Saturday, June 25, 2022

Executive Chairman Cirne Lewis sale 30,000 shares of New Relic Inc. [NEWR]

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. New Relic Inc. shares valued at $1,517,963 were sold by Cirne Lewis on Jun 07. At $50.60 per share, Cirne Lewis sold 30,000 shares. The insider’s holdings dropped to 45,438 shares worth approximately $2.22 million following the completion of this transaction.

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Also, Cirne Lewis sold 2,000 shares, netting a total of over 92,963 in proceeds. Following the sale of shares at $46.48 each, the insider now holds 5,463,151 shares.

Before that, Friedrichs Kristy had sold 2,321 shares from its account. In a trade valued at $100,105, the Chief Operating Officer traded New Relic Inc. shares for $43.13 each. Upon closing the transaction, the insider’s holdings decreased to 2,321 shares, worth approximately $0.46 million.

As published in a research note from Needham on May 13, 2022, New Relic Inc. [NEWR] has been rated down from a Buy to a Hold. Analysts at Morgan Stanley upgraded the stock from ‘”an Equal-weight”‘ to ‘”an Overweight”‘ outlook in a report released in late January. As of November 09, 2021, JP Morgan has increased its “an Underweight” rating to a “an Overweight” for NEWR. Earlier on October 14, 2021, RBC Capital Mkts initiated its rating. Their recommendation was “a Sector perform” for NEWR stock.

Analyzing NEWR’s Price Performance

On Wednesday, New Relic Inc. [NYSE: NEWR] rose 6.23% to $48.93. The stock’s lowest price that day was $46.65, but it reached a high of $49.31 in the same session. During the last five days, there has been a surge of approximately 15.18%. Over the course of the year, New Relic Inc. shares have dropped approximately -55.50%. Shares of the company reached a 52-week high of $110.96 on 01/26/22 and a 52-week low of $41.66 on 05/13/22. A 50-day SMA is recorded $54.51, while a 200-day SMA reached $78.74. Nevertheless, trading volume fell to 1.37 million shares from 0.48 million shares the previous day.

Support And Resistance Levels for New Relic Inc. (NEWR)

According to the 24-hour chart, there is a support level at 47.28, which, if violated, would cause prices to drop to 45.64. In the upper region, resistance lies at 49.94. The next price resistance is at 50.96. RSI (Relative Strength Index) is 50.29 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.26, which suggests the price will decrease in the coming days. Percent R is at 35.96%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Which companies own the most shares of New Relic Inc. (NEWR)?

According to HMI Capital Management LP filings, the company currently owns 5,259,021 shares, which is about 7.86% of the total NEWR shares outstanding. The investor’s shares have plunged by 0 from its previous 13-F filing of 5259021.0 shares. With the completion of the buy, Eminence Capital LP’s stake is now worth $241,472,813. Matrix Capital Management Co. LP reduced a 0.00% interest valued at $234.3 million while The Vanguard Group, Inc. purchased a 54,608 stake. A total of 2,662,433 shares of New Relic Inc. were bought by JANA Partners LLC during the quarter, and -400,835 were sold by Champlain Investment Partners LLC. In its current portfolio, Wellington Management Co. LLP holds 2,294,043 shares valued at $107.5 million.

In terms of New Relic Inc. share price expectations, FactSet research, analysts set an average price target of $62.38 in the next 12 months, up nearly 40.03% from the previous closing price of $46.06. Analysts anticipate New Relic Inc. stock to reach $85.00 by 2022, with the lowest price target being $45.00. In spite of this, 13 analysts ranked New Relic Inc. stock as an Overweight at the end of 2022. On February 05, 2021, UBS assigned a price target of “a Neutral” to the stock and downgraded coverage with a $76.

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