Strs Ohio cut its position in shares of New Relic Inc (NYSE:NEWR) by 6.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 19,200 shares of the software maker’s stock after selling 1,300 shares during the period. Strs Ohio’s holdings in New Relic were worth $1,109,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of New Relic by 7.7% during the 2nd quarter. Vanguard Group Inc. now owns 2,848,100 shares of the software maker’s stock valued at $122,497,000 after purchasing an additional 204,652 shares during the period. TimesSquare Capital Management LLC increased its position in shares of New Relic by 657.4% during the 3rd quarter. TimesSquare Capital Management LLC now owns 568,040 shares of the software maker’s stock valued at $28,288,000 after purchasing an additional 493,040 shares during the period. Peregrine Capital Management LLC increased its position in shares of New Relic by 3.5% during the 3rd quarter. Peregrine Capital Management LLC now owns 530,221 shares of the software maker’s stock valued at $26,405,000 after purchasing an additional 18,021 shares during the period. State Street Corp increased its position in shares of New Relic by 28.2% during the 2nd quarter. State Street Corp now owns 524,025 shares of the software maker’s stock valued at $22,538,000 after purchasing an additional 115,358 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new position in shares of New Relic during the 3rd quarter valued at $23,221,000. Institutional investors own 75.84% of the company’s stock.
A number of brokerages recently issued reports on NEWR. JMP Securities lifted their target price on New Relic from $54.00 to $56.00 and gave the stock a “market outperform” rating in a report on Wednesday, November 8th. JPMorgan Chase & Co. cut New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 target price on the stock. in a report on Tuesday, December 12th. Morgan Stanley lifted their target price on New Relic from $48.00 to $52.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 8th. BidaskClub cut New Relic from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. Finally, Needham & Company LLC began coverage on New Relic in a report on Monday, October 23rd. They issued a “buy” rating and a $69.00 target price on the stock. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $55.21.
In related news, CFO Mark Sachleben sold 5,000 shares of New Relic stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $52.98, for a total transaction of $264,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Robin Schulman sold 1,797 shares of New Relic stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $54.44, for a total value of $97,828.68. Following the sale, the vice president now directly owns 1,107 shares of the company’s stock, valued at approximately $60,265.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 145,140 shares of company stock valued at $8,307,748. 23.10% of the stock is currently owned by insiders.
Shares of New Relic Inc (NYSE:NEWR) opened at $58.43 on Tuesday. New Relic Inc has a 12-month low of $33.10 and a 12-month high of $62.81.
New Relic (NYSE:NEWR) last issued its earnings results on Tuesday, November 7th. The software maker reported ($0.06) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.04. The business had revenue of $84.68 million during the quarter, compared to analysts’ expectations of $82.98 million. New Relic had a negative return on equity of 29.19% and a negative net margin of 19.43%. New Relic’s revenue was up 33.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.09) earnings per share. equities research analysts predict that New Relic Inc will post -0.98 EPS for the current fiscal year.
New Relic 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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