying an additional 385,233 shares in the last quarter. Independent Portfolio Consultants Inc. acquired a new position in shares of New Relic during the first quarter worth $321,000. Pier 88 Investment Partners LLC acquired a new position in shares of New Relic during the first quarter worth $374,000. Finally, Hamilton Lane Advisors LLC increased its position in shares of New Relic by 2.6% in the first quarter. Hamilton Lane Advisors LLC now owns 123,409 shares of the software maker’s stock worth $4,575,000 after buying an additional 3,175 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.
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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