Champlain Investment Partners LLC trimmed its stake in New Relic Inc (NYSE:NEWR) by 1.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,722,880 shares of the software maker’s stock after selling 16,875 shares during the period. New Relic makes up approximately 1.5% of Champlain Investment Partners LLC’s portfolio, making the stock its 17th biggest holding. Champlain Investment Partners LLC’s holdings in New Relic were worth $170,048,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. O Shares Investment Advisers LLC purchased a new stake in New Relic in the first quarter worth approximately $445,000. Granite Investment Partners LLC boosted its stake in shares of New Relic by 18.3% during the first quarter. Granite Investment Partners LLC now owns 9,837 shares of the software maker’s stock valued at $971,000 after purchasing an additional 1,520 shares during the period. Neuberger Berman Group LLC boosted its stake in shares of New Relic by 22.2% during the first quarter. Neuberger Berman Group LLC now owns 21,515 shares of the software maker’s stock valued at $2,124,000 after purchasing an additional 3,915 shares during the period. Northern Trust Corp boosted its stake in shares of New Relic by 0.7% during the first quarter. Northern Trust Corp now owns 584,432 shares of the software maker’s stock valued at $57,685,000 after purchasing an additional 4,053 shares during the period. Finally, Citigroup Inc. boosted its stake in shares of New Relic by 7.3% during the first quarter. Citigroup Inc. now owns 32,564 shares of the software maker’s stock valued at $3,214,000 after purchasing an additional 2,221 shares during the period. Institutional investors own 79.55% of the company’s stock.

Shares of NEWR stock opened at $95.30 on Wednesday. New Relic Inc has a 52 week low of $70.30 and a 52 week high of $114.78. The firm has a market capitalization of $5.74 billion, a P/E ratio of -307.42 and a beta of 1.02. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 1.16.

New Relic (NYSE:NEWR) last announced its quarterly earnings results on Tuesday, May 14th. The software maker reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. New Relic had a negative return on equity of 6.57% and a negative net margin of 8.53%. The company had revenue of $132.10 million during the quarter, compared to analyst estimates of $128.19 million. During the same quarter last year, the firm posted $0.09 earnings per share. The firm’s revenue was up 34.2% on a year-over-year basis. Sell-side analysts anticipate that New Relic Inc will post -0.56 EPS for the current fiscal year.

A number of analysts have recently weighed in on the company. Zacks Investment Research lowered New Relic from a “buy” rating to a “hold” rating in a research note on Wednesday, April 3rd. Wedbush reissued an “outperform” rating and set a $124.00 price objective on shares of New Relic in a research note on Wednesday, May 15th. Needham & Company LLC reissued a “buy” rating and set a $131.00 price objective (up previously from $129.00) on shares of New Relic in a research note on Wednesday, May 15th. ValuEngine lowered New Relic from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Goldman Sachs Group assumed coverage on New Relic in a research note on Friday, June 7th. They set a “sell” rating and a $83.00 price objective for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $115.17.

In related news, CEO Lewis Cirne sold 21,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $104.75, for a total value of $2,199,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Erica Schultz sold 3,680 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $100.82, for a total value of $371,017.60. Following the completion of the sale, the executive now directly owns 24,676 shares of the company’s stock, valued at approximately $2,487,834.32. The disclosure for this sale can be found here. Insiders sold 157,750 shares of company stock valued at $15,670,840 in the last ninety days. 20.40% of the stock is currently owned by insiders.

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About New Relic

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.

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

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