Raymond James Financial Services Advisors Inc. Trims Holdings in New Relic, Inc. (NYSE:NEWR)

Raymond James Financial Services Advisors Inc. trimmed its position in New Relic, Inc. (NYSE:NEWR – Get Rating) by 6.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 15,098 shares of the software maker’s stock after selling 1,016 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in New Relic were worth $866,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Ensign Peak Advisors Inc raised its position in New Relic by 1.6% during the second quarter. Ensign Peak Advisors Inc now owns 13,680 shares of the software maker’s stock valued at $685,000 after acquiring an additional 210 shares in the last quarter. Xponance Inc. raised its position in New Relic by 3.6% during the third quarter. Xponance Inc. now owns 6,222 shares of the software maker’s stock valued at $357,000 after acquiring an additional 218 shares in the last quarter. Arizona State Retirement System grew its holdings in New Relic by 1.4% in the second quarter. Arizona State Retirement System now owns 16,140 shares of the software maker’s stock valued at $808,000 after purchasing an additional 226 shares during the period. LPL Financial LLC grew its holdings in New Relic by 3.9% in the second quarter. LPL Financial LLC now owns 9,189 shares of the software maker’s stock valued at $460,000 after purchasing an additional 344 shares during the period. Finally, Penserra Capital Management LLC grew its holdings in New Relic by 50.0% in the first quarter. Penserra Capital Management LLC now owns 1,254 shares of the software maker’s stock valued at $83,000 after purchasing an additional 418 shares during the period. 83.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at New Relic

In other New Relic news, Chairman Lewis Cirne sold 25,000 shares of New Relic stock in a transaction on Friday, January 6th. The stock was sold at an average price of $54.55, for a total value of $1,363,750.00. Following the sale, the chairman now owns 50,477 shares in the company, valued at $2,753,520.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Jana Partners Llc sold 317,488 shares of the business’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $61.30, for a total value of $19,462,014.40. Following the sale, the director now owns 3,212,444 shares in the company, valued at approximately $196,922,817.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Lewis Cirne sold 25,000 shares of the business’s stock in a transaction on Friday, January 6th. The stock was sold at an average price of $54.55, for a total value of $1,363,750.00. Following the transaction, the chairman now directly owns 50,477 shares of the company’s stock, valued at $2,753,520.35. The disclosure for this sale can be found here. Insiders have sold 620,940 shares of company stock worth $36,806,171 over the last quarter. 21.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Truist Financial lowered New Relic from a “buy” rating to a “hold” rating and dropped their price objective for the company from $80.00 to $55.00 in a report on Monday, January 9th. JPMorgan Chase & Co. assumed coverage on New Relic in a report on Monday, October 3rd. They issued a “neutral” rating and a $57.00 price objective on the stock. Wedbush assumed coverage on New Relic in a report on Wednesday, December 14th. They issued a “neutral” rating and a $68.00 price objective on the stock. Royal Bank of Canada dropped their price objective on New Relic from $62.00 to $55.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 9th. Finally, Canaccord Genuity Group lowered their price target on New Relic from $81.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, November 9th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $67.54.

New Relic Stock Performance

Shares of New Relic stock opened at $57.92 on Monday. New Relic, Inc. has a one year low of $41.66 and a one year high of $110.96. The company has a market cap of $3.96 billion, a price-to-earnings ratio of -17.77 and a beta of 0.86. The business’s 50 day moving average price is $56.47 and its 200 day moving average price is $58.22.

New Relic (NYSE:NEWR – Get Rating) last posted its earnings results on Tuesday, November 8th. The software maker reported ($0.46) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.17. New Relic had a negative return on equity of 62.88% and a negative net margin of 25.24%. The company had revenue of $226.91 million for the quarter, compared to the consensus estimate of $222.60 million. On average, analysts predict that New Relic, Inc. will post -2.17 EPS for the current fiscal year.

New Relic Profile

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New Relic, Inc engages in the provision of software solutions. It delivers an open and extensible cloud-based platform that enables organizations to collect, store and analyze massive amounts of data in real time to better operate applications and infrastructure. It offers solutions to e-commerce and retail, media, and public sector industries.