New Relic stock (NEWR:NYE) has a consensus rating of “Buy” and an average price target of $68.19, according to Stock Target Advisor.
New Relic Stock-Analyst Ratings:
Wedbush initiated coverage of New Relic stock in a research note on December 14th. They assigned the company a “neutral” rating and a $68.00 price target.
In research released on Thursday, October 20th, Morgan Stanley dropped their target price for New Relic from $70.00 to $67.00 and assigned the company an “equal weight” rating.
Tuesday, November 15th, Cowen lowered their price target on New Relic to $63.00 in a research report.
In a report published on Wednesday, November 9th, Canaccord Genuity Group decreased their price objective on New Relic from $81.00 to $74.00 and set a “buy” rating on the stock.
In a report dated October 3rd, JPMorgan Chase & Co. commenced coverage on shares of New Relic. They assigned the business a “neutral” rating and a $57.00 price target.
New Relic Stock Price Declining 0.1%
Wednesday’s trading saw a $0.07 decrease in the price of New Relic stock, which closed at $57.50. 232,166 shares of the stock changed hands, compared to its average volume of 846,600 shares.
The 52-week low for New Relic is $41.66 and the 52-week high is $112.82. The stock’s 50-day and 200-day simple moving averages are $56.60 and $57.00, respectively.
The company’s market capitalization is $3.93 billion, its P/E ratio is -17.64, and its beta is 0.88.
Insider Transactions:
In related news, insider Thomas J. Lloyd sold 1,527 shares of New Relic stock on Wednesday, November 16th. At an average price of $58.04, the shares were sold for a total of $88,627.08. Following the sale, the insider now owns 16,960 shares of New Relic stock worth approximately $984,358.40.
In other news, Chief Financial Officer David Barter sold 1,772 shares of the company’s stock on November 16th. At an average price of $58.04, the stock was sold for a total of $102,846.88. As a result of this transaction, the chief financial officer now directly owns 3,201 shares of the company’s stock worth $185,786.04.
In the past 90 days, insiders have sold a total of 625,940 shares of company stock worth $37,236,121.
Currently, 21.00% of the New Relic stock is owned by corporate insiders.
Hedge Funds & Institutional Holdings:
Recently, institutional investors have bought and sold shares in the company.
In the second quarter, Sachem Head Capital Management LP acquired a new stake in New Relic valued at $74,324,000.
During the first quarter, Jana Partners LLC acquired a new position in New Relic shares valued at approximately $57,964,000.
In the second quarter, Assenagon Asset Management S.A. increased its holdings of New Relic shares by 2,740.0%. After purchasing an additional 797,909 shares during the period, Assenagon Asset Management S.A. now holds 827,030 shares of the New Relic stock worth $41,393,000.
In the third quarter, Jacobs Levy Equity Management Inc. increased its holdings in New Relic shares by 1,029.9%. Jacobs Levy Equity Management Inc. now holds 553,958 shares of the software developer’s stock, valued at $31,786,000, after acquiring an additional 504,930 shares in the last recent quarter.
In the second quarter, Kettle Hill Capital Management LLC acquired a new stake in New Relic worth approximately $23,972,000.
Institutional investors and hedge funds hold 87.21% of the New Relic stock.
Company Profile:
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.
The company’s platform also provides New Relic Instant Observability, an open-source ecosystem of quickstarts that delivers pre-built integrations, dashboards, and alerts for approximately 450 technologies and frameworks; and supports custom app development through common open-source frameworks, a library of existing applications, and a development environment.
It sells its products through direct sales organizations, and online and offline sales in the United States and internationally. New Relic, Inc. was founded in 2007 and is headquartered in San Francisco, California.
