Treasurer of the State of North Carolina Increases Stake in New Relic, Inc. (NYSE:NEWR)

Treasurer of the State of North Carolina boosted its holdings in shares of New Relic, Inc. (NYSE:NEWR – Get Rating) by 2.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 23,125 shares of the software maker’s stock after purchasing an additional 630 shares during the quarter. Treasurer of the State of North Carolina’s holdings in New Relic were worth $1,305,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Belpointe Asset Management LLC acquired a new position in shares of New Relic during the 4th quarter valued at about $29,000. Madison Asset Management LLC boosted its holdings in New Relic by 67.1% in the fourth quarter. Madison Asset Management LLC now owns 91,447 shares of the software maker’s stock valued at $5,162,000 after purchasing an additional 36,718 shares in the last quarter. Swiss National Bank boosted its holdings in New Relic by 2.5% in the fourth quarter. Swiss National Bank now owns 146,297 shares of the software maker’s stock valued at $8,258,000 after purchasing an additional 3,500 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of New Relic by 4.4% in the fourth quarter. Arizona State Retirement System now owns 17,095 shares of the software maker’s stock valued at $965,000 after acquiring an additional 728 shares during the period. Finally, Gagnon Securities LLC boosted its holdings in shares of New Relic by 0.9% in the fourth quarter. Gagnon Securities LLC now owns 218,339 shares of the software maker’s stock valued at $12,325,000 after acquiring an additional 1,990 shares during the period. 83.56% of the stock is owned by hedge funds and other institutional investors.

New Relic Price Performance

NYSE:NEWR opened at $84.87 on Friday. New Relic, Inc. has a 12-month low of $42.40 and a 12-month high of $86.00. The business has a 50 day simple moving average of $72.99 and a 200 day simple moving average of $65.54. The firm has a market capitalization of $5.85 billion, a P/E ratio of -31.67 and a beta of 0.90.

Insider Transactions at New Relic

In other news, CEO William Staples sold 23,613 shares of the business’s stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $70.19, for a total value of $1,657,396.47. Following the sale, the chief executive officer now owns 104,368 shares of the company’s stock, valued at approximately $7,325,589.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO William Staples sold 23,613 shares of the business’s stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $70.19, for a total transaction of $1,657,396.47. Following the sale, the chief executive officer now directly owns 104,368 shares of the company’s stock, valued at $7,325,589.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Mark Dodds sold 2,218 shares of New Relic stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $75.40, for a total value of $167,237.20. Following the transaction, the executive now owns 22,151 shares in the company, valued at approximately $1,670,185.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 102,439 shares of company stock valued at $30,142,181. Corporate insiders own 21.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Cowen upped their price target on New Relic from $63.00 to $73.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 8th. Royal Bank of Canada upped their target price on New Relic from $55.00 to $75.00 and gave the company a “sector perform” rating in a report on Wednesday, February 8th. Truist Financial increased their price objective on New Relic from $55.00 to $65.00 in a research note on Wednesday, February 8th. Raymond James increased their price objective on New Relic from $75.00 to $90.00 and gave the company a “strong-buy” rating in a research note on Wednesday, February 8th. Finally, Morgan Stanley increased their price objective on New Relic from $67.00 to $80.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 8th. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $79.14.

New Relic Profile

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New Relic, Inc engages in the provision of software solutions. It delivers an open and extensible cloud-based platform that enables organizations to collect, store and analyze massive amounts of data in real time to better operate applications and infrastructure. It offers solutions to e-commerce and retail, media, and public sector industries.