New Relic Inc (NYSE:NEWR) Stake Boosted by Granite Investment Partners LLC

Granite Investment Partners LLC lifted its holdings in New Relic Inc (NYSE:NEWR) by 18.3% in the first quarter, HoldingsChannel.com reports. The fund owned 9,837 shares of the software maker’s stock after buying an additional 1,520 shares during the quarter. Granite Investment Partners LLC’s holdings in New Relic were worth $971,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. QS Investors LLC boosted its stake in New Relic by 1.0% during the fourth quarter. QS Investors LLC now owns 10,092 shares of the software maker’s stock valued at $818,000 after buying an additional 100 shares during the last quarter. Vista Equity Partners Management LLC bought a new position in New Relic during the fourth quarter valued at approximately $13,553,000. Rhumbline Advisers boosted its stake in New Relic by 48.0% during the fourth quarter. Rhumbline Advisers now owns 60,113 shares of the software maker’s stock valued at $4,867,000 after buying an additional 19,499 shares during the last quarter. Stanley Laman Group Ltd. bought a new position in New Relic during the fourth quarter valued at approximately $6,003,000. Finally, Toronado Partners LLC bought a new position in New Relic during the fourth quarter valued at approximately $9,307,000. 79.55% of the stock is owned by hedge funds and other institutional investors.

NYSE:NEWR opened at $96.46 on Thursday. The company has a market capitalization of $5.54 billion, a PE ratio of -311.16 and a beta of 1.03. New Relic Inc has a 1 year low of $70.30 and a 1 year high of $114.78. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.90 and a quick ratio of 2.90.

New Relic (NYSE:NEWR) last posted its quarterly earnings data on Tuesday, May 14th. The software maker reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.07. The business had revenue of $132.10 million during the quarter, compared to analyst estimates of $128.19 million. New Relic had a negative return on equity of 6.57% and a negative net margin of 8.53%. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period last year, the company earned $0.09 EPS. Research analysts expect that New Relic Inc will post -0.56 EPS for the current fiscal year.

In other news, Director Peter H. Fenton sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $95.16, for a total value of $4,282,200.00. Following the sale, the director now directly owns 617 shares in the company, valued at $58,713.72. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CRO Erica Schultz sold 3,680 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $100.82, for a total value of $371,017.60. Following the completion of the sale, the executive now owns 24,676 shares in the company, valued at $2,487,834.32. The disclosure for this sale can be found here. Insiders sold a total of 161,750 shares of company stock valued at $16,052,840 over the last ninety days. Corporate insiders own 20.40% of the company’s stock.

NEWR has been the subject of a number of research reports. Goldman Sachs Group initiated coverage on New Relic in a research note on Friday, June 7th. They set a “sell” rating and a $83.00 price target for the company. Wedbush reissued an “outperform” rating and set a $124.00 price target on shares of New Relic in a research note on Thursday, April 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $131.00 price objective (up from $129.00) on shares of New Relic in a research note on Wednesday, May 15th. ValuEngine lowered New Relic from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Zacks Investment Research lowered New Relic from a “buy” rating to a “hold” rating in a research note on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. New Relic presently has an average rating of “Buy” and a consensus price target of $115.17.

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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.

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

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