Fortaleza Asset Management Inc. Has $211,000 Position in New Relic, Inc. (NEWR)
Fortaleza Asset Management Inc. continued to hold its stake in New Relic, Inc. (NYSE:NEWR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,910 shares of the software maker’s stock at the end of the second quarter. Fortaleza Asset Management Inc.’s holdings in New Relic were worth $211,000 as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of the stock. Botty Investors LLC raised its stake in New Relic by 23.5% in the second quarter. Botty Investors LLC now owns 2,809 shares of the software maker’s stock valued at $121,000 after buying an additional 535 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in New Relic by 507.2% in the second quarter. BNP Paribas Arbitrage SA now owns 3,813 shares of the software maker’s stock valued at $164,000 after buying an additional 3,185 shares in the last quarter. Turner Investments LLC acquired a new stake in New Relic during the second quarter valued at about $194,000. Envestnet Asset Management Inc. raised 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 valued at $204,000 after buying an additional 3,669 shares in the last quarter. Finally, Diversified Trust Co acquired a new stake in New Relic during the second quarter valued at about $219,000. 71.79% of the stock is owned by institutional investors.
Shares of New Relic, Inc. (NEWR) opened at 45.93 on Monday. The firm’s 50-day moving average price is $46.14 and its 200-day moving average price is $41.07. New Relic, Inc. has a 52-week low of $27.85 and a 52-week high of $49.19. The stock’s market cap is $2.50 billion.
New Relic (NYSE:NEWR) last announced its earnings results on Thursday, August 3rd. The software maker reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.03. The firm had revenue of $80.10 million for the quarter, compared to analysts’ expectations of $78.09 million. New Relic had a negative net margin of 20.68% and a negative return on equity of 29.19%. The business’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) EPS. Equities analysts predict that New Relic, Inc. will post ($0.25) EPS for the current year.
Several equities research analysts recently issued reports on the company. Morgan Stanley lowered New Relic from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $45.00 to $48.00 in a research note on Thursday, July 20th. They noted that the move was a valuation call. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $46.00 price objective (up previously from $40.00) on shares of New Relic in a research note on Friday, May 12th. UBS AG lifted their price objective on New Relic from $42.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, August 4th. Stephens assumed coverage on New Relic in a research note on Thursday, May 25th. They set an “overweight” rating and a $55.00 price objective for the company. Finally, Zacks Investment Research lowered New Relic from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. New Relic has an average rating of “Buy” and a consensus target price of $47.36.
In other news, insider James R. Gochee sold 20,000 shares of the company’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $40.35, for a total transaction of $807,000.00. Following the sale, the insider now directly owns 380,906 shares in the company, valued at approximately $15,369,557.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Sachleben sold 3,500 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $44.56, for a total transaction of $155,960.00. The disclosure for this sale can be found here. Insiders have sold a total of 220,518 shares of company stock worth $9,763,234 over the last 90 days. Corporate 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.
Want to see what other hedge funds are holding NEWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for New Relic, Inc. (NYSE:NEWR).
Receive News & Stock Ratings for New Relic Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Relic Inc. and related stocks with our FREE daily email newsletter.