Cerebellum GP LLC increased its position in New Relic Inc (NYSE:NEWR) by 65.7% in the third quarter, Holdings Channel.com reports. The firm owned 6,531 shares of the software maker’s stock after acquiring an additional 2,589 shares during the period. Cerebellum GP LLC’s holdings in New Relic were worth $401,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Elkfork Partners LLC increased its position in New Relic by 51.9% in the second quarter. Elkfork Partners LLC now owns 1,394 shares of the software maker’s stock worth $121,000 after purchasing an additional 476 shares during the period. Swiss National Bank increased its position in New Relic by 16.6% in the second quarter. Swiss National Bank now owns 90,697 shares of the software maker’s stock worth $7,846,000 after purchasing an additional 12,900 shares during the period. Baillie Gifford & Co. increased its position in New Relic by 23.7% in the second quarter. Baillie Gifford & Co. now owns 1,259,823 shares of the software maker’s stock worth $108,987,000 after purchasing an additional 241,662 shares during the period. US Bancorp DE increased its position in New Relic by 41.4% in the second quarter. US Bancorp DE now owns 12,569 shares of the software maker’s stock worth $1,088,000 after purchasing an additional 3,681 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new stake in New Relic in the second quarter worth about $55,000. Hedge funds and other institutional investors own 79.07% of the company’s stock.
In other news, insider James R. Gochee sold 1,788 shares of New Relic stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $58.96, for a total transaction of $105,420.48. Following the transaction, the insider now owns 127,213 shares in the company, valued at approximately $7,500,478.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Erica Schultz sold 2,154 shares of New Relic stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $58.97, for a total value of $127,021.38. Following the transaction, the executive now owns 22,002 shares in the company, valued at approximately $1,297,457.94. The disclosure for this sale can be found here. Insiders have sold a total of 68,204 shares of company stock worth $4,623,288 in the last quarter. 17.40% of the stock is currently owned by company insiders.
New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported ($0.16) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. New Relic had a negative return on equity of 8.55% and a negative net margin of 9.93%. The business had revenue of $141.01 million for the quarter, compared to analysts’ expectations of $139.73 million. During the same quarter in the previous year, the business posted $0.15 EPS. New Relic’s revenue for the quarter was up 30.3% on a year-over-year basis. As a group, equities analysts forecast that New Relic Inc will post -0.71 EPS for the current year.
A number of analysts recently commented on NEWR shares. First Analysis lowered New Relic from a “strong-buy” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research report on Wednesday, August 7th. SunTrust Banks began coverage on New Relic in a report on Wednesday, October 2nd. They set a “buy” rating and a $80.00 target price on the stock. Raymond James restated a “hold” rating on shares of New Relic in a report on Monday, September 23rd. Argus upgraded New Relic from a “hold” rating to a “buy” rating and set a $93.00 target price on the stock in a report on Monday, August 12th. They noted that the move was a valuation call. Finally, UBS Group reduced their target price on New Relic from $73.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company’s stock. New Relic currently has a consensus rating of “Buy” and an average target price of $84.12.
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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