New Relic (NYSE:NEWR – Get Free Report) was downgraded by analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research note issued on Tuesday, FlyOnTheWall reports.
A number of other research firms also recently commented on NEWR. DA Davidson dropped their price objective on New Relic from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday, May 24th. StockNews.com started coverage on New Relic in a report on Thursday, May 18th. They issued a “buy” rating on the stock. Truist Financial lifted their target price on New Relic from $65.00 to $77.00 and gave the stock a “hold” rating in a report on Wednesday, May 24th. Credit Suisse Group cut New Relic from an “outperform” rating to a “neutral” rating in a report on Tuesday. Finally, Loop Capital lifted their target price on New Relic from $70.00 to $80.00 in a report on Wednesday, May 24th. Nine analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $82.86.
New Relic Price Performance
Shares of New Relic stock opened at $83.97 on Tuesday. The business’s fifty day moving average price is $70.21 and its two-hundred day moving average price is $70.60. The company has a market capitalization of $5.90 billion, a P/E ratio of -31.45 and a beta of 0.83. New Relic has a 1-year low of $50.24 and a 1-year high of $86.00.
Insider Buying and Selling at New Relic
In other New Relic news, Chairman Lewis Cirne sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $65.54, for a total value of $983,100.00. Following the transaction, the chairman now owns 5,100,958 shares in the company, valued at $334,316,787.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other New Relic news, Chairman Lewis Cirne sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $65.54, for a total value of $983,100.00. Following the completion of the sale, the chairman now owns 5,100,958 shares of the company’s stock, valued at $334,316,787.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Kristy Friedrichs sold 2,673 shares of the business’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $84.05, for a total value of $224,665.65. Following the completion of the sale, the chief operating officer now directly owns 15,698 shares of the company’s stock, valued at approximately $1,319,416.90. The disclosure for this sale can be found here. Insiders have sold 130,199 shares of company stock worth $31,997,819 over the last 90 days. 23.00% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On New Relic
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Duality Advisers LP bought a new stake in shares of New Relic in the 2nd quarter valued at approximately $519,000. Strs Ohio bought a new stake in New Relic during the 2nd quarter worth approximately $817,000. Inspire Investing LLC grew its position in New Relic by 32.6% during the 2nd quarter. Inspire Investing LLC now owns 4,825 shares of the software maker’s stock worth $316,000 after acquiring an additional 1,185 shares during the last quarter. Asset Management One Co. Ltd. bought a new stake in New Relic during the 2nd quarter worth approximately $289,000. Finally, First Republic Investment Management Inc. grew its position in New Relic by 49.4% during the 2nd quarter. First Republic Investment Management Inc. now owns 14,988 shares of the software maker’s stock worth $981,000 after acquiring an additional 4,953 shares during the last quarter. 82.03% of the stock is currently owned by institutional investors.
About New Relic
New Relic, Inc, a software-as-a-service company, delivers a software platform for customers to collect telemetry data and derive insights from that data in a unified front-end application. It offers a suite of products on its open and extensible cloud-based platform, which enables users to collect, store, and analyze telemetry data.
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