Millennium Management LLC Trims Position in New Relic (NEWR)

Millennium Management LLC decreased its holdings in New Relic (NYSE:NEWR) by 85.1% in the 4th quarter, Holdings Channel reports. The firm owned 65,948 shares of the software maker’s stock after selling 376,201 shares during the period. Millennium Management LLC’s holdings in New Relic were worth $3,810,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Fox Run Management L.L.C. purchased a new position in New Relic during the 4th quarter worth $534,000. Swiss National Bank raised its position in New Relic by 5.5% during the 4th quarter. Swiss National Bank now owns 55,697 shares of the software maker’s stock worth $3,218,000 after buying an additional 2,900 shares during the last quarter. Geode Capital Management LLC raised its position in New Relic by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 349,177 shares of the software maker’s stock worth $20,171,000 after buying an additional 9,930 shares during the last quarter. Goldman Sachs Group Inc. raised its position in New Relic by 2.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 411,951 shares of the software maker’s stock worth $23,799,000 after buying an additional 11,038 shares during the last quarter. Finally, BlackRock Inc. raised its position in New Relic by 4.4% during the 4th quarter. BlackRock Inc. now owns 2,215,858 shares of the software maker’s stock worth $128,010,000 after buying an additional 94,283 shares during the last quarter. Hedge funds and other institutional investors own 75.78% of the company’s stock.

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A number of equities analysts have commented on the stock. Zacks Investment Research downgraded shares of New Relic from a “buy” rating to a “hold” rating in a research report on Wednesday, April 11th. ValuEngine upgraded shares of New Relic from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Needham & Company LLC upped their price objective on shares of New Relic from $73.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, April 2nd. KeyCorp upped their price objective on shares of New Relic from $70.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, March 19th. They noted that the move was a valuation call. Finally, Wedbush assumed coverage on shares of New Relic in a research report on Friday, February 23rd. They set an “outperform” rating and a $86.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $66.57.

In related news, VP Robin Schulman sold 2,318 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $62.81, for a total value of $145,593.58. Following the sale, the vice president now directly owns 2,895 shares of the company’s stock, valued at approximately $181,834.95. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mark Sachleben sold 5,000 shares of the stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $57.86, for a total transaction of $289,300.00. The disclosure for this sale can be found here. Insiders sold a total of 347,802 shares of company stock valued at $24,204,523 in the last quarter. Insiders own 23.10% of the company’s stock.

Shares of NEWR opened at $74.95 on Friday. The stock has a market capitalization of $4,168.63, a PE ratio of -68.14 and a beta of 0.64. New Relic has a 52-week low of $39.00 and a 52-week high of $79.08.

New Relic (NYSE:NEWR) last announced its quarterly earnings results on Tuesday, February 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 net margin of 16.17% and a negative return on equity of 25.22%. The business’s revenue was up 34.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.09) EPS. analysts forecast that New Relic will post -0.77 earnings per share for the current fiscal year.

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New Relic Company Profile

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

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