The Manufacturers Life Insurance Company reduced its holdings in New Relic (NYSE:NEWR) by 90.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,927 shares of the software maker’s stock after selling 224,722 shares during the period. The Manufacturers Life Insurance Company’s holdings in New Relic were worth $1,382,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. Essex Investment Management Co. LLC boosted its stake in New Relic by 12.4% in the 4th quarter. Essex Investment Management Co. LLC now owns 11,279 shares of the software maker’s stock valued at $652,000 after buying an additional 1,248 shares in the last quarter. American International Group Inc. boosted its stake in New Relic by 8.1% in the 3rd quarter. American International Group Inc. now owns 19,656 shares of the software maker’s stock valued at $979,000 after buying an additional 1,470 shares in the last quarter. Macquarie Group Ltd. boosted its stake in New Relic by 3.9% in the 3rd quarter. Macquarie Group Ltd. now owns 42,696 shares of the software maker’s stock valued at $2,126,000 after buying an additional 1,587 shares in the last quarter. Crow Point Partners LLC acquired a new stake in New Relic in the 4th quarter valued at $113,000. Finally, Swiss National Bank boosted its stake in New Relic by 5.5% in the 4th quarter. Swiss National Bank now owns 55,697 shares of the software maker’s stock valued at $3,218,000 after buying an additional 2,900 shares in the last quarter. 75.77% of the stock is currently owned by institutional investors.
In related news, CFO Mark Sachleben sold 763 shares of the company’s stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $75.90, for a total value of $57,911.70. Following the completion of the sale, the chief financial officer now owns 2,203 shares in the company, valued at $167,207.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lewis Cirne sold 89,000 shares of the stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $72.94, for a total value of $6,491,660.00. The disclosure for this sale can be found here. Insiders sold 371,002 shares of company stock valued at $25,317,143 in the last quarter. 23.10% of the stock is currently owned by corporate insiders.
NEWR has been the topic of a number of recent analyst reports. JPMorgan Chase lowered New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a research note on Tuesday, December 12th. BMO Capital Markets initiated coverage on New Relic in a research note on Friday, January 12th. They issued a “market perform” rating and a $68.00 price objective on the stock. Wedbush initiated coverage on New Relic in a research note on Friday, February 23rd. They issued an “outperform” rating and a $86.00 price objective on the stock. Stephens boosted their price objective on New Relic from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Finally, Zacks Investment Research lowered New Relic from a “buy” rating to a “hold” rating in a research note on Friday, March 9th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. New Relic has an average rating of “Buy” and a consensus price target of $66.57.
Shares of NEWR stock traded down $1.70 on Friday, reaching $73.84. 352,413 shares of the stock were exchanged, compared to its average volume of 466,263. The company has a market cap of $4,093.76, a P/E ratio of -67.13 and a beta of 0.64. New Relic has a one year low of $37.31 and a one year high of $79.08.
New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, February 6th. The software maker reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.12. The business had revenue of $91.83 million during the quarter, compared to the consensus estimate of $89.31 million. New Relic had a negative return on equity of 25.22% and a negative net margin of 16.17%. The firm’s revenue was up 34.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.09) earnings per share. analysts predict that New Relic will post -0.77 EPS for the current year.
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About New Relic
New Relic, Inc, a software-as-a-service company, provides digital intelligence products worldwide. The company's cloud-based platform and suite of products include New Relic Digital Intelligence Platform, which enables organizations to collect, store, and analyze data. It provides New Relic Application Performance Management that offers visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser, a product that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.
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