Arizona State Retirement System Raises Stake in New Relic, Inc. (NYSE:NEWR)

Arizona State Retirement System lifted its position in shares of New Relic, Inc. (NYSE:NEWRGet Rating) by 1.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 15,914 shares of the software maker’s stock after purchasing an additional 206 shares during the quarter. Arizona State Retirement System’s holdings in New Relic were worth $1,064,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of New Relic by 9.3% during the 4th quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,434,621 shares of the software maker’s stock worth $157,751,000 after purchasing an additional 121,545 shares during the period. Marshall Wace LLP boosted its holdings in New Relic by 2,123.1% in the 4th quarter. Marshall Wace LLP now owns 1,208,144 shares of the software maker’s stock worth $132,847,000 after acquiring an additional 1,153,798 shares during the period. Geode Capital Management LLC boosted its holdings in New Relic by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 688,176 shares of the software maker’s stock worth $75,671,000 after acquiring an additional 28,805 shares during the period. Millennium Management LLC boosted its holdings in New Relic by 193.5% in the 4th quarter. Millennium Management LLC now owns 468,824 shares of the software maker’s stock worth $51,552,000 after acquiring an additional 309,070 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in New Relic by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 432,093 shares of the software maker’s stock worth $47,513,000 after acquiring an additional 12,324 shares during the period. Hedge funds and other institutional investors own 88.24% of the company’s stock.

Insiders Place Their Bets

In other New Relic news, Chairman Lewis Cirne sold 30,000 shares of the stock in a transaction on Friday, May 6th. The stock was sold at an average price of $57.71, for a total value of $1,731,300.00. Following the sale, the chairman now directly owns 42,918 shares of the company’s stock, valued at $2,476,797.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO William Staples sold 4,002 shares of the firm’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $43.33, for a total transaction of $173,406.66. Following the transaction, the chief executive officer now directly owns 49,883 shares of the company’s stock, valued at $2,161,430.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Lewis Cirne sold 30,000 shares of the firm’s stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $57.71, for a total value of $1,731,300.00. Following the transaction, the chairman now directly owns 42,918 shares of the company’s stock, valued at approximately $2,476,797.78. The disclosure for this sale can be found here. Insiders have sold 103,847 shares of company stock valued at $5,426,101 over the last three months. Company insiders own 21.00% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on NEWR shares. Cowen decreased their price target on New Relic from $80.00 to $65.00 in a report on Friday, May 13th. Royal Bank of Canada upped their price target on New Relic from $45.00 to $62.00 in a report on Thursday, July 21st. Cowen reduced their target price on New Relic from $80.00 to $65.00 in a research note on Friday, May 13th. Robert W. Baird reduced their target price on New Relic from $117.00 to $75.00 and set a “na” rating for the company in a research note on Friday, May 13th. Finally, Truist Financial reduced their target price on New Relic from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, July 18th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $76.55.

New Relic Stock Performance

NEWR stock opened at $60.29 on Tuesday. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 1.54. The firm has a market cap of $4.06 billion, a P/E ratio of -15.54 and a beta of 0.97. New Relic, Inc. has a 12-month low of $41.66 and a 12-month high of $129.70. The stock’s 50 day simple moving average is $51.73 and its 200 day simple moving average is $64.22.

New Relic (NYSE:NEWRGet Rating) last issued its earnings results on Thursday, May 12th. The software maker reported ($0.84) earnings per share for the quarter, topping the consensus estimate of ($0.88) by $0.04. New Relic had a negative return on equity of 74.08% and a negative net margin of 31.88%. The firm had revenue of $205.75 million for the quarter, compared to analyst estimates of $204.92 million. As a group, equities research analysts predict that New Relic, Inc. will post -2.78 EPS for the current year.

About New Relic

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New Relic, Inc, a software-as-a-service company, delivers a software platform for customers to collect telemetry data and derive insights from that data in a unified front-end application. It offers a suite of products on its open and extensible cloud-based platform, which enables users to collect, store, and analyze telemetry data.

Further Reading

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

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