New Relic, Inc. (NYSE:NEWR) Sees Significant Decrease in Short Interest

New Relic, Inc. (NYSE:NEWRGet Rating) saw a large decline in short interest in August. As of August 31st, there was short interest totalling 1,420,000 shares, a decline of 9.6% from the August 15th total of 1,570,000 shares. Based on an average daily volume of 742,800 shares, the short-interest ratio is currently 1.9 days. Approximately 2.3% of the shares of the stock are sold short.

Insiders Place Their Bets

In other New Relic news, Chairman Lewis Cirne sold 30,000 shares of the business’s stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $52.35, for a total transaction of $1,570,500.00. Following the sale, the chairman now directly owns 45,438 shares in the company, valued at approximately $2,378,679.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Kristy Friedrichs sold 13,590 shares of New Relic stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $70.22, for a total transaction of $954,289.80. Following the completion of the transaction, the chief operating officer now owns 9,439 shares of the company’s stock, valued at approximately $662,806.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Lewis Cirne sold 30,000 shares of New Relic stock in a transaction on Wednesday, July 6th. The stock was sold at an average price of $52.35, for a total value of $1,570,500.00. Following the transaction, the chairman now directly owns 45,438 shares of the company’s stock, valued at approximately $2,378,679.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 123,265 shares of company stock worth $7,651,228. Corporate insiders own 21.00% of the company’s stock.

Hedge Funds Weigh In On New Relic

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Eminence Capital LP boosted its holdings in New Relic by 8.3% in the 2nd quarter. Eminence Capital LP now owns 5,579,236 shares of the software maker’s stock worth $279,241,000 after acquiring an additional 426,167 shares during the period. Vanguard Group Inc. boosted its holdings in New Relic by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 4,973,747 shares of the software maker’s stock worth $332,645,000 after acquiring an additional 49,388 shares during the period. Contour Asset Management LLC boosted its holdings in New Relic by 11.6% in the 2nd quarter. Contour Asset Management LLC now owns 2,523,634 shares of the software maker’s stock worth $126,308,000 after acquiring an additional 261,372 shares during the period. Clearbridge Investments LLC boosted its holdings in New Relic by 0.5% in the 1st quarter. Clearbridge Investments LLC now owns 1,889,144 shares of the software maker’s stock worth $126,346,000 after acquiring an additional 9,341 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in New Relic by 8.9% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,562,561 shares of the software maker’s stock worth $104,504,000 after acquiring an additional 127,940 shares during the period. Hedge funds and other institutional investors own 87.21% of the company’s stock.

Analyst Upgrades and Downgrades

NEWR has been the subject of several analyst reports. Canaccord Genuity Group initiated coverage on shares of New Relic in a research note on Thursday, July 7th. They issued a “buy” rating for the company. StockNews.com raised shares of New Relic from a “hold” rating to a “buy” rating in a research note on Thursday. Morgan Stanley cut New Relic from an “overweight” rating to an “equal weight” rating and set a $64.00 price target for the company. in a report on Monday, July 11th. Canaccord Genuity Group assumed coverage on New Relic in a report on Thursday, July 7th. They issued a “buy” rating and a $81.00 price target for the company. Finally, Royal Bank of Canada lifted their price target on New Relic from $45.00 to $62.00 in a report on Thursday, July 21st. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $77.50.

New Relic Stock Performance

Shares of NYSE:NEWR opened at $58.32 on Monday. New Relic has a 1 year low of $41.66 and a 1 year high of $129.70. The stock has a market capitalization of $3.93 billion, a P/E ratio of -17.15 and a beta of 0.96. The stock has a 50-day simple moving average of $61.35 and a 200-day simple moving average of $58.75.

New Relic (NYSE:NEWRGet Rating) last issued its earnings results on Thursday, August 4th. The software maker reported ($0.79) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.15. New Relic had a negative return on equity of 68.32% and a negative net margin of 27.05%. The business had revenue of $216.46 million during the quarter, compared to analysts’ expectations of $212.68 million. Analysts predict that New Relic will post -2.27 earnings per share for the current year.

New Relic Company Profile

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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

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