Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in New Relic Inc (NYSE:NEWR) by 9.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,797 shares of the software maker’s stock after buying an additional 244 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in New Relic were worth $226,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Winslow Evans & Crocker Inc. bought a new position in shares of New Relic in the 4th quarter valued at about $40,000. IFP Advisors Inc lifted its holdings in shares of New Relic by 1,120.3% in the 4th quarter. IFP Advisors Inc now owns 720 shares of the software maker’s stock valued at $58,000 after acquiring an additional 661 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in New Relic by 84.7% in the third quarter. DekaBank Deutsche Girozentrale now owns 1,293 shares of the software maker’s stock worth $133,000 after purchasing an additional 593 shares during the last quarter. First Quadrant L P CA bought a new stake in New Relic in the third quarter worth about $139,000. Finally, Ancora Advisors LLC bought a new stake in New Relic in the third quarter worth about $151,000. Institutional investors and hedge funds own 78.46% of the company’s stock.
Several analysts have issued reports on the stock. Zacks Investment Research raised shares of New Relic from a “hold” rating to a “strong-buy” rating and set a $119.00 price objective for the company in a research note on Tuesday. JPMorgan Chase & Co. raised shares of New Relic from a “neutral” rating to an “overweight” rating in a research note on Thursday, December 13th. Oppenheimer raised their price objective on shares of New Relic from $110.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, February 7th. ValuEngine downgraded shares of New Relic from a “buy” rating to a “hold” rating in a research note on Tuesday, November 6th. Finally, BMO Capital Markets decreased their price objective on shares of New Relic from $117.00 to $110.00 and set an “outperform” rating for the company in a research note on Wednesday, November 7th. Three research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. New Relic presently has a consensus rating of “Buy” and an average target price of $111.93.
New Relic (NYSE:NEWR) last issued its earnings results on Wednesday, February 6th. The software maker reported ($0.07) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.03. The business had revenue of $124.00 million for the quarter, compared to analyst estimates of $120.18 million. New Relic had a negative net margin of 6.96% and a negative return on equity of 6.08%. The company’s quarterly revenue was up 35.1% compared to the same quarter last year. During the same period last year, the company posted $0.05 earnings per share. Equities research analysts predict that New Relic Inc will post -0.36 EPS for the current fiscal year.
In related news, CEO Lewis Cirne sold 16,000 shares of New Relic stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $104.09, for a total transaction of $1,665,440.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Erica Schultz sold 2,661 shares of New Relic stock in a transaction that occurred on Tuesday, November 20th. The shares were sold at an average price of $70.30, for a total transaction of $187,068.30. Following the transaction, the executive now directly owns 24,263 shares in the company, valued at $1,705,688.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 287,647 shares of company stock worth $23,976,366. Corporate insiders own 20.40% of the company’s stock.
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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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