New Relic (NYSE:NEWR) Shares Gap Down After Analyst Downgrade

New Relic, Inc. (NYSE:NEWR – Get Rating)’s stock price gapped down before the market opened on Wednesday after DA Davidson lowered their price target on the stock from $100.00 to $95.00. The stock had previously closed at $82.51, but opened at $75.50. DA Davidson currently has a buy rating on the stock. New Relic shares last traded at $77.20, with a volume of 261,091 shares traded.

Other research analysts also recently issued reports about the company. Cowen increased their price objective on New Relic from $63.00 to $73.00 and gave the stock a “market perform” rating in a report on Wednesday, February 8th. Canaccord Genuity Group increased their price target on New Relic from $74.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, February 9th. StockNews.com initiated coverage on New Relic in a research report on Thursday, May 18th. They set a “buy” rating for the company. Royal Bank of Canada increased their price target on New Relic from $55.00 to $75.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 8th. Finally, Robert W. Baird raised their price objective on New Relic from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, February 8th. Seven analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $79.80.

Insider Buying and Selling

In other New Relic news, CEO William Staples sold 23,613 shares of the firm’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 transaction, the chief executive officer now owns 104,368 shares in the company, valued at approximately $7,325,589.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other New Relic news, CFO David Barter sold 8,663 shares of New Relic stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $70.19, for a total transaction of $608,055.97. Following the transaction, the chief financial officer now directly owns 17,590 shares of the company’s stock, valued at approximately $1,234,642.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Staples sold 23,613 shares of New Relic stock in a transaction dated 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 transaction, the chief executive officer now directly owns 104,368 shares in the company, valued at $7,325,589.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 106,191 shares of company stock valued at $30,457,526. Insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NEWR. Belpointe Asset Management LLC acquired a new position in shares of New Relic in the 4th quarter valued at about $29,000. Bourgeon Capital Management LLC acquired a new position in shares of New Relic in the 4th quarter valued at about $42,000. PNC Financial Services Group Inc. lifted its stake in shares of New Relic by 78.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 901 shares of the software maker’s stock valued at $51,000 after purchasing an additional 396 shares during the period. SRS Capital Advisors Inc. acquired a new position in shares of New Relic in the 1st quarter valued at about $75,000. Finally, Iron Horse Wealth Management LLC acquired a new position in shares of New Relic in the 4th quarter valued at about $66,000. 83.56% of the stock is owned by institutional investors and hedge funds.

New Relic Stock Performance

The company has a market capitalization of $5.49 billion, a price-to-earnings ratio of -29.76 and a beta of 0.90. The business has a 50 day moving average price of $73.65 and a 200-day moving average price of $66.11.

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.