Frank Rimerman Advisors LLC Invests $324,000 in New Relic, Inc. (NYSE:NEWR)

Frank Rimerman Advisors LLC purchased a new stake in shares of New Relic, Inc. (NYSE:NEWR) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 4,310 shares of the software maker’s stock, valued at approximately $324,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Norges Bank purchased a new position in New Relic in the fourth quarter valued at approximately $28,552,000. Senvest Management LLC lifted its position in shares of New Relic by 55.8% during the 4th quarter. Senvest Management LLC now owns 1,146,711 shares of the software maker’s stock valued at $64,732,000 after buying an additional 410,931 shares during the last quarter. SQN Investors LP bought a new position in shares of New Relic during the 4th quarter worth $21,225,000. Los Angeles Capital Management LLC purchased a new stake in New Relic in the 1st quarter worth about $20,695,000. Finally, Assenagon Asset Management S.A. lifted its holdings in New Relic by 83.7% during the first quarter. Assenagon Asset Management S.A. now owns 466,823 shares of the software maker’s stock valued at $35,147,000 after purchasing an additional 212,755 shares during the last quarter. 85.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at New Relic

In other news, CEO William Staples sold 8,658 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $84.04, for a total value of $727,618.32. Following the completion of the sale, the chief executive officer now owns 123,243 shares of the company’s stock, valued at approximately $10,357,341.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO William Staples sold 8,658 shares of New Relic stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $84.04, for a total value of $727,618.32. Following the transaction, the chief executive officer now directly owns 123,243 shares of the company’s stock, valued at $10,357,341.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Mark Dodds sold 9,008 shares of the stock in a transaction on Friday, June 16th. The shares were sold at an average price of $67.95, for a total transaction of $612,093.60. Following the sale, the executive now directly owns 13,143 shares of the company’s stock, valued at approximately $893,066.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,518 shares of company stock valued at $3,234,695. Insiders own 23.00% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on NEWR shares. Wedbush reaffirmed a “neutral” rating and issued a $75.00 price objective on shares of New Relic in a report on Tuesday, August 1st. Raymond James cut New Relic from a “strong-buy” rating to a “market perform” rating in a research report on Wednesday, August 2nd. StockNews.com began coverage on New Relic in a report on Sunday. They set a “buy” rating on the stock. Loop Capital lifted their target price on New Relic from $80.00 to $87.00 and gave the company a “hold” rating in a report on Tuesday, August 1st. Finally, DA Davidson lowered their price target on shares of New Relic from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Wednesday, May 24th. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $82.00.

New Relic Price Performance

NEWR stock traded up $0.07 during mid-day trading on Monday, hitting $85.50. 493,431 shares of the stock were exchanged, compared to its average volume of 922,761. The stock has a market capitalization of $6.00 billion, a price-to-earnings ratio of -34.90 and a beta of 0.86. The business has a fifty day moving average price of $78.96 and a 200 day moving average price of $74.51. New Relic, Inc. has a 12 month low of $50.24 and a 12 month high of $86.00.

New Relic (NYSE:NEWR) last issued its earnings results on Monday, July 31st. The software maker reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.22. The business had revenue of $242.63 million during the quarter, compared to analyst estimates of $239.13 million. New Relic had a negative return on equity of 20.28% and a negative net margin of 17.59%. As a group, equities analysts forecast that New Relic, Inc. will post -0.76 EPS for the current fiscal year.

New Relic Profile

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.