The Manufacturers Life Insurance Company reduced its stake in shares of New Relic Inc (NYSE:NEWR) by 90.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,927 shares of the software maker’s stock after selling 224,722 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in New Relic were worth $1,382,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Fox Run Management L.L.C. acquired a new position in New Relic during the 4th quarter worth $534,000. Prudential Financial Inc. acquired a new position in New Relic during the 3rd quarter worth $269,000. BNP Paribas Arbitrage SA boosted its position in New Relic by 518.3% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 23,574 shares of the software maker’s stock worth $1,174,000 after acquiring an additional 19,761 shares during the period. New York State Common Retirement Fund boosted its position in New Relic by 17.9% during the 3rd quarter. New York State Common Retirement Fund now owns 76,195 shares of the software maker’s stock worth $3,795,000 after acquiring an additional 11,590 shares during the period. Finally, Sei Investments Co. acquired a new position in New Relic during the 3rd quarter worth $482,000. Hedge funds and other institutional investors own 75.76% of the company’s stock.
In other news, insider James R. Gochee sold 428 shares of the company’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $59.10, for a total transaction of $25,294.80. Following the completion of the sale, the insider now directly owns 337,904 shares of the company’s stock, valued at $19,970,126.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James R. Gochee sold 333 shares of the company’s stock in a transaction on Friday, March 16th. The shares were sold at an average price of $75.90, for a total value of $25,274.70. Following the sale, the insider now directly owns 329,275 shares of the company’s stock, valued at $24,991,972.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 317,916 shares of company stock valued at $21,144,295. Insiders own 23.10% of the company’s stock.
A number of brokerages have issued reports on NEWR. Zacks Investment Research lowered New Relic from a “buy” rating to a “hold” rating in a research report on Friday, March 9th. Needham & Company LLC boosted their price target on New Relic from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Robert W. Baird boosted their price target on New Relic from $65.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Oppenheimer boosted their price target on New Relic from $57.00 to $66.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Finally, BMO Capital Markets boosted their price target on New Relic from $68.00 to $71.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 7th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. New Relic presently has a consensus rating of “Buy” and an average price target of $63.71.
Shares of New Relic Inc (NYSE NEWR) opened at $75.75 on Friday. New Relic Inc has a twelve month low of $34.61 and a twelve month high of $76.54.
New Relic (NYSE:NEWR) last announced its quarterly earnings data on Tuesday, February 6th. The software maker reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.12. The business had revenue of $91.83 million during the quarter, compared to analyst estimates of $89.31 million. New Relic had a negative return on equity of 25.22% and a negative net margin of 16.17%. The company’s revenue was up 34.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. equities analysts expect that New Relic Inc will post -0.77 EPS for the current fiscal year.
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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.
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