New Relic (NYSE:NEWR) insider James R. Gochee sold 333 shares of the stock in a transaction on Friday, March 16th. The shares were sold at an average price of $75.90, for a total value of $25,274.70. Following the sale, the insider now directly owns 329,275 shares in the company, valued at approximately $24,991,972.50. The sale was disclosed in a document filed with the SEC, which is available at this link.
NYSE NEWR opened at $73.84 on Friday. New Relic has a fifty-two week low of $37.31 and a fifty-two week high of $79.08.
New Relic (NYSE:NEWR) last announced its quarterly earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.12. New Relic had a negative return on equity of 25.22% and a negative net margin of 16.17%. The firm had revenue of $91.83 million during the quarter, compared to analyst estimates of $89.31 million. During the same quarter in the previous year, the business earned ($0.09) EPS. New Relic’s revenue for the quarter was up 34.8% compared to the same quarter last year. sell-side analysts predict that New Relic will post -0.77 earnings per share for the current fiscal year.
Several institutional investors have recently made changes to their positions in the stock. Xact Kapitalforvaltning AB acquired a new stake in New Relic in the 4th quarter worth about $233,000. MetLife Investment Advisors LLC acquired a new stake in New Relic in the 4th quarter worth about $800,000. Macquarie Group Ltd. boosted its holdings in New Relic by 13.2% in the 4th quarter. Macquarie Group Ltd. now owns 48,319 shares of the software maker’s stock worth $2,792,000 after buying an additional 5,623 shares during the last quarter. Teachers Advisors LLC boosted its holdings in New Relic by 1.9% in the 4th quarter. Teachers Advisors LLC now owns 76,201 shares of the software maker’s stock worth $4,402,000 after buying an additional 1,427 shares during the last quarter. Finally, Two Sigma Securities LLC acquired a new stake in New Relic in the 4th quarter worth about $293,000. Hedge funds and other institutional investors own 75.77% of the company’s stock.
NEWR has been the subject of a number of recent analyst reports. ValuEngine raised New Relic from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Needham & Company LLC raised their target price on New Relic from $73.00 to $84.00 and gave the stock a “buy” rating in a research note on Monday, April 2nd. Zacks Investment Research upgraded New Relic from a “hold” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Thursday, March 8th. BMO Capital Markets raised their target price on New Relic from $68.00 to $71.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 7th. Finally, JPMorgan Chase lowered New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 target price for the company. in a research note on Tuesday, December 12th. 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 company currently has a consensus rating of “Buy” and an average target price 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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