New Relic Inc (NYSE:NEWR) saw a large increase in short interest in July. As of July 31st, there was short interest totalling 3,112,700 shares, an increase of 22.9% from the June 30th total of 2,532,900 shares. Based on an average daily trading volume, of 1,250,000 shares, the days-to-cover ratio is currently 2.5 days. Approximately 6.5% of the company’s stock are sold short.

A number of research firms have issued reports on NEWR. Needham & Company LLC set a $120.00 target price on shares of New Relic and gave the stock a “buy” rating in a report on Wednesday, August 7th. Oppenheimer reduced their price objective on shares of New Relic from $125.00 to $109.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Raymond James lowered shares of New Relic from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 7th. BMO Capital Markets reduced their price objective on shares of New Relic to $73.00 and set a “positive” rating on the stock in a report on Wednesday, August 7th. Finally, Zacks Investment Research lowered shares of New Relic from a “hold” rating to a “sell” rating in a report on Tuesday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company. New Relic currently has a consensus rating of “Hold” and a consensus target price of $100.50.

Shares of NEWR traded down $1.97 during midday trading on Wednesday, reaching $59.90. The stock had a trading volume of 870,596 shares, compared to its average volume of 980,378. New Relic has a 1-year low of $55.60 and a 1-year high of $113.34. The business has a fifty day moving average price of $86.00. The firm has a market capitalization of $3.55 billion, a P/E ratio of -193.21 and a beta of 0.83. The company has a debt-to-equity ratio of 1.16, a quick ratio of 2.90 and a current ratio of 2.90.

New Relic (NYSE:NEWR) last posted its earnings results on Tuesday, August 6th. The software maker reported ($0.16) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.02. The firm had revenue of $141.01 million for the quarter, compared to the consensus estimate of $139.73 million. New Relic had a negative net margin of 9.93% and a negative return on equity of 8.74%. The company’s revenue was up 30.3% on a year-over-year basis. During the same period last year, the firm posted $0.15 EPS. Research analysts expect that New Relic will post -0.68 earnings per share for the current year.

In other New Relic news, CTO James R. Gochee sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $60.75, for a total transaction of $243,000.00. Following the sale, the chief technology officer now directly owns 126,926 shares in the company, valued at approximately $7,710,754.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Mark Sachleben sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $63.21, for a total transaction of $632,100.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 182,950 shares of company stock worth $16,808,513. 17.40% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its holdings in shares of New Relic by 9.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 94,864 shares of the software maker’s stock worth $7,681,000 after acquiring an additional 7,914 shares during the period. Legal & General Group Plc grew its holdings in shares of New Relic by 16.9% during the 4th quarter. Legal & General Group Plc now owns 18,246 shares of the software maker’s stock worth $1,478,000 after acquiring an additional 2,634 shares during the period. Norges Bank purchased a new position in shares of New Relic during the 4th quarter worth approximately $32,845,000. Geode Capital Management LLC grew its holdings in shares of New Relic by 9.4% during the 4th quarter. Geode Capital Management LLC now owns 470,182 shares of the software maker’s stock worth $38,070,000 after acquiring an additional 40,494 shares during the period. Finally, Virtu Financial LLC purchased a new position in shares of New Relic during the 1st quarter worth approximately $1,247,000. 79.30% of the stock is currently owned by hedge funds and other institutional investors.

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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