Great West Life Assurance Co. Can Sells 1,770 Shares of New Relic Inc (NYSE:NEWR)

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Great West Life Assurance Co. Can reduced its stake in New Relic Inc (NYSE:NEWR) by 31.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,929 shares of the software maker’s stock after selling 1,770 shares during the period. Great West Life Assurance Co. Can’s holdings in New Relic were worth $242,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in NEWR. Price T Rowe Associates Inc. MD grew its holdings in New Relic by 7,220.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 4,834,359 shares of the software maker’s stock worth $418,220,000 after purchasing an additional 4,768,320 shares during the period. Nuveen Asset Management LLC grew its holdings in New Relic by 1,297.4% in the second quarter. Nuveen Asset Management LLC now owns 397,195 shares of the software maker’s stock worth $34,361,000 after purchasing an additional 368,771 shares during the period. First Trust Advisors LP grew its holdings in New Relic by 24.7% in the second quarter. First Trust Advisors LP now owns 1,516,324 shares of the software maker’s stock worth $131,177,000 after purchasing an additional 300,484 shares during the period. Jennison Associates LLC grew its holdings in New Relic by 58.7% in the second quarter. Jennison Associates LLC now owns 723,864 shares of the software maker’s stock worth $62,621,000 after purchasing an additional 267,840 shares during the period. Finally, Baillie Gifford & Co. grew its holdings 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. 78.38% of the stock is owned by institutional investors.

In other news, CEO Lewis Cirne sold 9,500 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $65.76, for a total transaction of $624,720.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Sachleben sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $63.21, for a total transaction of $632,100.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 57,704 shares of company stock worth $3,529,568. Corporate insiders own 17.40% of the company’s stock.

NYSE:NEWR opened at $66.01 on Friday. The company’s 50 day moving average price is $62.32 and its 200-day moving average price is $79.77. New Relic Inc has a 52 week low of $50.00 and a 52 week high of $109.00. The company has a quick ratio of 2.88, a current ratio of 2.88 and a debt-to-equity ratio of 1.32. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of -212.94 and a beta of 0.97.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Tuesday, November 5th. The software maker reported $0.24 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.39. New Relic had a negative net margin of 11.26% and a negative return on equity of 9.07%. The firm had revenue of $145.80 million for the quarter, compared to analysts’ expectations of $143.43 million. During the same quarter in the prior year, the company posted $0.20 earnings per share. The business’s revenue for the quarter was up 26.9% on a year-over-year basis. As a group, sell-side analysts anticipate that New Relic Inc will post -0.74 earnings per share for the current year.

A number of brokerages have weighed in on NEWR. Argus upgraded shares of New Relic from a “hold” rating to a “buy” rating and set a $93.00 price objective on the stock in a report on Monday, August 12th. They noted that the move was a valuation call. Robert W. Baird cut their price objective on shares of New Relic from $84.00 to $77.00 and set an “outperform” rating on the stock in a report on Tuesday, September 17th. Cowen set a $80.00 price objective on shares of New Relic and gave the stock a “buy” rating in a report on Monday, September 23rd. Wedbush restated an “outperform” rating and issued a $99.00 price objective (down previously from $124.00) on shares of New Relic in a report on Wednesday, August 7th. Finally, Goldman Sachs Group cut their price objective on shares of New Relic from $65.00 to $52.00 and set a “sell” rating on the stock in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $84.12.

About New Relic

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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Institutional Ownership by Quarter for New Relic (NYSE:NEWR)

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