New Relic, Inc. (NEWR) Position Increased by Teachers Advisors LLC
Teachers Advisors LLC increased its holdings in shares of New Relic, Inc. (NYSE:NEWR) by 28.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 74,517 shares of the software maker’s stock after purchasing an additional 16,392 shares during the quarter. Teachers Advisors LLC owned 0.14% of New Relic worth $3,205,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of NEWR. Vanguard Group Inc. boosted its holdings in New Relic by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 2,643,448 shares of the software maker’s stock valued at $97,993,000 after acquiring an additional 94,562 shares during the period. Clearbridge Investments LLC boosted its holdings in New Relic by 377.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,368,733 shares of the software maker’s stock valued at $50,739,000 after acquiring an additional 1,082,245 shares during the period. Bank of New York Mellon Corp boosted its holdings in New Relic by 24.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,307,282 shares of the software maker’s stock valued at $56,226,000 after acquiring an additional 256,257 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its holdings in New Relic by 0.8% during the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 864,515 shares of the software maker’s stock valued at $37,182,000 after acquiring an additional 6,640 shares during the period. Finally, Jennison Associates LLC boosted its holdings in New Relic by 14.8% during the 2nd quarter. Jennison Associates LLC now owns 517,184 shares of the software maker’s stock valued at $22,244,000 after acquiring an additional 66,606 shares during the period. 74.11% of the stock is owned by hedge funds and other institutional investors.
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A number of brokerages recently commented on NEWR. UBS AG raised their target price on New Relic from $42.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, August 4th. BidaskClub upgraded New Relic from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. First Analysis cut New Relic from an “overweight” rating to an “equal weight” rating and set a $50.00 target price for the company. in a report on Friday, August 4th. Zacks Investment Research cut New Relic from a “buy” rating to a “hold” rating in a report on Thursday, October 5th. Finally, Oppenheimer Holdings, Inc. restated a “buy” rating and set a $50.00 target price on shares of New Relic in a report on Tuesday, September 19th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. New Relic currently has an average rating of “Buy” and an average price target of $50.17.
In related news, VP Robin Schulman sold 667 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $47.03, for a total value of $31,369.01. Following the completion of the transaction, the vice president now owns 1,244 shares of the company’s stock, valued at $58,505.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Sachleben sold 10,000 shares of the stock in a transaction dated Wednesday, October 11th. The shares were sold at an average price of $50.78, for a total value of $507,800.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 177,002 shares of company stock valued at $8,523,512. Insiders own 23.10% of the company’s stock.
New Relic, Inc. (NEWR) opened at 49.98 on Tuesday. The stock’s market cap is $2.72 billion. The stock has a 50 day moving average price of $49.13 and a 200 day moving average price of $44.77. New Relic, Inc. has a 52 week low of $27.85 and a 52 week high of $51.97.
New Relic (NYSE:NEWR) last posted its earnings results on Thursday, August 3rd. The software maker reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. New Relic had a negative return on equity of 29.19% and a negative net margin of 20.68%. The business had revenue of $80.10 million during the quarter, compared to analyst estimates of $78.09 million. During the same quarter last year, the firm earned ($0.20) earnings per share. The company’s revenue for the quarter was up 36.7% compared to the same quarter last year. On average, equities analysts predict that New Relic, Inc. will post ($0.25) earnings per share for the current year.
About New Relic
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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