New Relic Inc (NYSE:NEWR) Stock Position Boosted by Envestnet Asset Management Inc.

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Envestnet Asset Management Inc. boosted its stake in New Relic Inc (NYSE:NEWR) by 5.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,515 shares of the software maker’s stock after buying an additional 482 shares during the period. Envestnet Asset Management Inc.’s holdings in New Relic were worth $656,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tower Research Capital LLC TRC grew its position in New Relic by 276.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 1,095 shares of the software maker’s stock valued at $51,000 after buying an additional 804 shares in the last quarter. Credit Agricole S A lifted its holdings in New Relic by 33.3% in the 1st quarter. Credit Agricole S A now owns 2,000 shares of the software maker’s stock valued at $92,000 after acquiring an additional 500 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in New Relic by 22.4% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,001 shares of the software maker’s stock valued at $185,000 after acquiring an additional 733 shares during the last quarter. Synovus Financial Corp lifted its holdings in New Relic by 19.4% in the 1st quarter. Synovus Financial Corp now owns 4,161 shares of the software maker’s stock valued at $193,000 after acquiring an additional 676 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in New Relic in the 1st quarter valued at about $200,000. Hedge funds and other institutional investors own 86.92% of the company’s stock.

In related news, CEO Lewis Cirne sold 40,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $70.73, for a total value of $2,829,200.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 17.40% of the company’s stock.

A number of equities research analysts have weighed in on the stock. Rosenblatt Securities upped their price target on shares of New Relic from $45.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, May 15th. UBS Group cut their price target on shares of New Relic from $98.00 to $89.00 and set a “buy” rating for the company in a report on Friday, May 15th. Goldman Sachs Group upped their price objective on shares of New Relic from $60.00 to $69.00 in a research note on Monday, June 29th. Robert W. Baird upped their price objective on shares of New Relic from $58.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. Finally, Cowen lowered shares of New Relic from an “outperform” rating to a “market perform” rating and set a $72.00 price objective for the company. in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $73.94.

NYSE NEWR opened at $70.91 on Friday. The company has a 50 day simple moving average of $67.83 and a 200-day simple moving average of $60.00. The company has a debt-to-equity ratio of 1.24, a current ratio of 2.66 and a quick ratio of 2.66. The firm has a market capitalization of $4.27 billion, a price-to-earnings ratio of -46.96 and a beta of 1.18. New Relic Inc has a 52-week low of $33.49 and a 52-week high of $96.25.

New Relic (NYSE:NEWR) last posted its quarterly earnings results on Thursday, May 14th. The software maker reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.49. New Relic had a negative net margin of 14.90% and a negative return on equity of 16.29%. The business had revenue of $159.66 million during the quarter, compared to analyst estimates of $153.59 million. On average, analysts predict that New Relic Inc will post -1.6 EPS for the current year.

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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