New Relic (NYSE:NEWR) Stock Price Down 3% Following Insider Selling

New Relic, Inc. (NYSE:NEWR – Get Rating)’s share price dropped 3% on Tuesday following insider selling activity. The stock traded as low as $79.70 and last traded at $81.01. Approximately 185,566 shares changed hands during trading, a decline of 70% from the average daily volume of 610,412 shares. The stock had previously closed at $83.48.

Specifically, insider Thomas J. Lloyd sold 2,794 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $70.20, for a total transaction of $196,138.80. Following the transaction, the insider now directly owns 6,729 shares in the company, valued at $472,375.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other New Relic news, insider Thomas J. Lloyd sold 2,794 shares of the company’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $70.20, for a total value of $196,138.80. Following the sale, the insider now owns 6,729 shares of the company’s stock, valued at $472,375.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Lewis Cirne sold 15,000 shares of the company’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $1,590.36, for a total transaction of $23,855,400.00. Following the completion of the sale, the chairman now directly owns 5,143,438 shares in the company, valued at approximately $8,179,918,057.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 106,191 shares of company stock worth $30,457,526. 21.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of New Relic from $62.00 to $88.00 and gave the company a “market perform” rating in a research report on Thursday, February 9th. Canaccord Genuity Group boosted their price objective on shares of New Relic from $74.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, February 9th. Royal Bank of Canada upped their price target on shares of New Relic from $55.00 to $75.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 8th. Truist Financial increased their price objective on shares of New Relic from $55.00 to $65.00 in a research report on Wednesday, February 8th. Finally, Cowen upped their target price on shares of New Relic from $63.00 to $73.00 and gave the company a “market perform” rating in a research note on Wednesday, February 8th. Seven analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, New Relic has an average rating of “Moderate Buy” and a consensus target price of $79.14.

New Relic Stock Down 1.2 %

The stock’s 50-day moving average is $73.47 and its 200-day moving average is $66.01. The firm has a market cap of $5.68 billion, a P/E ratio of -30.79 and a beta of 0.90.

Institutional Investors Weigh In On New Relic

A number of hedge funds have recently added to or reduced their stakes in NEWR. Eminence Capital LP grew its stake in shares of New Relic by 1.9% during the 3rd quarter. Eminence Capital LP now owns 5,684,328 shares of the software maker’s stock worth $326,167,000 after acquiring an additional 105,092 shares in the last quarter. Vanguard Group Inc. raised its stake in New Relic by 1.0% in the first quarter. Vanguard Group Inc. now owns 4,973,747 shares of the software maker’s stock valued at $332,645,000 after purchasing an additional 49,388 shares in the last quarter. Engaged Capital LLC raised its stake in New Relic by 7.3% in the fourth quarter. Engaged Capital LLC now owns 2,607,819 shares of the software maker’s stock valued at $147,211,000 after purchasing an additional 177,449 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in New Relic by 0.6% in the fourth quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,117,122 shares of the software maker’s stock valued at $119,512,000 after acquiring an additional 13,148 shares during the last quarter. Finally, Clearbridge Investments LLC grew its position in New Relic by 0.7% in the first quarter. Clearbridge Investments LLC now owns 1,947,553 shares of the software maker’s stock valued at $146,631,000 after acquiring an additional 13,380 shares during the last quarter. Institutional investors 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.