Russell Investments Group Ltd. Reduces Stake in New Relic Inc (NEWR)

Russell Investments Group Ltd. decreased its holdings in New Relic Inc (NYSE:NEWR) by 13.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 66,596 shares of the software maker’s stock after selling 10,109 shares during the period. Russell Investments Group Ltd. owned about 0.12% of New Relic worth $4,936,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of NEWR. Stratos Wealth Partners LTD. acquired a new position in New Relic in the first quarter worth approximately $141,000. Quantum Capital Management acquired a new position in New Relic in the first quarter worth approximately $210,000. Xact Kapitalforvaltning AB acquired a new position in New Relic in the fourth quarter worth approximately $233,000. SFE Investment Counsel acquired a new position in New Relic in the first quarter worth approximately $233,000. Finally, Amalgamated Bank acquired a new position in New Relic in the fourth quarter worth approximately $240,000. Institutional investors own 74.08% of the company’s stock.

In other news, insider James R. Gochee sold 331 shares of the stock in a transaction that occurred on Monday, June 18th. The stock was sold at an average price of $109.05, for a total value of $36,095.55. Following the completion of the sale, the insider now directly owns 320,252 shares of the company’s stock, valued at $34,923,480.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lewis Cirne sold 89,000 shares of the stock in a transaction that occurred on Wednesday, May 2nd. The shares were sold at an average price of $71.11, for a total value of $6,328,790.00. The disclosure for this sale can be found here. Insiders sold 371,189 shares of company stock valued at $32,271,814 over the last three months. 23.10% of the stock is owned by company insiders.

Shares of New Relic opened at $97.21 on Thursday, MarketBeat.com reports. New Relic Inc has a 12-month low of $41.80 and a 12-month high of $111.59. The company has a market cap of $5.61 billion, a price-to-earnings ratio of -131.36 and a beta of 0.83.

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

A number of equities analysts recently commented on NEWR shares. Needham & Company LLC increased their price objective on New Relic from $73.00 to $84.00 and gave the stock a “buy” rating in a report on Monday, April 2nd. Zacks Investment Research downgraded New Relic from a “buy” rating to a “hold” rating in a report on Wednesday, April 11th. Wedbush restated an “outperform” rating and issued a $86.00 price objective on shares of New Relic in a report on Wednesday, April 25th. ValuEngine upgraded New Relic from a “buy” rating to a “strong-buy” rating in a report on Friday, June 1st. Finally, KeyCorp increased their price objective on New Relic from $70.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday, March 19th. They noted that the move was a valuation call. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $90.50.

About New Relic

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

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

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