Crestline Management LP acquired a new stake in New Relic Inc (NYSE:NEWR) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,412 shares of the software maker’s stock, valued at approximately $1,086,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in NEWR. Russell Investments Group Ltd. grew its stake in New Relic by 10.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 36,593 shares of the software maker’s stock valued at $3,448,000 after buying an additional 3,491 shares in the last quarter. Private Advisor Group LLC purchased a new position in shares of New Relic during the 3rd quarter valued at $252,000. Comerica Bank purchased a new position in shares of New Relic during the 3rd quarter valued at $501,000. American Century Companies Inc. grew its position in shares of New Relic by 16.1% during the 3rd quarter. American Century Companies Inc. now owns 72,939 shares of the software maker’s stock valued at $6,873,000 after purchasing an additional 10,122 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of New Relic by 167.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 291,861 shares of the software maker’s stock valued at $27,501,000 after purchasing an additional 182,744 shares in the last quarter. 80.24% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on NEWR shares. ValuEngine upgraded shares of New Relic from a “hold” rating to a “buy” rating in a research report on Thursday, January 17th. BMO Capital Markets restated an “outperform” rating and set a $118.00 price target (up from $110.00) on shares of New Relic in a research report on Thursday, February 7th. Wedbush restated an “outperform” rating and set a $124.00 price target (up from $116.00) on shares of New Relic in a research report on Thursday, February 7th. DA Davidson restated a “buy” rating on shares of New Relic in a research report on Thursday, February 7th. Finally, Morgan Stanley upgraded shares of New Relic from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, January 15th. Three analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $112.64.
New Relic stock opened at $104.03 on Monday. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $5.97 billion, a price-to-earnings ratio of -140.58 and a beta of 1.04. New Relic Inc has a twelve month low of $68.89 and a twelve month high of $114.78.
New Relic (NYSE:NEWR) last posted its quarterly earnings results on Wednesday, February 6th. The software maker reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.03. The business had revenue of $124.00 million during the quarter, compared to the consensus estimate of $120.18 million. New Relic had a negative net margin of 6.96% and a negative return on equity of 6.08%. The firm’s revenue for the quarter was up 35.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.05 earnings per share. On average, equities analysts anticipate that New Relic Inc will post -0.32 EPS for the current fiscal year.
In other news, CEO Lewis Cirne sold 89,000 shares of the company’s stock in a transaction dated Thursday, January 3rd. The shares were sold at an average price of $76.40, for a total transaction of $6,799,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Sachleben sold 1,071 shares of the company’s stock in a transaction dated Thursday, December 20th. The shares were sold at an average price of $80.28, for a total transaction of $85,979.88. The disclosure for this sale can be found here. Insiders sold 190,286 shares of company stock valued at $16,953,095 over the last three months. 20.40% of the stock is currently owned by insiders.
COPYRIGHT VIOLATION WARNING: “Crestline Management LP Takes $1.09 Million Position in New Relic Inc (NEWR)” was originally posted by Transcript Daily and is the property of of Transcript Daily. If you are reading this report on another site, it was illegally stolen and republished in violation of United States & international copyright and trademark legislation. The original version of this report can be viewed at https://transcriptdaily.com/2019/03/18/crestline-management-lp-takes-1-09-million-position-in-new-relic-inc-newr.html.
New Relic 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.
Featured Article: What is the downside to momentum investing?
Want to see what other hedge funds are holding NEWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for New Relic Inc (NYSE:NEWR).
Receive News & Ratings for New Relic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Relic and related companies with MarketBeat.com's FREE daily email newsletter.