Westfield Capital Management Co. LP Invests $23.22 Million in New Relic, Inc. (NEWR) Stock
Westfield Capital Management Co. LP acquired a new position in shares of New Relic, Inc. (NYSE:NEWR) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 466,276 shares of the software maker’s stock, valued at approximately $23,221,000. Westfield Capital Management Co. LP owned 0.85% of New Relic at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Ameritas Investment Partners Inc. lifted its holdings in shares of New Relic by 50.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock valued at $111,000 after buying an additional 862 shares during the period. ETF Managers Group LLC acquired a new stake in shares of New Relic in the 2nd quarter valued at approximately $118,000. Botty Investors LLC lifted its holdings in shares of New Relic by 23.5% in the 2nd quarter. Botty Investors LLC now owns 2,809 shares of the software maker’s stock valued at $121,000 after buying an additional 535 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in shares of New Relic by 507.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,813 shares of the software maker’s stock valued at $164,000 after buying an additional 3,185 shares during the period. Finally, BT Investment Management Ltd acquired a new stake in shares of New Relic in the 2nd quarter valued at approximately $186,000. 77.16% of the stock is owned by institutional investors.
In other news, CEO Lewis Cirne sold 33,000 shares of New Relic stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $48.43, for a total value of $1,598,190.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Sachleben sold 5,000 shares of New Relic stock in a transaction on Monday, November 27th. The shares were sold at an average price of $59.04, for a total value of $295,200.00. The disclosure for this sale can be found here. Insiders have sold 185,591 shares of company stock valued at $9,426,662 in the last three months. 23.10% of the stock is currently owned by company insiders.
New Relic, Inc. (NEWR) traded down $2.00 during trading on Tuesday, reaching $56.11. The company’s stock had a trading volume of 625,100 shares, compared to its average volume of 465,299. New Relic, Inc. has a one year low of $27.85 and a one year high of $59.90.
New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, November 7th. The software maker reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The company had revenue of $84.68 million during the quarter, compared to the consensus estimate of $82.98 million. New Relic had a negative return on equity of 29.19% and a negative net margin of 19.43%. New Relic’s revenue was up 33.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.09) earnings per share. sell-side analysts forecast that New Relic, Inc. will post -0.98 EPS for the current fiscal year.
Several analysts have recently commented on NEWR shares. BidaskClub cut New Relic from a “strong-buy” rating to a “buy” rating in a report on Monday, September 18th. Robert W. Baird set a $55.00 price objective on New Relic and gave the stock a “buy” rating in a report on Monday, September 11th. Zacks Investment Research raised New Relic from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a report on Wednesday, October 4th. Oppenheimer reaffirmed a “buy” rating and set a $50.00 price objective on shares of New Relic in a report on Tuesday, September 19th. Finally, Needham & Company LLC started coverage on New Relic in a report on Monday, October 23rd. They set a “buy” rating and a $69.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $53.58.
New Relic 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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