Investors Buy High Volume of Call Options on New Relic (NEWR)

New Relic Inc (NYSE:NEWR) was the recipient of unusually large options trading activity on Thursday. Stock traders bought 900 call options on the company. This is an increase of 1,507% compared to the typical volume of 56 call options.

A number of equities research analysts have recently weighed in on the company. JMP Securities lifted their target price on New Relic from $54.00 to $56.00 and gave the stock a “market outperform” rating in a report on Wednesday, November 8th. Robert W. Baird boosted their price target on New Relic from $65.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. BMO Capital Markets boosted their price target on New Relic from $68.00 to $71.00 and gave the company a “market perform” rating in a research note on Wednesday, February 7th. Needham & Company LLC boosted their price target on New Relic from $69.00 to $73.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Finally, Oppenheimer boosted their price target on New Relic from $57.00 to $66.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. New Relic has a consensus rating of “Buy” and an average target price of $60.00.

New Relic (NYSE NEWR) opened at $68.34 on Friday. The company has a market capitalization of $3,788.84, a PE ratio of -69.03 and a beta of 0.98. New Relic has a 52 week low of $33.10 and a 52 week high of $70.92.

New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.12. The company had revenue of $91.83 million for the quarter, compared to analysts’ expectations of $89.31 million. New Relic had a negative return on equity of 25.22% and a negative net margin of 16.17%. The business’s quarterly revenue was up 34.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.09) earnings per share. equities research analysts anticipate that New Relic will post -0.81 earnings per share for the current fiscal year.

In other news, insider James R. Gochee sold 4,000 shares of New Relic stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $66.30, for a total transaction of $265,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robin Schulman sold 1,144 shares of New Relic stock in a transaction on Monday, November 20th. The stock was sold at an average price of $55.13, for a total value of $63,068.72. Following the sale, the vice president now directly owns 577 shares of the company’s stock, valued at approximately $31,810.01. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 254,878 shares of company stock valued at $15,613,120. Company insiders own 23.10% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. boosted its holdings in New Relic by 50.4% in the second quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock valued at $111,000 after acquiring an additional 862 shares during the last quarter. Crow Point Partners LLC acquired a new position in New Relic in the fourth quarter valued at approximately $113,000. Cipher Capital LP acquired a new position in New Relic in the third quarter valued at approximately $212,000. Woodstock Corp acquired a new position in New Relic in the fourth quarter valued at approximately $212,000. Finally, Amalgamated Bank acquired a new position in New Relic in the fourth quarter valued at approximately $240,000. Institutional investors own 75.49% of the company’s stock.

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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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