Granahan Investment Management Inc. MA Invests $269,000 in New Relic, Inc. (NEWR)

Granahan Investment Management Inc. MA bought a new position in shares of New Relic, Inc. (NYSE:NEWR) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,400 shares of the software maker’s stock, valued at approximately $269,000.

Several other large investors have also recently modified their holdings of NEWR. FMR LLC raised its position in New Relic by 1.4% in the 2nd quarter. FMR LLC now owns 8,024,872 shares of the software maker’s stock valued at $345,149,000 after buying an additional 108,223 shares during the last quarter. Vanguard Group Inc. raised its position in New Relic by 7.7% in the 2nd quarter. Vanguard Group Inc. now owns 2,848,100 shares of the software maker’s stock valued at $122,497,000 after buying an additional 204,652 shares during the last quarter. Bank of New York Mellon Corp raised its position in New Relic by 24.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,307,282 shares of the software maker’s stock valued at $56,226,000 after buying an additional 256,257 shares during the last quarter. TimesSquare Capital Management LLC raised its position in New Relic by 657.4% in the 3rd quarter. TimesSquare Capital Management LLC now owns 568,040 shares of the software maker’s stock valued at $28,288,000 after buying an additional 493,040 shares during the last quarter. Finally, Peregrine Capital Management LLC raised its position in New Relic by 3.5% in the 3rd quarter. Peregrine Capital Management LLC now owns 530,221 shares of the software maker’s stock valued at $26,405,000 after buying an additional 18,021 shares during the last quarter. 77.16% of the stock is currently owned by institutional investors.

In other news, insider James R. Gochee sold 4,000 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $56.85, for a total transaction of $227,400.00. Following the completion of the transaction, the insider now owns 337,074 shares in the company, valued at approximately $19,162,656.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Sachleben sold 836 shares of the stock in a transaction on Monday, September 18th. The stock was sold at an average price of $48.31, for a total value of $40,387.16. Following the transaction, the chief financial officer now owns 2,203 shares of the company’s stock, valued at approximately $106,426.93. The disclosure for this sale can be found here. Insiders have sold a total of 185,591 shares of company stock valued at $9,860,912 in the last quarter. 23.10% of the stock is owned by corporate insiders.

Shares of New Relic, Inc. (NYSE:NEWR) traded up $0.71 during trading on Thursday, hitting $57.44. The stock had a trading volume of 477,900 shares, compared to its average volume of 466,563. New Relic, Inc. has a 1 year low of $27.85 and a 1 year high of $60.85.

New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, November 7th. The software maker reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $84.68 million during the quarter, compared to analyst estimates of $82.98 million. New Relic had a negative return on equity of 29.19% and a negative net margin of 19.43%. The business’s revenue was up 33.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.09) EPS. sell-side analysts predict that New Relic, Inc. will post -0.98 earnings per share for the current year.

A number of equities research analysts recently commented on the company. J P Morgan Chase & Co lowered New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price target for the company. in a research report on Tuesday. JMP Securities raised their target price on New Relic from $54.00 to $56.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 8th. Morgan Stanley raised their target price on New Relic from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 8th. UBS assumed coverage on New Relic in a research report on Thursday, November 9th. They set a “neutral” rating and a $53.00 target price for the company. Finally, Needham & Company LLC assumed coverage on New Relic in a research report on Monday, October 23rd. They set a “buy” rating and a $69.00 target price for the company. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. New Relic currently has a consensus rating of “Buy” and an average target price of $54.23.

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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.

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

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