Mackay Shields LLC Buys Shares of 10,800 New Relic (NEWR)

Mackay Shields LLC acquired a new stake in shares of New Relic (NYSE:NEWR) during the first quarter, HoldingsChannel.com reports. The fund acquired 10,800 shares of the software maker’s stock, valued at approximately $800,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. American International Group Inc. boosted its stake in shares of New Relic by 4.8% during the fourth quarter. American International Group Inc. now owns 20,601 shares of the software maker’s stock valued at $1,190,000 after purchasing an additional 945 shares in the last quarter. Essex Investment Management Co. LLC boosted its stake in shares of New Relic by 12.4% during the fourth quarter. Essex Investment Management Co. LLC now owns 11,279 shares of the software maker’s stock valued at $652,000 after purchasing an additional 1,248 shares in the last quarter. Teachers Advisors LLC boosted its stake in shares of New Relic by 1.9% during the fourth quarter. Teachers Advisors LLC now owns 76,201 shares of the software maker’s stock valued at $4,402,000 after purchasing an additional 1,427 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of New Relic by 7.7% during the fourth quarter. UBS Asset Management Americas Inc. now owns 21,152 shares of the software maker’s stock valued at $1,222,000 after purchasing an additional 1,516 shares in the last quarter. Finally, Swiss National Bank boosted its stake in shares of New Relic by 5.5% during the fourth quarter. Swiss National Bank now owns 55,697 shares of the software maker’s stock valued at $3,218,000 after purchasing an additional 2,900 shares in the last quarter. Hedge funds and other institutional investors own 75.30% of the company’s stock.

A number of research firms have recently issued reports on NEWR. JMP Securities downgraded shares of New Relic from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 9th. Cowen increased their price objective on shares of New Relic from $74.00 to $84.00 and gave the company an “outperform” rating in a research note on Wednesday, May 9th. Oppenheimer raised their target price on shares of New Relic from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, May 9th. Morgan Stanley raised their target price on shares of New Relic from $61.00 to $67.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 9th. Finally, Wedbush restated an “outperform” rating and issued a $86.00 target price (down from $93.00) on shares of New Relic in a research note on Wednesday, May 9th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. New Relic presently has a consensus rating of “Buy” and a consensus price target of $73.79.

In other New Relic news, CFO Mark Sachleben sold 7,500 shares of the firm’s stock in a transaction on Monday, May 21st. The shares were sold at an average price of $96.76, for a total value of $725,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Lewis Cirne sold 89,000 shares of the firm’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $72.94, for a total transaction of $6,491,660.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 360,262 shares of company stock valued at $27,281,441. Corporate insiders own 23.10% of the company’s stock.

Shares of NEWR opened at $96.16 on Friday. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of -129.95 and a beta of 0.65. New Relic has a twelve month low of $39.11 and a twelve month high of $98.33.

New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, May 8th. The software maker reported $0.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.04. The company had revenue of $98.40 million during the quarter, compared to the consensus estimate of $96.34 million. New Relic had a negative net margin of 12.76% and a negative return on equity of 20.14%. New Relic’s revenue was up 34.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.11) earnings per share. equities research analysts anticipate that New Relic will post -0.59 EPS for the current year.

New Relic 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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