Swiss National Bank boosted its holdings in New Relic Inc (NYSE:NEWR) by 27.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 72,397 shares of the software maker’s stock after purchasing an additional 15,400 shares during the quarter. Swiss National Bank’s holdings in New Relic were worth $7,282,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the stock. BlackRock Inc. grew its holdings in shares of New Relic by 15.4% during the first quarter. BlackRock Inc. now owns 2,556,605 shares of the software maker’s stock worth $189,496,000 after purchasing an additional 340,747 shares during the last quarter. Millennium Management LLC grew its holdings in shares of 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 purchasing an additional 331,291 shares during the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of New Relic during the first quarter worth about $19,133,000. AO Asset Management LP purchased a new position in shares of New Relic during the first quarter worth about $15,743,000. Finally, Barometer Capital Management Inc. purchased a new position in shares of New Relic during the first quarter worth about $13,053,000. 77.13% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NEWR opened at $99.71 on Friday. New Relic Inc has a fifty-two week low of $46.24 and a fifty-two week high of $114.78. The company has a debt-to-equity ratio of 1.28, a quick ratio of 3.83 and a current ratio of 3.83.
New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, August 7th. The software maker reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.04. New Relic had a negative net margin of 9.13% and a negative return on equity of 12.19%. The business had revenue of $108.22 million during the quarter, compared to the consensus estimate of $106.09 million. research analysts expect that New Relic Inc will post -0.38 EPS for the current year.
Several brokerages have issued reports on NEWR. TheStreet raised New Relic from a “d” rating to a “c” rating in a report on Thursday, August 23rd. Zacks Investment Research raised New Relic from a “hold” rating to a “buy” rating and set a $118.00 price objective on the stock in a report on Tuesday, August 14th. Morgan Stanley raised their price objective on New Relic from $80.00 to $102.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 8th. Needham & Company LLC raised their price objective on New Relic from $121.00 to $129.00 and gave the stock a “buy” rating in a report on Wednesday, August 8th. Finally, BMO Capital Markets increased their target price on shares of New Relic from $110.00 to $117.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 8th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $99.13.
In related news, insider James R. Gochee sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, June 13th. The shares were sold at an average price of $108.16, for a total value of $432,640.00. Following the completion of the sale, the insider now owns 319,257 shares in the company, valued at $34,530,837.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider James R. Gochee sold 331 shares of the firm’s stock in a transaction dated Monday, June 18th. The shares were sold at an average price of $109.05, for a total transaction of $36,095.55. Following the completion of the sale, the insider now owns 320,252 shares of the company’s stock, valued at approximately $34,923,480.60. The disclosure for this sale can be found here. Insiders have sold 385,344 shares of company stock valued at $39,307,497 in the last quarter. Insiders own 20.40% of the company’s stock.
New Relic Profile
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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