Investors Buy New Relic (NEWR) on Weakness
Investors purchased shares of New Relic Inc (NYSE:NEWR) on weakness during trading on Wednesday. $39.05 million flowed into the stock on the tick-up and $14.62 million flowed out of the stock on the tick-down, for a money net flow of $24.43 million into the stock. Of all companies tracked, New Relic had the 17th highest net in-flow for the day. New Relic traded down ($0.71) for the day and closed at $103.78
A number of equities analysts have issued reports on the stock. Argus assumed coverage on shares of New Relic in a research report on Tuesday, July 17th. They issued a “hold” rating on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $121.00 target price on shares of New Relic in a research note on Tuesday, June 5th. Morgan Stanley lifted their target price on shares of New Relic from $67.00 to $73.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 6th. TheStreet raised shares of New Relic from a “d” rating to a “c” rating in a research note on Thursday, August 23rd. Finally, Wedbush lifted their target price on shares of New Relic from $93.00 to $116.00 and gave the company an “outperform” rating in a research note on Tuesday, June 5th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. New Relic currently has a consensus rating of “Buy” and an average target price of $99.13.
The company has a market cap of $5.91 billion, a price-to-earnings ratio of -139.39 and a beta of 0.77. The company has a debt-to-equity ratio of 1.28, a quick ratio of 3.83 and a current ratio of 3.83.
In related news, CEO Lewis Cirne sold 89,000 shares of the business’s stock in a transaction dated Monday, June 4th. The shares were sold at an average price of $104.65, for a total transaction of $9,313,850.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Erica Schultz sold 2,765 shares of the business’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $99.66, for a total transaction of $275,559.90. Following the sale, the executive now directly owns 19,357 shares in the company, valued at approximately $1,929,118.62. The disclosure for this sale can be found here. Insiders have sold 385,344 shares of company stock worth $39,894,607 in the last three months. 20.40% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of NEWR. BlackRock Inc. boosted its stake in New Relic by 28.6% during the second quarter. BlackRock Inc. now owns 3,288,310 shares of the software maker’s stock worth $330,772,000 after acquiring an additional 731,705 shares in the last quarter. Renaissance Technologies LLC boosted its stake in New Relic by 158.5% during the second quarter. Renaissance Technologies LLC now owns 1,091,000 shares of the software maker’s stock worth $109,744,000 after acquiring an additional 669,000 shares in the last quarter. Nomura Holdings Inc. bought a new stake in New Relic during the second quarter worth about $64,051,000. Millennium Management LLC boosted its stake in New Relic by 502.4% during the first quarter. Millennium Management LLC now owns 397,239 shares of the software maker’s stock worth $29,443,000 after acquiring an additional 331,291 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in New Relic during the first quarter worth about $19,133,000. 77.13% of the stock is currently owned by institutional investors and hedge funds.
About New Relic (NYSE:NEWR)
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.
See Also: Book Value Per Share – BVPS
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