Nippon Life Global Investors Americas Inc. purchased a new position in New Relic (NYSE:NEWR) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,960 shares of the software maker’s stock, valued at approximately $368,000.
A number of other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in New Relic by 15.4% in the first quarter. BlackRock Inc. now owns 2,556,605 shares of the software maker’s stock worth $189,496,000 after purchasing an additional 340,747 shares during the period. Columbus Circle Investors purchased a new stake in New Relic in the first quarter worth about $5,950,000. EULAV Asset Management grew its holdings in New Relic by 75.4% in the first quarter. EULAV Asset Management now owns 23,500 shares of the software maker’s stock worth $1,742,000 after purchasing an additional 10,100 shares during the period. Quantum Capital Management purchased a new stake in New Relic in the first quarter worth about $210,000. Finally, Engineers Gate Manager LP purchased a new stake in New Relic in the first quarter worth about $3,368,000. 75.30% of the stock is owned by institutional investors.
In related news, CRO Erica Schultz sold 2,429 shares of the firm’s stock in a transaction that occurred on Friday, May 18th. The shares were sold at an average price of $91.31, for a total value of $221,791.99. Following the sale, the executive now owns 19,357 shares in the company, valued at $1,767,487.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Sachleben sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 8th. The stock was sold at an average price of $75.37, for a total transaction of $565,275.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 360,262 shares of company stock worth $27,281,441. Corporate insiders own 23.10% of the company’s stock.
New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, May 8th. The software maker reported $0.09 EPS for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.04. New Relic had a negative net margin of 12.76% and a negative return on equity of 20.14%. The firm had revenue of $98.40 million for the quarter, compared to analysts’ expectations of $96.34 million. During the same quarter in the prior year, the company posted ($0.11) earnings per share. The business’s revenue for the quarter was up 34.2% on a year-over-year basis. sell-side analysts forecast that New Relic will post -0.59 EPS for the current year.
A number of equities research analysts have weighed in on the stock. Robert W. Baird upped their price objective on shares of New Relic from $65.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Zacks Investment Research cut shares of New Relic from a “buy” rating to a “hold” rating in a report on Friday, March 9th. Morgan Stanley upped their price objective on shares of New Relic from $61.00 to $67.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 9th. Wedbush restated an “outperform” rating and issued a $86.00 price objective (down previously from $93.00) on shares of New Relic in a report on Wednesday, May 9th. Finally, Needham & Company LLC upped their price objective on shares of New Relic from $73.00 to $84.00 and gave the stock a “buy” rating in a report on Monday, April 2nd. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $73.79.
About New Relic
New Relic, Inc, a software-as-a-service company, provides digital intelligence products worldwide. The company's cloud-based platform and suite of products include New Relic Digital Intelligence Platform, which enables organizations to collect, store, and analyze data. It provides New Relic Application Performance Management that offers visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser, a product that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.
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