Pier Capital LLC decreased its stake in shares of New Relic Inc (NYSE:NEWR) by 12.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 75,321 shares of the software maker’s stock after selling 10,465 shares during the period. Pier Capital LLC owned about 0.13% of New Relic worth $7,577,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of NEWR. BlackRock Inc. lifted its position in New Relic by 15.4% during the first quarter. BlackRock Inc. now owns 2,556,605 shares of the software maker’s stock valued at $189,496,000 after purchasing an additional 340,747 shares during the period. Millennium Management LLC lifted its position in New Relic by 502.4% during the first quarter. Millennium Management LLC now owns 397,239 shares of the software maker’s stock valued at $29,443,000 after purchasing an additional 331,291 shares during the period. Lord Abbett & CO. LLC bought a new position in New Relic during the first quarter valued at approximately $19,133,000. AO Asset Management LP bought a new position in New Relic during the first quarter valued at approximately $15,743,000. Finally, Barometer Capital Management Inc. bought a new position in New Relic during the first quarter valued at approximately $13,053,000. Institutional investors own 71.87% of the company’s stock.
NEWR opened at $102.01 on Thursday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 3.83 and a current ratio of 3.83. New Relic Inc has a 1-year low of $45.32 and a 1-year high of $114.78. The company has a market capitalization of $5.98 billion, a price-to-earnings ratio of -137.85 and a beta of 0.77.
NEWR has been the topic of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and set a $121.00 price objective on shares of New Relic in a research report on Tuesday, June 5th. Deutsche Bank initiated coverage on shares of New Relic in a research report on Monday, June 25th. They set a “buy” rating and a $125.00 price objective on the stock. ValuEngine downgraded shares of New Relic from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 30th. Zacks Investment Research upgraded shares of New Relic from a “hold” rating to a “buy” rating and set a $118.00 price objective on the stock in a research report on Tuesday. Finally, Morgan Stanley increased their price objective on shares of New Relic from $61.00 to $67.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 9th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. New Relic presently has an average rating of “Buy” and a consensus target price of $99.13.
In other news, CEO Lewis Cirne sold 89,000 shares of the stock in a transaction on Monday, June 4th. The shares were sold at an average price of $104.65, for a total value of $9,313,850.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Sachleben sold 15,000 shares of the stock in a transaction on Monday, August 13th. The stock was sold at an average price of $105.35, for a total transaction of $1,580,250.00. The disclosure for this sale can be found here. Insiders sold 379,308 shares of company stock worth $39,183,402 over the last quarter. Insiders own 20.40% of the company’s stock.
New Relic 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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