Ancora Advisors LLC Takes Position in New Relic Inc (NEWR)

Ancora Advisors LLC purchased a new stake in shares of New Relic Inc (NYSE:NEWR) in the third quarter, HoldingsChannel.com reports. The institutional investor purchased 1,600 shares of the software maker’s stock, valued at approximately $151,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NEWR. Tower Research Capital LLC TRC boosted its stake in shares of New Relic by 95.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,198 shares of the software maker’s stock worth $121,000 after acquiring an additional 584 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of New Relic by 84.7% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,293 shares of the software maker’s stock worth $133,000 after acquiring an additional 593 shares in the last quarter. First Quadrant L P CA bought a new stake in shares of New Relic during the 3rd quarter worth $139,000. CIBC Asset Management Inc bought a new stake in shares of New Relic during the 2nd quarter worth $200,000. Finally, Congress Park Capital LLC bought a new stake in shares of New Relic during the 2nd quarter worth $231,000. 77.28% of the stock is owned by hedge funds and other institutional investors.

NEWR opened at $83.16 on Friday. The firm has a market capitalization of $4.73 billion, a PE ratio of -112.38 and a beta of 0.80. New Relic Inc has a 12-month low of $56.01 and a 12-month high of $114.78. The company has a quick ratio of 3.81, a current ratio of 3.81 and a debt-to-equity ratio of 1.25.

New Relic (NYSE:NEWR) last released its earnings results on Tuesday, November 6th. The software maker reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.03). The business had revenue of $114.90 million during the quarter, compared to analysts’ expectations of $112.26 million. New Relic had a negative net margin of 6.93% and a negative return on equity of 7.97%. New Relic’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.06) EPS. Sell-side analysts anticipate that New Relic Inc will post -0.37 EPS for the current fiscal year.

In related news, CRO Erica Schultz sold 382 shares of the stock in a transaction on Friday, November 23rd. The stock was sold at an average price of $75.16, for a total transaction of $28,711.12. Following the completion of the sale, the executive now directly owns 23,881 shares in the company, valued at $1,794,895.96. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider James R. Gochee sold 4,000 shares of the stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $109.38, for a total value of $437,520.00. Following the sale, the insider now owns 310,459 shares of the company’s stock, valued at $33,958,005.42. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 444,866 shares of company stock valued at $40,331,341. 20.40% of the stock is owned by corporate insiders.

Several research firms have recently weighed in on NEWR. Zacks Investment Research lowered New Relic from a “buy” rating to a “hold” rating in a research note on Wednesday, November 14th. DA Davidson raised New Relic from a “neutral” rating to a “buy” rating and set a $105.00 price objective for the company in a research note on Tuesday, October 23rd. They noted that the move was a valuation call. ValuEngine lowered New Relic from a “buy” rating to a “hold” rating in a report on Tuesday, November 6th. TheStreet upgraded New Relic from a “d” rating to a “c” rating in a report on Thursday, August 23rd. Finally, BMO Capital Markets reduced their target price on New Relic from $117.00 to $110.00 and set an “outperform” rating for the company in a report on Wednesday, November 7th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $103.47.

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About New Relic

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

Further Reading: How can you know how many shares are floating?

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Institutional Ownership by Quarter for New Relic (NYSE:NEWR)

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