New Relic Inc. (NEWR) Insider James R. Gochee Sells 4,000 Shares of Stock
New Relic Inc. (NYSE:NEWR) insider James R. Gochee sold 4,000 shares of the business’s stock in a transaction on Wednesday, October 12th. The stock was sold at an average price of $36.15, for a total value of $144,600.00. Following the completion of the transaction, the insider now directly owns 383,090 shares of the company’s stock, valued at $13,848,703.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Shares of New Relic Inc. (NYSE:NEWR) opened at 35.82 on Thursday. The firm’s 50-day moving average price is $37.10 and its 200-day moving average price is $31.44. New Relic Inc. has a 52-week low of $20.39 and a 52-week high of $40.13. The stock’s market cap is $1.82 billion.
New Relic (NYSE:NEWR) last released its earnings results on Tuesday, August 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.03. The company earned $58.60 million during the quarter, compared to analyst estimates of $56.96 million. New Relic had a negative return on equity of 34.30% and a negative net margin of 34.91%. The company’s revenue for the quarter was up 53.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.21) earnings per share. On average, equities research analysts forecast that New Relic Inc. will post ($0.62) earnings per share for the current fiscal year.
A number of research firms have recently weighed in on NEWR. Morgan Stanley set a $43.00 price target on New Relic and gave the stock a “buy” rating in a report on Wednesday, September 28th. Cowen and Company began coverage on New Relic in a report on Friday, June 24th. They issued an “outperform” rating and a $38.00 price target for the company. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. New Relic has a consensus rating of “Buy” and an average price target of $38.50.
Several hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its stake in New Relic by 183.9% in the first quarter. JPMorgan Chase & Co. now owns 116,964 shares of the company’s stock worth $3,050,000 after buying an additional 75,761 shares during the last quarter. State Street Corp raised its stake in New Relic by 10.8% in the first quarter. State Street Corp now owns 106,597 shares of the company’s stock worth $2,778,000 after buying an additional 10,413 shares during the last quarter. AXA raised its stake in New Relic by 13.2% in the first quarter. AXA now owns 120,000 shares of the company’s stock worth $3,130,000 after buying an additional 14,000 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in New Relic by 671.0% in the first quarter. Goldman Sachs Group Inc. now owns 49,123 shares of the company’s stock worth $1,281,000 after buying an additional 42,752 shares during the last quarter. Finally, Hamilton Lane Advisors LLC raised its stake in New Relic by 12.8% in the second quarter. Hamilton Lane Advisors LLC now owns 58,548 shares of the company’s stock worth $1,766,000 after buying an additional 6,659 shares during the last quarter. Institutional investors own 58.44% of the company’s stock.
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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