New Relic Inc (NASDAQ:NEWR) hit a new 52-week low during mid-day trading on Tuesday following insider selling activity, MarketBeat Ratings reports. The company traded as low as $27.95 and last traded at $28.56, with a volume of 146,066 shares trading hands. The stock had previously closed at $28.79.

Specifically, CEO Lewis Cirne sold 48,000 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $39.51, for a total transaction of $1,896,480.00. Following the sale, the chief executive officer now directly owns 188 shares of the company’s stock, valued at $7,427.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Benchmark Capital Management C sold 31,035 shares of the company’s stock in a transaction dated Thursday, December 10th. The shares were sold at an average price of $36.50, for a total transaction of $1,132,777.50. The disclosure for this sale can be found here.

NEWR has been the topic of several recent research reports. Zacks Investment Research downgraded shares of New Relic from a “buy” rating to a “hold” rating in a report on Wednesday, October 7th. Oppenheimer reissued an “outperform” rating and issued a $42.00 price target on shares of New Relic in a report on Friday, November 13th. Needham & Company LLC started coverage on shares of New Relic in a report on Tuesday, November 17th. They issued a “buy” rating and a $47.00 price target on the stock. Goldman Sachs started coverage on shares of New Relic in a report on Friday, December 11th. They issued a “neutral” rating and a $40.00 price target on the stock. Finally, Cowen and Company started coverage on shares of New Relic in a report on Friday, December 11th. They issued a “hold” rating on the stock. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $44.27.

The company’s market cap is $1.40 billion. The firm has a 50-day moving average of $34.46 and a 200-day moving average of $36.06.

New Relic (NASDAQ:NEWR) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.05. The business earned $42.93 million during the quarter, compared to the consensus estimate of $41.20 million. During the same quarter in the previous year, the business posted ($0.15) earnings per share. New Relic’s quarterly revenue was up 69.3% compared to the same quarter last year. On average, equities analysts anticipate that New Relic Inc will post ($0.92) EPS for the current year.

An institutional investor recently bought a new position in New Relic stock. Essex Investment Management Co. LLC purchased a new position in shares of New Relic Inc (NASDAQ:NEWR) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,288 shares of the company’s stock, valued at approximately $266,000.

New Relic, Inc. (NASDAQ:NEWR) is a provider of enterprise software. The Company’s cloud-based platform and range of products enables organizations to collect, store and analyze software data in real time. The Company’s Software Analytics solution consists of an integrated suite of products, a data database and an open platform. Its products for technology users focus on software performance management and monitoring. New Relic offers an integrated suite of seven products, namely, New Relic APM, for application performance management; New Relic Mobile, mobile application performance management; New Relic Servers, for server monitoring for cloud and data centers; New Relic Browser, for end user experience monitoring and performance monitoring; New Relic Synthetics, for software testing through simulated usage; New Relic Plugins, plugins to extend its functionality into other applications, and New Relic Insights, for real-time big data analytics for business managers.

12 Month Chart for NASDAQ:NEWR

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