New Relic (NYSE:NEWR) insider James R. Gochee sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of $73.34, for a total value of $293,360.00. Following the sale, the insider now directly owns 328,280 shares in the company, valued at $24,076,055.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
NYSE NEWR opened at $73.84 on Friday. New Relic has a 1-year low of $37.31 and a 1-year high of $79.08.
New Relic (NYSE:NEWR) last released its earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.12. The business had revenue of $91.83 million for the quarter, compared to the consensus estimate 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 quarter last year, the business posted ($0.09) earnings per share. sell-side analysts predict that New Relic will post -0.77 EPS for the current year.
A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its position in New Relic by 4.4% during the fourth quarter. BlackRock Inc. now owns 2,215,858 shares of the software maker’s stock worth $128,010,000 after buying an additional 94,283 shares in the last quarter. First Trust Advisors LP lifted its position in New Relic by 2,139.1% during the fourth quarter. First Trust Advisors LP now owns 1,264,352 shares of the software maker’s stock worth $73,042,000 after buying an additional 1,207,885 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its position in New Relic by 4.3% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 849,956 shares of the software maker’s stock worth $49,102,000 after buying an additional 35,388 shares in the last quarter. TimesSquare Capital Management LLC lifted its position in New Relic by 10.1% during the fourth quarter. TimesSquare Capital Management LLC now owns 625,350 shares of the software maker’s stock worth $36,126,000 after buying an additional 57,310 shares in the last quarter. Finally, State Street Corp lifted its position in New Relic by 28.2% during the second quarter. State Street Corp now owns 524,025 shares of the software maker’s stock worth $22,538,000 after buying an additional 115,358 shares in the last quarter. Hedge funds and other institutional investors own 75.77% of the company’s stock.
Several analysts have commented on NEWR shares. JPMorgan Chase lowered New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a report on Tuesday, December 12th. BMO Capital Markets started coverage on New Relic in a report on Friday, January 12th. They issued a “market perform” rating and a $68.00 price objective on the stock. Wedbush started coverage on New Relic in a report on Friday, February 23rd. They issued an “outperform” rating and a $86.00 price objective on the stock. Stephens raised their price objective on New Relic from $60.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. Finally, Zacks Investment Research lowered New Relic from a “buy” rating to a “hold” rating in a report on Friday, March 9th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $66.57.
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About New Relic
New Relic, Inc, a software-as-a-service company, provides digital intelligence products worldwide. The company's cloud-based platform and suite of products include New Relic Digital Intelligence Platform, which enables organizations to collect, store, and analyze data. It provides New Relic Application Performance Management that offers visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser, a product that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.
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