New Relic, Inc. (NYSE:NEWR – Get Rating)’s stock price gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $55.66, but opened at $54.19. New Relic shares last traded at $54.71, with a volume of 435 shares trading hands. Specifically, insider Thomas J. Lloyd sold 1,527 shares of the firm’s stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $58.04, for a total value of $88,627.08. Following the completion of the sale, the insider now owns 16,960 shares in the company, valued at approximately $984,358.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Thomas J. Lloyd sold 1,527 shares of the business’s stock in a transaction that occurred on Wednesday, November 16th. The shares were sold at an average price of $58.04, for a total value of $88,627.08. Following the completion of the sale, the insider now directly owns 16,960 shares in the company, valued at $984,358.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Lewis Cirne sold 25,000 shares of the business’s stock in a transaction on Friday, January 6th. The stock was sold at an average price of $54.55, for a total transaction of $1,363,750.00. Following the transaction, the chairman now directly owns 50,477 shares in the company, valued at $2,753,520.35. The disclosure for this sale can be found here. In the last three months, insiders have sold 620,940 shares of company stock valued at $36,806,171. Insiders own 21.00% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the company. Robert W. Baird reduced their target price on New Relic to $75.00 in a research report on Tuesday, November 15th. Cowen decreased their price objective on New Relic to $63.00 in a report on Tuesday, November 15th. Truist Financial cut New Relic from a “buy” rating to a “hold” rating and lowered their target price for the stock from $80.00 to $55.00 in a report on Monday. Morgan Stanley cut their price target on New Relic from $70.00 to $67.00 and set an “equal weight” rating on the stock in a report on Thursday, October 20th. Finally, Wedbush assumed coverage on New Relic in a research report on Wednesday, December 14th. They issued a “neutral” rating and a $68.00 target price for the company. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $67.54.
New Relic Stock Performance
The company’s 50 day moving average is $56.09 and its 200 day moving average is $57.86.
New Relic (NYSE:NEWR – Get Rating) last posted its quarterly earnings data on Tuesday, November 8th. The software maker reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.17. New Relic had a negative net margin of 25.24% and a negative return on equity of 62.88%. The business had revenue of $226.91 million during the quarter, compared to analyst estimates of $222.60 million. Analysts predict that New Relic, Inc. will post -2.17 earnings per share for the current fiscal year.
Hedge Funds Weigh In On New Relic
Several large investors have recently made changes to their positions in NEWR. Sachem Head Capital Management LP acquired a new stake in New Relic during the second quarter worth $74,324,000. Jana Partners LLC bought a new stake in shares of New Relic during the 1st quarter worth approximately $57,964,000. Assenagon Asset Management S.A. raised its stake in New Relic by 2,740.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 827,030 shares of the software maker’s stock valued at $41,393,000 after acquiring an additional 797,909 shares during the period. Jacobs Levy Equity Management Inc. increased its position in New Relic by 1,029.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 553,958 shares of the software maker’s stock worth $31,786,000 after buying an additional 504,930 shares during the period. Finally, Kettle Hill Capital Management LLC acquired a new stake in shares of New Relic during the 2nd quarter worth $23,972,000. Institutional investors own 83.56% of the company’s stock.
About New Relic
New Relic, Inc, a software-as-a-service company, delivers a software platform for customers to collect telemetry data and derive insights from that data in a unified front-end application. It offers a suite of products on its open and extensible cloud-based platform, which enables users to collect, store, and analyze telemetry data.