New Relic (NEWR) Shares Down 5.5% After Insider Selling

New Relic, Inc. (NYSE:NEWR)’s share price was down 5.5% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $56.36 and last traded at $56.73. Approximately 864,300 shares traded hands during mid-day trading, an increase of 85% from the average daily volume of 466,511 shares. The stock had previously closed at $60.00.

Specifically, CFO Mark Sachleben sold 10,000 shares of the company’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $59.07, for a total transaction of $590,700.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James R. Gochee sold 4,000 shares of the company’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $56.85, for a total value of $227,400.00. Following the sale, the insider now owns 337,074 shares in the company, valued at approximately $19,162,656.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,591 shares of company stock valued at $9,860,912. Insiders own 23.10% of the company’s stock.

NEWR has been the topic of several analyst reports. Needham & Company LLC initiated coverage on New Relic in a report on Monday, October 23rd. They set a “buy” rating and a $69.00 target price on the stock. Zacks Investment Research lowered New Relic from a “buy” rating to a “hold” rating in a research note on Thursday, October 5th. BidaskClub lowered New Relic from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Robert W. Baird set a $55.00 price objective on New Relic and gave the company a “buy” rating in a research note on Monday, September 11th. Finally, Morgan Stanley upped their price objective on New Relic from $48.00 to $52.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 8th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. New Relic has a consensus rating of “Buy” and an average price target of $54.23.

New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, November 7th. The software maker reported ($0.06) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.04. The business had revenue of $84.68 million for the quarter, compared to the consensus estimate of $82.98 million. New Relic had a negative return on equity of 29.19% and a negative net margin of 19.43%. The firm’s quarterly revenue was up 33.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.09) earnings per share. equities research analysts anticipate that New Relic, Inc. will post -0.98 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of NEWR. TimesSquare Capital Management LLC boosted its holdings in shares of New Relic by 657.4% in the 3rd quarter. TimesSquare Capital Management LLC now owns 568,040 shares of the software maker’s stock valued at $28,288,000 after purchasing an additional 493,040 shares in the last quarter. Westfield Capital Management Co. LP bought a new position in shares of New Relic in the 3rd quarter valued at $23,221,000. Hunt Lane Capital LP bought a new position in shares of New Relic in the 2nd quarter valued at $18,752,000. Paulson & CO. Inc. bought a new position in shares of New Relic in the 2nd quarter valued at $15,195,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of New Relic by 1,352.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 277,901 shares of the software maker’s stock valued at $11,953,000 after acquiring an additional 258,763 shares during the last quarter. 77.16% of the stock is currently owned by hedge funds and other institutional investors.

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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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