Ardsley Advisory Partners Acquires New Holdings in New Relic, Inc. (NYSE:NEWR)

Ardsley Advisory Partners purchased a new position in shares of New Relic, Inc. (NYSE:NEWR) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,000 shares of the software maker’s stock, valued at approximately $430,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NEWR. Russell Investments Group Ltd. raised its position in shares of New Relic by 36.5% during the 1st quarter. Russell Investments Group Ltd. now owns 23,447 shares of the software maker’s stock worth $868,000 after purchasing an additional 6,269 shares during the last quarter. Swiss National Bank raised its holdings in New Relic by 6.2% in the 1st quarter. Swiss National Bank now owns 42,997 shares of the software maker’s stock valued at $1,594,000 after acquiring an additional 2,500 shares during the last quarter. Parametric Portfolio Associates LLC raised its holdings in New Relic by 38.1% in the 1st quarter. Parametric Portfolio Associates LLC now owns 20,641 shares of the software maker’s stock valued at $765,000 after acquiring an additional 5,693 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in New Relic by 203.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 5,473 shares of the software maker’s stock valued at $204,000 after acquiring an additional 3,669 shares during the last quarter. Finally, American International Group Inc. raised its holdings in New Relic by 7.1% in the 1st quarter. American International Group Inc. now owns 13,522 shares of the software maker’s stock valued at $501,000 after acquiring an additional 894 shares during the last quarter. Hedge funds and other institutional investors own 73.97% of the company’s stock.

A number of analysts have commented on NEWR shares. Morgan Stanley downgraded shares of New Relic from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $45.00 to $48.00 in a report on Thursday, July 20th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of New Relic from a “buy” rating to a “hold” rating in a report on Thursday, October 5th. Robert W. Baird set a $55.00 price objective on shares of New Relic and gave the company a “buy” rating in a report on Monday, September 11th. KeyCorp started coverage on shares of New Relic in a report on Tuesday, September 19th. They issued an “overweight” rating and a $52.00 price objective for the company. Finally, BidaskClub downgraded shares of New Relic from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. New Relic presently has a consensus rating of “Buy” and an average price target of $51.62.

In other news, CEO Lewis Cirne sold 33,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $46.12, for a total value of $1,521,960.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Robin Schulman sold 667 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $47.03, for a total transaction of $31,369.01. Following the completion of the transaction, the vice president now owns 1,244 shares of the company’s stock, valued at $58,505.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 186,002 shares of company stock valued at $8,986,512. 23.10% of the stock is owned by insiders.

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New Relic, Inc. (NYSE:NEWR) traded down 0.32% during trading on Friday, hitting $50.06. 104,417 shares of the company were exchanged. The company’s market capitalization is $2.73 billion. The company has a 50-day moving average of $49.71 and a 200-day moving average of $45.46. New Relic, Inc. has a 12 month low of $27.85 and a 12 month high of $52.74.

New Relic (NYSE:NEWR) last issued its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.03. New Relic had a negative net margin of 20.68% and a negative return on equity of 29.19%. The firm had revenue of $80.10 million during the quarter, compared to analyst estimates of $78.09 million. During the same quarter in the prior year, the business posted ($0.20) earnings per share. New Relic’s revenue for the quarter was up 36.7% compared to the same quarter last year. Analysts forecast that New Relic, Inc. will post ($0.25) EPS for the current year.

New Relic Company Profile

New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.

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

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