TIAA CREF Investment Management LLC lessened its position in shares of New Relic, Inc. (NYSE:NEWR) by 53.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 108,477 shares of the software maker’s stock after selling 126,240 shares during the quarter. TIAA CREF Investment Management LLC owned approximately 0.20% of New Relic worth $4,666,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of New Relic by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 2,643,448 shares of the software maker’s stock worth $97,993,000 after buying an additional 94,562 shares during the last quarter. Clearbridge Investments LLC raised its stake in shares of New Relic by 377.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,368,733 shares of the software maker’s stock worth $50,739,000 after buying an additional 1,082,245 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of New Relic by 24.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,307,282 shares of the software maker’s stock worth $56,226,000 after buying an additional 256,257 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its position in New Relic by 0.8% during the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 864,515 shares of the software maker’s stock worth $37,182,000 after purchasing an additional 6,640 shares in the last quarter. Finally, Jennison Associates LLC increased its position in New Relic by 14.8% during the 2nd quarter. Jennison Associates LLC now owns 517,184 shares of the software maker’s stock worth $22,244,000 after purchasing an additional 66,606 shares in the last quarter. 73.97% of the stock is owned by institutional investors and hedge funds.
In other New Relic news, VP Robin Schulman sold 667 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $47.03, for a total value of $31,369.01. Following the transaction, the vice president now directly owns 1,244 shares of the company’s stock, valued at approximately $58,505.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Sachleben sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $45.37, for a total value of $226,850.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 186,002 shares of company stock valued at $8,986,512. Company insiders own 23.10% of the company’s stock.
NEWR has been the subject of a number of recent research reports. Needham & Company LLC initiated coverage on New Relic in a research report on Monday, October 23rd. They set a “buy” rating and a $69.00 price objective for the company. BidaskClub cut New Relic from a “strong-buy” rating to a “buy” rating in a research report on Monday, September 18th. Robert W. Baird set a $55.00 price objective on New Relic and gave the stock a “buy” rating in a research report on Monday, September 11th. Zacks Investment Research upgraded New Relic from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Wednesday, October 4th. Finally, Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $50.00 price objective on shares of New Relic in a research report on Tuesday, September 19th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $51.62.
Shares of New Relic, Inc. (NYSE:NEWR) opened at 50.31 on Friday. The firm has a 50-day moving average price of $49.71 and a 200 day moving average price of $45.46. New Relic, Inc. has a 12-month low of $27.85 and a 12-month high of $52.74. The stock’s market cap is $2.74 billion.
New Relic (NYSE:NEWR) last announced its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.03. The firm had revenue of $80.10 million during the quarter, compared to the consensus estimate of $78.09 million. New Relic had a negative return on equity of 29.19% and a negative net margin of 20.68%. The business’s revenue for the quarter was up 36.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.20) EPS. Equities research analysts predict that New Relic, Inc. will post ($0.25) EPS for the current fiscal year.
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New Relic 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.
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