New Relic (NYSE:NEWR) insider James R. Gochee sold 4,000 shares of the company’s stock in a transaction on Wednesday, April 18th. The shares were sold at an average price of $75.55, for a total transaction of $302,200.00. Following the completion of the transaction, the insider now owns 324,942 shares of the company’s stock, valued at approximately $24,549,368.10. The sale was disclosed in a filing with the SEC, which is available at this link.
Shares of NEWR stock traded up $0.28 during mid-day trading on Thursday, hitting $75.47. The stock had a trading volume of 10,197 shares, compared to its average volume of 489,342. New Relic has a fifty-two week low of $39.00 and a fifty-two week high of $79.08.
New Relic (NYSE:NEWR) last released its earnings results on Tuesday, February 6th. The software maker reported $0.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.12. The company had revenue of $91.83 million during the quarter, compared to analysts’ expectations of $89.31 million. New Relic had a negative net margin of 16.17% and a negative return on equity of 25.22%. The business’s revenue was up 34.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.09) EPS. research analysts expect that New Relic will post -0.77 EPS for the current year.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Crow Point Partners LLC purchased a new position in New Relic during the 4th quarter valued at about $113,000. Woodstock Corp purchased a new position in New Relic during the 4th quarter valued at about $212,000. Xact Kapitalforvaltning AB purchased a new position in New Relic during the 4th quarter valued at about $233,000. Amalgamated Bank purchased a new position in New Relic during the 4th quarter valued at about $240,000. Finally, ETRADE Capital Management LLC purchased a new position in New Relic during the 4th quarter valued at about $270,000. Institutional investors and hedge funds own 75.78% of the company’s stock.
Several research analysts have recently issued reports on the stock. KeyCorp upped their target price on shares of New Relic from $70.00 to $86.00 and gave the company an “overweight” rating in a report on Monday, March 19th. They noted that the move was a valuation call. Zacks Investment Research cut shares of New Relic from a “buy” rating to a “hold” rating in a report on Friday, March 9th. ValuEngine upgraded shares of New Relic from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Needham & Company LLC upped their target price on shares of New Relic from $73.00 to $84.00 and gave the company a “buy” rating in a report on Monday, April 2nd. Finally, Wedbush began coverage on shares of New Relic in a report on Friday, February 23rd. They issued an “outperform” rating and a $86.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. New Relic has a consensus rating of “Buy” and a consensus price target of $66.57.
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New Relic Company Profile
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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