James R. Gochee Sells 333 Shares of New Relic Inc (NEWR) Stock

New Relic Inc (NYSE:NEWR) insider James R. Gochee sold 333 shares of New Relic stock in a transaction on Friday, March 16th. The stock was sold at an average price of $75.90, for a total transaction of $25,274.70. Following the sale, the insider now owns 329,275 shares in the company, valued at approximately $24,991,972.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Shares of New Relic Inc (NYSE NEWR) traded down $0.06 during trading hours on Friday, hitting $75.75. 505,097 shares of the stock traded hands, compared to its average volume of 491,282. New Relic Inc has a 52 week low of $34.61 and a 52 week high of $76.54. The firm has a market cap of $4,203.01, a P/E ratio of -76.51 and a beta of 0.67.

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New Relic (NYSE:NEWR) last issued its earnings results on Tuesday, February 6th. The software maker reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.12. New Relic had a negative net margin of 16.17% and a negative return on equity of 25.22%. The company had revenue of $91.83 million for the quarter, compared to the consensus estimate of $89.31 million. During the same quarter in the previous year, the company earned ($0.09) EPS. The firm’s revenue for the quarter was up 34.8% compared to the same quarter last year. analysts predict that New Relic Inc will post -0.77 EPS for the current year.

Several large investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of New Relic by 4.4% in the 4th quarter. BlackRock Inc. now owns 2,215,858 shares of the software maker’s stock valued at $128,010,000 after purchasing an additional 94,283 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of New Relic by 2,139.1% in the 4th quarter. First Trust Advisors LP now owns 1,264,352 shares of the software maker’s stock valued at $73,042,000 after purchasing an additional 1,207,885 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its stake in shares of New Relic by 4.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 849,956 shares of the software maker’s stock valued at $49,102,000 after purchasing an additional 35,388 shares in the last quarter. TimesSquare Capital Management LLC boosted its stake in shares of New Relic by 10.1% in the 4th quarter. TimesSquare Capital Management LLC now owns 625,350 shares of the software maker’s stock valued at $36,126,000 after purchasing an additional 57,310 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of New Relic by 28.2% in the 2nd quarter. State Street Corp now owns 524,025 shares of the software maker’s stock valued at $22,538,000 after purchasing an additional 115,358 shares in the last quarter. Institutional investors own 75.76% of the company’s stock.

NEWR has been the topic of a number of recent research reports. JPMorgan Chase & Co. downgraded shares of New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price target on the stock. in a research note on Tuesday, December 12th. BMO Capital Markets initiated coverage on shares of New Relic in a research note on Friday, January 12th. They set a “market perform” rating and a $68.00 price target on the stock. Stephens lifted their price target on shares of New Relic from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Robert W. Baird lifted their price target on shares of New Relic from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Finally, Needham & Company LLC lifted their price target on shares of New Relic from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $63.71.

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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.

Insider Buying and Selling by Quarter for New Relic (NYSE:NEWR)

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