AO Asset Management LP Acquires 69,000 Shares of New Relic Inc (NEWR)

AO Asset Management LP lifted its holdings in shares of New Relic Inc (NYSE:NEWR) by 25.3% in the third quarter, HoldingsChannel reports. The firm owned 342,200 shares of the software maker’s stock after acquiring an additional 69,000 shares during the period. New Relic makes up about 3.9% of AO Asset Management LP’s portfolio, making the stock its 6th biggest holding. AO Asset Management LP’s holdings in New Relic were worth $32,246,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Tower Research Capital LLC TRC increased its stake in shares of New Relic by 95.1% during 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. Granite Investment Partners LLC increased its stake in shares of New Relic by 10.9% during the 3rd quarter. Granite Investment Partners LLC now owns 6,506 shares of the software maker’s stock worth $613,000 after purchasing an additional 639 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of New Relic by 43.0% during 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. Swiss National Bank increased its stake in shares of New Relic by 1.1% during the 3rd quarter. Swiss National Bank now owns 73,197 shares of the software maker’s stock worth $6,897,000 after purchasing an additional 800 shares in the last quarter. Finally, Xact Kapitalforvaltning AB increased its stake in shares of New Relic by 19.9% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 6,037 shares of the software maker’s stock worth $607,000 after purchasing an additional 1,000 shares in the last quarter. 76.62% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have recently weighed in on NEWR. BMO Capital Markets raised their price objective on shares of New Relic from $110.00 to $117.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 8th. Zacks Investment Research cut shares of New Relic from a “buy” rating to a “hold” rating in a research note on Wednesday, November 14th. DA Davidson raised shares of New Relic from a “neutral” rating to a “buy” rating and set a $105.00 price objective for the company in a research note on Tuesday, October 23rd. They noted that the move was a valuation call. ValuEngine cut shares of New Relic from a “buy” rating to a “hold” rating in a research note on Tuesday, November 6th. Finally, Morgan Stanley raised their target price on shares of New Relic from $80.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 8th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $103.47.

In other New Relic news, Director Peter H. Fenton sold 51,971 shares of New Relic stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $109.45, for a total value of $5,688,225.95. Following the transaction, the director now owns 154 shares in the company, valued at approximately $16,855.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Lewis Cirne sold 89,000 shares of New Relic stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $98.81, for a total transaction of $8,794,090.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 420,721 shares of company stock worth $39,733,560. 20.40% of the stock is owned by company insiders.

Shares of NYSE NEWR opened at $84.75 on Monday. New Relic Inc has a 1 year low of $55.01 and a 1 year high of $114.78. The company has a market cap of $4.83 billion, a P/E ratio of -114.53 and a beta of 0.82. The company has a current ratio of 3.81, a quick ratio of 3.81 and a debt-to-equity ratio of 1.25.

New Relic (NYSE:NEWR) last announced its earnings results on Tuesday, November 6th. The software maker reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.03). New Relic had a negative return on equity of 7.97% and a negative net margin of 6.93%. The firm had revenue of $114.90 million for the quarter, compared to analyst estimates of $112.26 million. During the same quarter last year, the business posted ($0.06) EPS. The firm’s revenue was up 35.7% compared to the same quarter last year. Sell-side analysts anticipate that New Relic Inc will post -0.37 earnings per share for the current year.

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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.

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

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