Nationwide Fund Advisors raised its position in New Relic Inc (NYSE:NEWR) by 166.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,321 shares of the software maker’s stock after acquiring an additional 27,695 shares during the quarter. Nationwide Fund Advisors owned approximately 0.08% of New Relic worth $2,207,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Voya Investment Management LLC lifted its holdings in New Relic by 58.2% in the second quarter. Voya Investment Management LLC now owns 13,072 shares of the software maker’s stock valued at $562,000 after acquiring an additional 4,807 shares during the period. AXA lifted its holdings in New Relic by 9.0% in the second quarter. AXA now owns 158,000 shares of the software maker’s stock valued at $6,796,000 after acquiring an additional 13,000 shares during the period. JPMorgan Chase & Co. lifted its holdings in New Relic by 31.3% in the second quarter. JPMorgan Chase & Co. now owns 94,229 shares of the software maker’s stock valued at $4,052,000 after acquiring an additional 22,460 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in New Relic in the second quarter valued at about $1,734,000. Finally, Ardsley Advisory Partners bought a new position in New Relic in the second quarter valued at about $430,000. 76.45% of the stock is currently owned by institutional investors.
Several research analysts have recently commented on NEWR shares. BidaskClub downgraded New Relic from a “strong-buy” rating to a “buy” rating in a research note on Monday, September 18th. KeyCorp started coverage on New Relic in a research note on Tuesday, September 19th. They issued an “overweight” rating and a $52.00 price objective on the stock. Oppenheimer reaffirmed a “buy” rating and issued a $50.00 price objective on shares of New Relic in a research note on Tuesday, September 19th. Zacks Investment Research raised New Relic from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a research note on Wednesday, October 4th. Finally, Needham & Company LLC started coverage on New Relic in a research note on Monday, October 23rd. They issued a “buy” rating and a $69.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. New Relic presently has a consensus rating of “Buy” and a consensus target price of $55.21.
Shares of New Relic Inc (NYSE:NEWR) traded up $1.05 on Friday, reaching $60.39. The company had a trading volume of 286,631 shares, compared to its average volume of 453,649. The company has a market cap of $3,267.40, a P/E ratio of -53.92 and a beta of 1.03. New Relic Inc has a 52 week low of $30.01 and a 52 week high of $60.85.
New Relic (NYSE:NEWR) last issued its earnings results on Tuesday, November 7th. The software maker reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. The company had revenue of $84.68 million for 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%. The firm’s quarterly revenue was up 33.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.09) EPS. equities analysts predict that New Relic Inc will post -0.98 EPS for the current fiscal year.
In other news, CEO Lewis Cirne sold 33,000 shares of New Relic stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $51.15, for a total value of $1,687,950.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Sachleben sold 10,000 shares of New Relic stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $59.12, for a total value of $591,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 178,139 shares of company stock valued at $9,936,095 in the last 90 days. 23.10% of the stock is currently owned by company insiders.
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New Relic Company Profile
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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