Rhumbline Advisers decreased its holdings in shares of New Relic Inc (NYSE:NEWR) by 11.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,958 shares of the software maker’s stock after selling 3,723 shares during the period. Rhumbline Advisers owned about 0.05% of New Relic worth $1,731,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Essex Investment Management Co. LLC lifted its stake in New Relic by 12.4% during the fourth quarter. Essex Investment Management Co. LLC now owns 11,279 shares of the software maker’s stock worth $652,000 after purchasing an additional 1,248 shares during the period. American International Group Inc. lifted its stake in New Relic by 8.1% during the third quarter. American International Group Inc. now owns 19,656 shares of the software maker’s stock worth $979,000 after purchasing an additional 1,470 shares during the period. Macquarie Group Ltd. lifted its stake in New Relic by 3.9% during the third quarter. Macquarie Group Ltd. now owns 42,696 shares of the software maker’s stock worth $2,126,000 after purchasing an additional 1,587 shares during the period. Crow Point Partners LLC bought a new position in New Relic during the fourth quarter worth about $113,000. Finally, Swiss National Bank lifted its stake in New Relic by 5.5% during the fourth quarter. Swiss National Bank now owns 55,697 shares of the software maker’s stock worth $3,218,000 after purchasing an additional 2,900 shares during the period. Hedge funds and other institutional investors own 75.77% of the company’s stock.
NEWR stock opened at $76.64 on Friday. New Relic Inc has a one year low of $35.61 and a one year high of $79.08.
New Relic (NYSE:NEWR) last posted its earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.12. New Relic had a negative net margin of 16.17% and a negative return on equity of 25.22%. The company had revenue of $91.83 million during the quarter, compared to analysts’ expectations of $89.31 million. During the same quarter in the previous year, the company posted ($0.09) earnings per share. New Relic’s quarterly revenue was up 34.8% compared to the same quarter last year. equities analysts forecast that New Relic Inc will post -0.77 earnings per share for the current fiscal year.
In related news, CFO Mark Sachleben sold 763 shares of the business’s stock in a transaction that occurred on Friday, March 16th. The shares were sold at an average price of $75.90, for a total value of $57,911.70. Following the completion of the transaction, the chief financial officer now owns 2,203 shares in the company, valued at approximately $167,207.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Robin Schulman sold 2,318 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $62.81, for a total transaction of $145,593.58. Following the completion of the transaction, the vice president now owns 2,895 shares of the company’s stock, valued at approximately $181,834.95. The disclosure for this sale can be found here. Insiders sold 315,422 shares of company stock valued at $21,118,823 in the last quarter. 23.10% of the stock is currently owned by corporate insiders.
NEWR has been the subject of a number of analyst reports. JPMorgan Chase & Co. cut shares of New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price target for the company. in a research note on Tuesday, December 12th. BMO Capital Markets initiated coverage on shares of New Relic in a research note on Friday, January 12th. They set a “market perform” rating and a $68.00 price target for the company. Stephens raised their price target on shares of New Relic from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Robert W. Baird lifted their target price on shares of New Relic from $65.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Finally, Needham & Company LLC lifted their target price on shares of New Relic from $69.00 to $73.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $65.79.
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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