United Services Automobile Association grew its position in shares of New Relic Inc (NYSE:NEWR) by 10.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,603 shares of the software maker’s stock after buying an additional 3,100 shares during the period. United Services Automobile Association’s holdings in New Relic were worth $3,179,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in NEWR. Cerebellum GP LLC bought a new stake in shares of New Relic in the 2nd quarter worth approximately $172,000. Stratos Wealth Partners LTD. acquired a new stake in New Relic in the 1st quarter valued at approximately $141,000. CIBC Asset Management Inc acquired a new stake in New Relic in the 2nd quarter valued at approximately $200,000. Congress Park Capital LLC acquired a new stake in New Relic in the 2nd quarter valued at approximately $231,000. Finally, Fox Run Management L.L.C. acquired a new stake in New Relic in the 2nd quarter valued at approximately $251,000. 77.13% of the stock is currently owned by institutional investors.
NEWR has been the topic of several analyst reports. Needham & Company LLC restated a “buy” rating and issued a $121.00 target price on shares of New Relic in a research report on Tuesday, June 5th. BMO Capital Markets raised their target price on New Relic from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Tuesday, June 5th. Wedbush raised their target price on New Relic from $93.00 to $116.00 and gave the company an “outperform” rating in a research report on Tuesday, June 5th. Cowen raised their target price on New Relic from $74.00 to $84.00 and gave the company an “outperform” rating in a research report on Wednesday, May 9th. Finally, JMP Securities cut New Relic from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 9th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $99.13.
Shares of NYSE NEWR opened at $98.19 on Thursday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 3.83 and a current ratio of 3.83. The firm has a market capitalization of $5.81 billion, a P/E ratio of -132.69 and a beta of 0.77. New Relic Inc has a 52-week low of $46.24 and a 52-week high of $114.78.
New Relic (NYSE:NEWR) last issued its earnings results on Tuesday, August 7th. The software maker reported $0.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.04. The business had revenue of $108.22 million for the quarter, compared to analysts’ expectations of $106.09 million. New Relic had a negative return on equity of 12.19% and a negative net margin of 9.13%. research analysts expect that New Relic Inc will post -0.38 EPS for the current fiscal year.
In related news, CFO Mark Sachleben sold 23,589 shares of New Relic stock in a transaction on Monday, June 18th. The stock was sold at an average price of $107.76, for a total value of $2,541,950.64. Following the transaction, the chief financial officer now directly owns 2,203 shares in the company, valued at approximately $237,395.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Erica Schultz sold 2,765 shares of the firm’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $99.66, for a total value of $275,559.90. Following the completion of the sale, the executive now directly owns 19,357 shares of the company’s stock, valued at approximately $1,929,118.62. The disclosure for this sale can be found here. Insiders sold a total of 288,844 shares of company stock worth $29,776,907 over the last 90 days. Insiders own 20.40% of the company’s stock.
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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