New Relic, Inc. (NYSE:NEWR) COO Kristy Friedrichs Sells 2,673 Shares of Stock

New Relic, Inc. (NYSE:NEWR – Get Rating) COO Kristy Friedrichs sold 2,673 shares of the stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $84.05, for a total value of $224,665.65. Following the transaction, the chief operating officer now owns 15,698 shares of the company’s stock, valued at $1,319,416.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Kristy Friedrichs also recently made the following trade(s):

• On Monday, May 15th, Kristy Friedrichs sold 7,658 shares of New Relic stock. The stock was sold at an average price of $74.93, for a total value of $573,813.94.
• On Wednesday, May 3rd, Kristy Friedrichs sold 8,370 shares of New Relic stock. The stock was sold at an average price of $70.18, for a total value of $587,406.60.

New Relic Trading Down 1.6 %

Shares of NEWR opened at $83.48 on Tuesday. The stock has a market cap of $5.75 billion, a P/E ratio of -31.15 and a beta of 0.90. The stock’s 50-day moving average price is $73.25 and its two-hundred day moving average price is $65.81. New Relic, Inc. has a 1 year low of $42.40 and a 1 year high of $86.00.

Analyst Ratings Changes

NEWR has been the topic of several research analyst reports. Truist Financial increased their target price on New Relic from $55.00 to $65.00 in a report on Wednesday, February 8th. StockNews.com initiated coverage on New Relic in a report on Thursday, May 18th. They set a “buy” rating on the stock. Robert W. Baird increased their target price on New Relic from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, February 8th. DA Davidson began coverage on New Relic in a report on Wednesday, April 5th. They issued a “buy” rating and a $100.00 price target on the stock. Finally, Wedbush raised their price target on New Relic from $68.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, February 8th. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, New Relic has a consensus rating of “Moderate Buy” and a consensus price target of $79.14.

Institutional Investors Weigh In On New Relic

A number of hedge funds have recently modified their holdings of NEWR. Norges Bank acquired a new stake in shares of New Relic during the fourth quarter worth about $28,552,000. Jacobs Levy Equity Management Inc. raised its position in shares of New Relic by 1,029.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 553,958 shares of the software maker’s stock worth $31,786,000 after purchasing an additional 504,930 shares during the period. Senvest Management LLC raised its position in shares of New Relic by 55.8% during the fourth quarter. Senvest Management LLC now owns 1,146,711 shares of the software maker’s stock worth $64,732,000 after purchasing an additional 410,931 shares during the period. SQN Investors LP acquired a new stake in shares of New Relic during the fourth quarter worth about $21,225,000. Finally, Sunriver Management LLC raised its position in shares of New Relic by 71.9% during the third quarter. Sunriver Management LLC now owns 822,043 shares of the software maker’s stock worth $47,169,000 after purchasing an additional 343,853 shares during the period. Institutional investors and hedge funds own 83.56% of the company’s stock.

About New Relic

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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.