Metropolitan Life Insurance Co. NY reduced its position in shares of New Relic, Inc. (NYSE:NEWR) by 5.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 15,224 shares of the software maker’s stock after selling 852 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in New Relic were worth $564,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in NEWR. Fortaleza Asset Management Inc. boosted its stake in New Relic by 73.8% in the first quarter. Fortaleza Asset Management Inc. now owns 4,910 shares of the software maker’s stock worth $182,000 after buying an additional 2,085 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in New Relic by 203.4% in the first quarter. Envestnet Asset Management Inc. now owns 5,473 shares of the software maker’s stock worth $204,000 after buying an additional 3,669 shares in the last quarter. Cipher Capital LP purchased a new stake in New Relic during the first quarter worth $278,000. Independent Portfolio Consultants Inc. purchased a new stake in New Relic during the first quarter worth $321,000. Finally, Suntrust Banks Inc. purchased a new stake in New Relic during the first quarter worth $337,000. Institutional investors and hedge funds own 71.33% of the company’s stock.
New Relic, Inc. (NYSE:NEWR) traded down 1.415% during mid-day trading on Thursday, reaching $44.255. 140,059 shares of the company were exchanged. New Relic, Inc. has a 1-year low of $27.85 and a 1-year high of $49.19. The stock has a 50-day moving average of $45.67 and a 200 day moving average of $40.59. The firm’s market capitalization is $2.41 billion.
New Relic (NYSE:NEWR) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.09) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.03. The business had revenue of $80.10 million during the quarter, compared to the consensus estimate of $78.09 million. New Relic had a negative return on equity of 29.19% and a negative net margin of 20.68%. The company’s revenue was up 36.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.20) earnings per share. Equities research analysts forecast that New Relic, Inc. will post ($0.25) earnings per share for the current year.
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A number of analysts recently commented on NEWR shares. Morgan Stanley cut shares of New Relic from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $45.00 to $48.00 in a research note on Thursday, July 20th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of New Relic from a “sell” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Wednesday, April 12th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $46.00 target price (up from $40.00) on shares of New Relic in a research note on Friday, May 12th. UBS AG lifted their target price on shares of New Relic from $42.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, August 4th. Finally, Stephens started coverage on shares of New Relic in a research note on Thursday, May 25th. They issued an “overweight” rating and a $55.00 target price for the company. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $47.36.
In other news, CEO Lewis Cirne sold 33,000 shares of the stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $43.68, for a total value of $1,441,440.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robin Schulman sold 667 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $47.03, for a total value of $31,369.01. Following the completion of the sale, the vice president now directly owns 1,244 shares of the company’s stock, valued at $58,505.32. The disclosure for this sale can be found here. Insiders sold 219,952 shares of company stock valued at $9,713,339 over the last three months. Corporate insiders own 23.10% of the company’s stock.
About New Relic
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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