Morse Asset Management Inc Has $1.93 Million Position in New Relic Inc (NEWR)

Morse Asset Management Inc boosted its stake in shares of New Relic Inc (NYSE:NEWR) by 19.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,490 shares of the software maker’s stock after buying an additional 3,320 shares during the period. Morse Asset Management Inc’s holdings in New Relic were worth $1,931,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Tower Research Capital LLC TRC increased its holdings in shares of New Relic by 95.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,198 shares of the software maker’s stock worth $121,000 after purchasing an additional 584 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of New Relic by 43.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,553 shares of the software maker’s stock worth $257,000 after purchasing an additional 768 shares in the last quarter. Xact Kapitalforvaltning AB increased its holdings in shares of New Relic by 24.8% in the 1st quarter. Xact Kapitalforvaltning AB now owns 5,037 shares of the software maker’s stock worth $373,000 after purchasing an additional 1,000 shares in the last quarter. Gagnon Advisors LLC increased its holdings in shares of New Relic by 1.4% in the 2nd quarter. Gagnon Advisors LLC now owns 80,392 shares of the software maker’s stock worth $8,087,000 after purchasing an additional 1,071 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in shares of New Relic by 15.3% in the 2nd quarter. Teacher Retirement System of Texas now owns 8,431 shares of the software maker’s stock worth $848,000 after purchasing an additional 1,120 shares in the last quarter. 76.90% of the stock is owned by institutional investors.

Shares of NEWR opened at $87.13 on Friday. The company has a debt-to-equity ratio of 1.28, a current ratio of 3.83 and a quick ratio of 3.83. New Relic Inc has a one year low of $50.27 and a one year high of $114.78. The firm has a market capitalization of $5.04 billion, a P/E ratio of -117.74 and a beta of 0.82.

New Relic (NYSE:NEWR) last issued its quarterly earnings data on Tuesday, August 7th. The software maker reported $0.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.04. New Relic had a negative return on equity of 12.19% and a negative net margin of 9.13%. The company had revenue of $108.22 million during the quarter, compared to analyst estimates of $106.09 million. Equities research analysts predict that New Relic Inc will post -0.38 EPS for the current fiscal year.

In related news, insider James R. Gochee sold 508 shares of New Relic stock in a transaction on Monday, September 17th. The stock was sold at an average price of $101.48, for a total value of $51,551.84. Following the completion of the sale, the insider now owns 311,454 shares of the company’s stock, valued at $31,606,351.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Sachleben sold 7,500 shares of New Relic stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $102.75, for a total value of $770,625.00. The disclosure for this sale can be found here. Insiders sold 346,742 shares of company stock valued at $33,805,571 in the last ninety days. 20.40% of the stock is currently owned by corporate insiders.

A number of research firms have commented on NEWR. BMO Capital Markets lifted their target price on New Relic from $110.00 to $117.00 and gave the stock an “outperform” rating in a report on Wednesday, August 8th. Zacks Investment Research lowered New Relic from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 10th. TheStreet raised New Relic from a “d” rating to a “c” rating in a report on Thursday, August 23rd. ValuEngine lowered New Relic from a “strong-buy” rating to a “buy” rating in a report on Monday, July 30th. Finally, Morgan Stanley lifted their target price on New Relic from $80.00 to $102.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 8th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $97.00.

New Relic Company Profile

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.

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

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