Oak Ridge Investments LLC trimmed its stake in shares of New Relic Inc (NYSE:NEWR) by 6.6% in the 1st quarter, HoldingsChannel reports. The firm owned 72,372 shares of the software maker’s stock after selling 5,105 shares during the period. Oak Ridge Investments LLC’s holdings in New Relic were worth $7,143,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NEWR. Vanguard Group Inc grew its stake in New Relic by 11.5% during the 3rd quarter. Vanguard Group Inc now owns 4,552,159 shares of the software maker’s stock worth $428,950,000 after purchasing an additional 468,506 shares in the last quarter. Norges Bank acquired a new position in New Relic during the 4th quarter worth $32,845,000. Fiera Capital Corp acquired a new position in New Relic during the 4th quarter worth $23,724,000. Assenagon Asset Management S.A. grew its stake in New Relic by 419.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 351,856 shares of the software maker’s stock worth $34,728,000 after purchasing an additional 284,169 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in New Relic by 100.8% during the 1st quarter. JPMorgan Chase & Co. now owns 506,340 shares of the software maker’s stock worth $49,975,000 after purchasing an additional 254,231 shares in the last quarter. 82.89% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:NEWR traded up $2.44 on Friday, hitting $98.22. 745,131 shares of the company’s stock were exchanged, compared to its average volume of 792,498. The stock has a market cap of $5.71 billion, a P/E ratio of -316.84 and a beta of 1.03. New Relic Inc has a 1-year low of $70.30 and a 1-year high of $114.78. The company has a debt-to-equity ratio of 1.16, a quick ratio of 2.90 and a current ratio of 2.90.
New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, May 14th. The software maker reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.07. The business had revenue of $132.10 million during the quarter, compared to analysts’ expectations of $128.19 million. New Relic had a negative return on equity of 6.57% and a negative net margin of 8.53%. The business’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.09 EPS. On average, equities research analysts predict that New Relic Inc will post -0.56 EPS for the current year.
Several research analysts have recently issued reports on NEWR shares. Robert W. Baird upped their price objective on New Relic from $115.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 6th. Zacks Investment Research cut New Relic from a “buy” rating to a “hold” rating in a research report on Wednesday, April 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $131.00 price objective (up from $129.00) on shares of New Relic in a research report on Wednesday, May 15th. Wedbush reaffirmed an “outperform” rating and set a $124.00 price objective on shares of New Relic in a research report on Wednesday, May 15th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $118.00 price objective (up from $110.00) on shares of New Relic in a research report on Thursday, February 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. New Relic currently has a consensus rating of “Buy” and an average target price of $117.42.
In other news, CRO Erica Schultz sold 3,680 shares of the business’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $100.82, for a total value of $371,017.60. Following the completion of the sale, the executive now directly owns 24,676 shares of the company’s stock, valued at approximately $2,487,834.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James R. Gochee sold 4,000 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $105.88, for a total value of $423,520.00. Following the completion of the sale, the insider now directly owns 293,234 shares of the company’s stock, valued at $31,047,615.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 162,550 shares of company stock valued at $16,278,096. Insiders own 20.40% of the company’s stock.
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New Relic Company Profile
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.
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