New Relic, Inc. (NYSE:NEWR)’s share price dropped 5.5% on Wednesday following insider selling activity. The company traded as low as $56.36 and last traded at $56.73. Approximately 864,300 shares changed hands during trading, an increase of 85% from the average daily volume of 466,511 shares. The stock had previously closed at $60.00.

Specifically, insider James R. Gochee sold 4,000 shares of New Relic stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $56.85, for a total transaction of $227,400.00. Following the transaction, the insider now owns 337,074 shares in the company, valued at approximately $19,162,656.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Sachleben sold 836 shares of the business’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $48.31, for a total transaction of $40,387.16. Following the completion of the sale, the chief financial officer now owns 2,203 shares in the company, valued at $106,426.93. The disclosure for this sale can be found here. In the last quarter, insiders have sold 185,591 shares of company stock worth $9,860,912. Insiders own 23.10% of the company’s stock.

Several analysts recently issued reports on NEWR shares. BidaskClub upgraded shares of New Relic from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. Robert W. Baird set a $55.00 price objective on shares of New Relic and gave the company a “buy” rating in a report on Monday, September 11th. KeyCorp started coverage on shares of New Relic in a report on Tuesday, September 19th. They issued an “overweight” rating and a $52.00 price objective on the stock. Oppenheimer restated a “buy” rating and issued a $50.00 price objective on shares of New Relic in a report on Tuesday, September 19th. Finally, Zacks Investment Research upgraded shares of New Relic from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a report on Wednesday, October 4th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. New Relic currently has an average rating of “Buy” and an average price target of $54.23.

New Relic (NYSE:NEWR) last released its earnings results on Tuesday, November 7th. The software maker reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. The company had revenue of $84.68 million during the quarter, compared to the consensus estimate of $82.98 million. New Relic had a negative return on equity of 29.19% and a negative net margin of 19.43%. New Relic’s revenue was up 33.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.09) EPS. equities analysts predict that New Relic, Inc. will post -0.98 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. D.A. Davidson & CO. grew its position in New Relic by 1.8% in the 2nd quarter. D.A. Davidson & CO. now owns 7,907 shares of the software maker’s stock valued at $340,000 after acquiring an additional 142 shares in the last quarter. Macquarie Group Ltd. grew its position in New Relic by 0.8% in the 2nd quarter. Macquarie Group Ltd. now owns 41,109 shares of the software maker’s stock valued at $1,768,000 after acquiring an additional 313 shares in the last quarter. Suntrust Banks Inc. grew its position in New Relic by 4.8% in the 2nd quarter. Suntrust Banks Inc. now owns 9,582 shares of the software maker’s stock valued at $411,000 after acquiring an additional 442 shares in the last quarter. Teachers Advisors LLC grew its position in New Relic by 1.4% in the 1st quarter. Teachers Advisors LLC now owns 58,125 shares of the software maker’s stock valued at $2,155,000 after acquiring an additional 811 shares in the last quarter. Finally, Ameritas Investment Partners Inc. grew its position in New Relic by 50.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock valued at $111,000 after acquiring an additional 862 shares in the last quarter. 77.16% of the stock is owned by institutional investors.

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About New Relic

New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.

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