Renaissance Technologies LLC boosted its stake in New Relic Inc (NYSE:NEWR) by 158.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,091,000 shares of the software maker’s stock after acquiring an additional 669,000 shares during the quarter. Renaissance Technologies LLC’s holdings in New Relic were worth $109,744,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in NEWR. Wells Fargo & Company MN grew its stake in New Relic by 103.8% in the 1st quarter. Wells Fargo & Company MN now owns 205,706 shares of the software maker’s stock valued at $15,247,000 after acquiring an additional 104,765 shares during the period. Dupont Capital Management Corp acquired a new stake in New Relic in the 1st quarter valued at $1,036,000. SG Americas Securities LLC acquired a new stake in New Relic in the 1st quarter valued at $265,000. Mackay Shields LLC acquired a new stake in New Relic in the 1st quarter valued at $800,000. Finally, Trexquant Investment LP acquired a new stake in New Relic in the 1st quarter valued at $1,132,000. 77.13% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CRO Erica Schultz sold 1,800 shares of New Relic stock in a transaction on Friday, June 15th. The stock was sold at an average price of $108.40, for a total transaction of $195,120.00. Following the transaction, the executive now owns 21,157 shares in the company, valued at approximately $2,293,418.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James R. Gochee sold 4,000 shares of New Relic stock in a transaction on Wednesday, June 13th. The stock was sold at an average price of $108.16, for a total value of $432,640.00. Following the transaction, the insider now owns 319,257 shares in the company, valued at approximately $34,530,837.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 385,344 shares of company stock worth $39,307,497. 20.40% of the stock is currently owned by corporate insiders.
Shares of NEWR opened at $102.20 on Friday. New Relic Inc has a 52-week low of $46.24 and a 52-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. The firm has a market cap of $5.63 billion, a price-to-earnings ratio of -138.11 and a beta of 0.77.
New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, August 7th. The software maker reported $0.15 earnings per share (EPS) 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 company had revenue of $108.22 million for the quarter, compared to analysts’ expectations of $106.09 million. analysts forecast that New Relic Inc will post -0.38 earnings per share for the current fiscal year.
A number of equities research analysts recently issued reports on NEWR shares. Needham & Company LLC reissued a “buy” rating and issued a $121.00 price target on shares of New Relic in a research note on Tuesday, June 5th. BMO Capital Markets lifted their price target on shares of New Relic from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday, June 5th. Wedbush lifted their target price on shares of New Relic from $93.00 to $116.00 and gave the stock an “outperform” rating 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 stock an “equal weight” rating in a research note on Wednesday, June 6th. Finally, Robert W. Baird lifted their target price on shares of New Relic from $88.00 to $115.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 5th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $99.13.
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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