New Relic Target of Unusually High Options Trading (NYSE:NEWR)

New Relic Inc (NYSE:NEWR) was the recipient of some unusual options trading on Tuesday. Traders purchased 2,554 call options on the company. This is an increase of 1,327% compared to the average daily volume of 179 call options.

NEWR has been the subject of several recent research reports. DA Davidson reissued a “buy” rating on shares of New Relic in a research report on Thursday, February 7th. JPMorgan Chase & Co. increased their price target on New Relic to $114.00 and gave the company an “overweight” rating in a research report on Thursday, February 7th. Oppenheimer upped their price objective on New Relic from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, February 7th. Wedbush restated an “outperform” rating and issued a $124.00 price objective on shares of New Relic in a research note on Wednesday, February 27th. Finally, Deutsche Bank upped their price objective on New Relic to $120.00 and gave the company a “buy” rating in a research note on Thursday, February 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $117.42.

Shares of NYSE NEWR traded down $1.46 during trading hours on Friday, reaching $100.32. 962,282 shares of the stock were exchanged, compared to its average volume of 799,889. The firm has a market cap of $5.83 billion, a P/E ratio of -323.61 and a beta of 1.03. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 1.16. New Relic has a 52 week low of $70.30 and a 52 week high of $114.78.

New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, May 14th. The software maker reported $0.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.07. The company had revenue of $132.10 million for the quarter, compared to analyst estimates of $128.19 million. New Relic had a negative return on equity of 6.57% and a negative net margin of 8.53%. The firm’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 earnings per share. Analysts forecast that New Relic will post -0.56 EPS for the current year.

In other news, insider James R. Gochee sold 4,000 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $105.88, for a total transaction of $423,520.00. Following the completion of the transaction, the insider now directly owns 293,234 shares of the company’s stock, valued at $31,047,615.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Erica Schultz sold 2,500 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $96.92, for a total value of $242,300.00. Following the transaction, the executive now directly owns 26,626 shares of the company’s stock, valued at $2,580,591.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 162,550 shares of company stock valued at $16,278,096. Insiders own 20.40% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc increased its stake in New Relic by 11.5% during the 3rd quarter. Vanguard Group Inc now owns 4,552,159 shares of the software maker’s stock worth $428,950,000 after acquiring an additional 468,506 shares during the period. Vanguard Group Inc. increased its stake in New Relic by 11.5% during the 3rd quarter. Vanguard Group Inc. now owns 4,552,159 shares of the software maker’s stock worth $428,950,000 after acquiring an additional 468,506 shares during the period. BlackRock Inc. increased its stake in New Relic by 2.3% during the 1st quarter. BlackRock Inc. now owns 3,880,134 shares of the software maker’s stock worth $382,970,000 after acquiring an additional 87,904 shares during the period. Clearbridge Investments LLC increased its stake in New Relic by 1.6% during the 1st quarter. Clearbridge Investments LLC now owns 1,495,239 shares of the software maker’s stock worth $147,580,000 after acquiring an additional 23,079 shares during the period. Finally, Baillie Gifford & Co. increased its stake in New Relic by 1.4% during the 1st quarter. Baillie Gifford & Co. now owns 1,018,161 shares of the software maker’s stock worth $100,492,000 after acquiring an additional 14,416 shares during the period. Institutional investors own 79.56% of the company’s stock.

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New Relic Company Profile

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

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