New Relic leaps on report co exploring potential sale amid PE interest

New Relic

20/07/2022 20:56

** New Relic Inc's  NEWR.N  shares leaping 17.5% to $61.53,
highest since May 5, on report cloud software firm exploring
potential sale following interest from private equity firms
    ** NEWR, targeted by activist hedge fund Jana Partners, in
talks to hire advisers to explore options that would include a
sale, sources told Reuters, cautioning that no deal is certain
 urn:newsml:reuters.com:*:nL1N2Z02MZ
    ** NEWR's shares have fallen ~60% from their Nov record
highs through close on Tues for roughly $3.5 bln market cap, per
Refinitiv data
    ** Last month, NEWR appointed Kevin Galligan, a partner at
Jana, to its board, and Jana disclosed bumping its stake in co
to 5.3%
    ** NEWR trading volume on Weds of 2,875,182 shares compares
to stock's 10-DMA of 534,577, per Refinitiv
    

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))