Cim Investment Mangement Inc. raised its position in New Relic Inc (NYSE:NEWR) by 95.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,317 shares of the software maker’s stock after acquiring an additional 2,595 shares during the quarter. Cim Investment Mangement Inc.’s holdings in New Relic were worth $431,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of NEWR. Vanguard Group Inc grew its position in New Relic by 11.5% in the third quarter. Vanguard Group Inc now owns 4,552,159 shares of the software maker’s stock valued at $428,950,000 after acquiring an additional 468,506 shares in the last quarter. Vanguard Group Inc. grew its position in New Relic by 11.5% in the third quarter. Vanguard Group Inc. now owns 4,552,159 shares of the software maker’s stock valued at $428,950,000 after acquiring an additional 468,506 shares in the last quarter. Deutsche Bank AG grew its position in New Relic by 49.2% in the third quarter. Deutsche Bank AG now owns 1,207,036 shares of the software maker’s stock valued at $113,736,000 after acquiring an additional 398,250 shares in the last quarter. BlackRock Inc. grew its position in New Relic by 11.8% in the third quarter. BlackRock Inc. now owns 3,676,730 shares of the software maker’s stock valued at $346,458,000 after acquiring an additional 388,420 shares in the last quarter. Finally, Alliancebernstein L.P. grew its position in New Relic by 20.6% in the third quarter. Alliancebernstein L.P. now owns 1,831,207 shares of the software maker’s stock valued at $172,555,000 after acquiring an additional 312,460 shares in the last quarter. 78.46% of the stock is owned by institutional investors.
In related news, CEO Lewis Cirne sold 89,000 shares of the firm’s stock in a transaction on Tuesday, December 4th. The stock was sold at an average price of $84.76, for a total transaction of $7,543,640.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider James R. Gochee sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $83.64, for a total value of $334,560.00. Following the transaction, the insider now owns 302,946 shares in the company, valued at $25,338,403.44. The disclosure for this sale can be found here. Insiders have sold 271,647 shares of company stock worth $22,310,926 over the last 90 days. 20.40% of the stock is currently owned by company insiders.
Several equities analysts have recently commented on the company. Oppenheimer increased their target price on New Relic from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday. Deutsche Bank increased their target price on New Relic to $120.00 and gave the company a “buy” rating in a research note on Thursday. DA Davidson reiterated a “buy” rating on shares of New Relic in a research note on Thursday. Wedbush reiterated an “outperform” rating and set a $124.00 target price (up from $116.00) on shares of New Relic in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their target price on New Relic to $114.00 and gave the company an “overweight” rating in a research note on Thursday. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. New Relic has an average rating of “Buy” and a consensus price target of $110.14.
New Relic stock opened at $103.21 on Monday. The company has a market cap of $5.92 billion, a PE ratio of -139.47 and a beta of 1.05. The company has a debt-to-equity ratio of 1.23, a current ratio of 3.53 and a quick ratio of 3.53. New Relic Inc has a 52 week low of $62.40 and a 52 week high of $114.78.
New Relic (NYSE:NEWR) last released its earnings results on Wednesday, February 6th. The software maker reported ($0.07) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.03. The company had revenue of $124.00 million during the quarter, compared to analysts’ expectations of $120.18 million. New Relic had a negative return on equity of 6.08% and a negative net margin of 6.96%. The business’s revenue was up 35.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.05 EPS. As a group, analysts forecast that New Relic Inc will post -0.36 earnings per share for the current year.
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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.
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