Renaissance Technologies LLC Has $634,000 Position in New Relic, Inc. (NEWR)
Renaissance Technologies LLC decreased its position in shares of New Relic, Inc. (NYSE:NEWR) by 78.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,100 shares of the software maker’s stock after selling 63,262 shares during the period. Renaissance Technologies LLC’s holdings in New Relic were worth $634,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fortaleza Asset Management Inc. raised its position in New Relic by 73.8% in the first quarter. Fortaleza Asset Management Inc. now owns 4,910 shares of the software maker’s stock worth $182,000 after buying an additional 2,085 shares during the last quarter. Envestnet Asset Management Inc. raised its position in New Relic by 203.4% in the first quarter. Envestnet Asset Management Inc. now owns 5,473 shares of the software maker’s stock worth $204,000 after buying an additional 3,669 shares during the last quarter. Cipher Capital LP purchased a new position in New Relic during the first quarter worth about $278,000. Suntrust Banks Inc. purchased a new position in New Relic during the first quarter worth about $337,000. Finally, Wrapmanager Inc. raised its position in New Relic by 16.4% in the first quarter. Wrapmanager Inc. now owns 9,829 shares of the software maker’s stock worth $364,000 after buying an additional 1,386 shares during the last quarter. 74.78% of the stock is owned by hedge funds and other institutional investors.
New Relic, Inc. (NEWR) traded down 0.13% during mid-day trading on Wednesday, hitting $47.61. 95,868 shares of the company traded hands. The company’s 50-day moving average is $46.70 and its 200-day moving average is $41.47. The stock’s market capitalization is $2.60 billion. New Relic, Inc. has a one year low of $27.85 and a one year high of $49.39.
New Relic (NYSE:NEWR) last announced its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. The firm had revenue of $80.10 million during the quarter, compared to the consensus estimate of $78.09 million. New Relic had a negative return on equity of 29.19% and a negative net margin of 20.68%. The business’s revenue for the quarter was up 36.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.20) EPS. Analysts predict that New Relic, Inc. will post ($0.25) EPS for the current year.
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NEWR has been the topic of a number of recent analyst reports. BidaskClub downgraded shares of New Relic from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. First Analysis downgraded shares of New Relic from an “overweight” rating to an “equal weight” rating and set a $50.00 price target on the stock. in a research report on Friday, August 4th. Morgan Stanley downgraded shares of New Relic from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $45.00 to $48.00 in a research report on Thursday, July 20th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of New Relic from a “buy” rating to a “hold” rating in a research report on Tuesday, May 16th. Finally, UBS AG boosted their price target on shares of New Relic from $42.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. New Relic presently has an average rating of “Buy” and a consensus target price of $47.36.
In other news, CFO Mark Sachleben sold 6,913 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $45.89, for a total transaction of $317,237.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lewis Cirne sold 33,000 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $43.68, for a total value of $1,441,440.00. The disclosure for this sale can be found here. Insiders sold a total of 223,931 shares of company stock valued at $9,924,511 in the last 90 days. Corporate insiders own 23.10% of the company’s stock.
New Relic Company Profile
New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.
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