In yesterday’s Wall Street session, New Relic Inc. (NYSE:NEWR) shares traded at $57.92, up 2.15% from the previous session.
NEWR stock price is now 2.80% away from the 50-day moving average and 1.10% away from the 200-day moving average. The market capitalization of the company currently stands at $3.87B.
With the price target reduced from $80 to $55, Truist Downgraded its rating from Buy to Hold for New Relic Inc. (NYSE: NEWR). On December 15, 2022, Wedbush recently initiated its ‘Neutral’ rating on the stock quoting a target price of $68, while ‘JP Morgan’ rates the stock as ‘Neutral’.
In other news, Cirne Lewis, Executive Chairman sold 25,000 shares of the company’s stock on Jan 06. The stock was sold for $1,363,776 at an average price of $54.55. Upon completion of the transaction, the Executive Chairman now directly owns 50,477 shares in the company, valued at $2.92 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Dec 06, Executive Chairman Cirne Lewis sold 30,000 shares of the business’s stock. A total of $1,609,485 was realized by selling the stock at an average price of $53.65. This leaves the insider owning 50,477 shares of the company worth $2.92 million. Insiders disposed of 1,083,038 shares of company stock worth roughly $62.73 million over the past 1 year. A total of 0.30% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in NEWR stock. A new stake in New Relic Inc. shares was purchased by GLENVIEW CAPITAL MANAGEMENT, LLC during the first quarter worth $9,314,000. RUSSELL INVESTMENTS GROUP, LTD. invested $7,011,000 in shares of NEWR during the first quarter. In the first quarter, HUDSON BAY CAPITAL MANAGEMENT LP acquired a new stake in New Relic Inc. valued at approximately $5,969,000. GREAT WEST LIFE ASSURANCE CO /CAN/ acquired a new stake in NEWR for approximately $5,052,000. 13D MANAGEMENT LLC purchased a new stake in NEWR valued at around $4,946,000 in the second quarter. In total, there are 319 active investors with 85.80% ownership of the company’s stock.
On Friday morning New Relic Inc. (NYSE: NEWR) stock kicked off with the opening price of $56.93. During the past 12 months, New Relic Inc. has had a low of $41.66 and a high of $110.96. As of last week, the company has a debt-to-equity ratio of 1.54, a current ratio of 1.10, and a quick ratio of 1.10. The fifty day moving average price for NEWR is $56.48 and a two-hundred day moving average price translates $57.23 for the stock.
The latest earnings results from New Relic Inc. (NYSE: NEWR) was released for Jun, 2022. According to the Software – Infrastructure Company, earnings per share came in at -$0.26, beating analysts’ expectations of -$0.36 by 0.1. This compares to -$0.75 EPS in the same period last year. The net profit margin was -25.20% and return on equity was -66.60% for NEWR. The company reported revenue of $226.91 million for the quarter, compared to $195.69 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 15.95 percent. For the current quarter, analysts expect NEWR to generate $221.53M in revenue.
New Relic Inc.(NEWR) 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.