Insider Selling: New Relic Inc (NYSE:NEWR) CEO Sells 6,500 Shares of Stock

New Relic Inc (NYSE:NEWR) CEO Lewis Cirne sold 6,500 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $56.61, for a total value of $367,965.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Lewis Cirne also recently made the following trade(s):

  • On Friday, August 2nd, Lewis Cirne sold 4,000 shares of New Relic stock. The stock was sold at an average price of $88.69, for a total value of $354,760.00.
  • On Monday, August 5th, Lewis Cirne sold 16,000 shares of New Relic stock. The stock was sold at an average price of $85.23, for a total value of $1,363,680.00.
  • On Friday, July 5th, Lewis Cirne sold 500 shares of New Relic stock. The stock was sold at an average price of $91.50, for a total value of $45,750.00.
  • On Wednesday, July 3rd, Lewis Cirne sold 17,000 shares of New Relic stock. The stock was sold at an average price of $90.10, for a total value of $1,531,700.00.

Shares of NEWR traded up $0.12 during midday trading on Friday, hitting $57.40. 12,777 shares of the company traded hands, compared to its average volume of 1,410,492. The firm has a 50 day moving average of $71.32 and a 200-day moving average of $92.17. New Relic Inc has a 52 week low of $54.83 and a 52 week high of $113.34. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of -185.27 and a beta of 0.96. The company has a debt-to-equity ratio of 1.32, a quick ratio of 2.88 and a current ratio of 2.88.

New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.02. New Relic had a negative net margin of 9.93% and a negative return on equity of 8.55%. The business had revenue of $141.01 million during the quarter, compared to the consensus estimate of $139.73 million. During the same quarter in the prior year, the firm earned $0.15 EPS. The business’s revenue was up 30.3% on a year-over-year basis. Sell-side analysts predict that New Relic Inc will post -0.68 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of New Relic by 7,220.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,834,359 shares of the software maker’s stock valued at $418,220,000 after acquiring an additional 4,768,320 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of New Relic by 2.3% in the 1st quarter. BlackRock Inc. now owns 3,880,134 shares of the software maker’s stock valued at $382,970,000 after acquiring an additional 87,904 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of New Relic by 24.7% in the 2nd quarter. First Trust Advisors LP now owns 1,516,324 shares of the software maker’s stock valued at $131,177,000 after acquiring an additional 300,484 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in shares of New Relic by 1.6% in the 1st quarter. Clearbridge Investments LLC now owns 1,495,239 shares of the software maker’s stock valued at $147,580,000 after acquiring an additional 23,079 shares during the last quarter. Finally, Baillie Gifford & Co. lifted its holdings in shares of New Relic by 23.7% in the 2nd quarter. Baillie Gifford & Co. now owns 1,259,823 shares of the software maker’s stock valued at $108,987,000 after acquiring an additional 241,662 shares during the last quarter. 74.72% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have issued reports on NEWR. Argus upgraded New Relic from a “hold” rating to a “buy” rating and set a $93.00 price target for the company in a research note on Monday, August 12th. They noted that the move was a valuation call. UBS Group set a $73.00 price target on New Relic and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Morgan Stanley cut their price target on New Relic from $104.00 to $84.00 and set an “overweight” rating for the company in a research note on Wednesday, August 21st. BMO Capital Markets cut their price target on New Relic to $73.00 and set a “positive” rating for the company in a research note on Wednesday, August 7th. Finally, Needham & Company LLC set a $120.00 price target on New Relic and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. New Relic currently has a consensus rating of “Hold” and a consensus price target of $96.67.

About New Relic

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

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

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