Menta Capital LLC Purchases New Stake in New Relic, Inc. (NEWR)
Menta Capital LLC purchased a new position in shares of New Relic, Inc. (NYSE:NEWR) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 99,741 shares of the software maker’s stock, valued at approximately $4,290,000. New Relic makes up 0.5% of Menta Capital LLC’s holdings, making the stock its 9th biggest holding. Menta Capital LLC owned about 0.18% of New Relic at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Botty Investors LLC grew its position in New Relic by 23.5% during the second quarter. Botty Investors LLC now owns 2,809 shares of the software maker’s stock worth $121,000 after buying an additional 535 shares in the last quarter. BNP Paribas Arbitrage SA grew its position in New Relic by 507.2% during the second quarter. BNP Paribas Arbitrage SA now owns 3,813 shares of the software maker’s stock worth $164,000 after buying an additional 3,185 shares in the last quarter. BT Investment Management Ltd acquired a new stake in New Relic during the second quarter worth approximately $186,000. Turner Investments LLC acquired a new stake in New Relic during the second quarter worth approximately $194,000. Finally, Envestnet Asset Management Inc. grew its position in New Relic by 203.4% during the first quarter. Envestnet Asset Management Inc. now owns 5,473 shares of the software maker’s stock worth $204,000 after buying an additional 3,669 shares in the last quarter. 74.80% of the stock is currently owned by institutional investors and hedge funds.
Shares of New Relic, Inc. (NYSE NEWR) traded up 0.56% during midday trading on Tuesday, hitting $48.77. The company’s stock had a trading volume of 50,143 shares. New Relic, Inc. has a 52-week low of $27.85 and a 52-week high of $51.31. The stock’s 50 day moving average is $47.26 and its 200-day moving average is $43.00. The firm’s market cap is $2.66 billion.
New Relic (NYSE:NEWR) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.09) earnings per share for the quarter, topping 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 quarterly revenue was up 36.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.20) earnings per share. Equities analysts predict that New Relic, Inc. will post ($0.25) EPS for the current fiscal year.
In related news, CEO Lewis Cirne sold 33,000 shares of the company’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $44.53, for a total value of $1,469,490.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Sachleben sold 5,000 shares of the company’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $43.09, for a total transaction of $215,450.00. The disclosure for this sale can be found here. Insiders sold 193,127 shares of company stock valued at $8,972,618 over the last quarter. 23.10% of the stock is owned by company insiders.
A number of brokerages recently issued reports on NEWR. Morgan Stanley downgraded New Relic from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $45.00 to $48.00 in a research report on Thursday, July 20th. They noted that the move was a valuation call. Robert W. Baird set a $55.00 price target on New Relic and gave the stock a “buy” rating in a research report on Monday, September 11th. KeyCorp started coverage on New Relic in a report on Tuesday. They issued an “overweight” rating and a $52.00 target price on the stock. BidaskClub downgraded New Relic from a “strong-buy” rating to a “buy” rating in a report on Monday. Finally, First Analysis downgraded New Relic from an “overweight” rating to an “equal weight” rating and set a $50.00 target price on the stock. in a report on Friday, August 4th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $48.83.
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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