Bank of America Corp DE increased its stake in shares of New Relic, Inc. (NYSE:NEWR) by 43.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 117,576 shares of the software maker’s stock after buying an additional 35,750 shares during the period. Bank of America Corp DE owned about 0.22% of New Relic worth $4,359,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of NEWR. Essex Investment Management Co. LLC bought a new position in New Relic during the first quarter valued at about $453,000. Russell Investments Group Ltd. raised its position in New Relic by 36.5% in the first quarter. Russell Investments Group Ltd. now owns 23,447 shares of the software maker’s stock valued at $868,000 after buying an additional 6,269 shares during the period. Granite Investment Partners LLC raised its position in New Relic by 835.1% in the first quarter. Granite Investment Partners LLC now owns 431,364 shares of the software maker’s stock valued at $15,991,000 after buying an additional 385,233 shares during the period. Independent Portfolio Consultants Inc. bought a new position in New Relic during the first quarter valued at about $321,000. Finally, Pier 88 Investment Partners LLC bought a new position in New Relic during the first quarter valued at about $374,000. Institutional investors own 71.35% of the company’s stock.

Shares of New Relic, Inc. (NYSE:NEWR) traded up 0.57% during midday trading on Thursday, reaching $45.85. The company’s stock had a trading volume of 84,529 shares. The stock’s 50-day moving average price is $45.07 and its 200-day moving average price is $40.13. The company’s market cap is $2.45 billion. New Relic, Inc. has a 12-month low of $27.85 and a 12-month high of $49.19.

New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, May 9th. The software maker reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. New Relic had a negative return on equity of 30.80% and a negative net margin of 23.18%. The business had revenue of $73.30 million for the quarter, compared to the consensus estimate of $73.04 million. During the same quarter in the prior year, the business posted ($0.24) EPS. The business’s revenue for the quarter was up 39.6% on a year-over-year basis. On average, analysts expect that New Relic, Inc. will post ($0.27) EPS for the current fiscal year.

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Several equities research analysts have weighed in on the company. Morgan Stanley downgraded New Relic from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $45.00 to $48.00 in a report on Thursday, July 20th. They noted that the move was a valuation call. BidaskClub downgraded New Relic from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Zacks Investment Research downgraded New Relic from a “buy” rating to a “hold” rating in a report on Tuesday, May 16th. CIBC raised their price target on New Relic from $40.00 to $46.00 and gave the stock an “outperform” rating in a report on Monday, May 15th. Finally, Stephens assumed coverage on New Relic in a report on Thursday, May 25th. They issued an “overweight” rating and a $55.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. New Relic presently has a consensus rating of “Buy” and a consensus target price of $46.20.

In other news, CFO Mark Sachleben sold 5,000 shares of the stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $48.14, for a total value of $240,700.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Robin Schulman sold 2,083 shares of the stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $40.42, for a total value of $84,194.86. Following the completion of the transaction, the vice president now owns 2,660 shares in the company, valued at approximately $107,517.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 230,535 shares of company stock worth $9,969,294. Company insiders own 23.10% of the company’s stock.

New Relic Company Profile

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

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