Handelsbanken Fonder AB Purchases Shares of 8,637 New Relic, Inc. (NYSE:NEWR)

Posted by Defense World Staff on Jul 23rd, 2023

Handelsbanken Fonder AB purchased a new stake in New Relic, Inc. (NYSE:NEWR – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,637 shares of the software maker’s stock, valued at approximately $650,000.

Several other institutional investors also recently modified their holdings of the stock. Private Ocean LLC increased its holdings in shares of New Relic by 9.5% in the first quarter. Private Ocean LLC now owns 1,841 shares of the software maker’s stock valued at $139,000 after buying an additional 160 shares in the last quarter. Raymond James Trust N.A. raised its stake in New Relic by 4.0% during the 4th quarter. Raymond James Trust N.A. now owns 4,500 shares of the software maker’s stock valued at $254,000 after purchasing an additional 174 shares during the period. Amalgamated Bank raised its stake in New Relic by 1.9% during the 4th quarter. Amalgamated Bank now owns 12,141 shares of the software maker’s stock valued at $685,000 after purchasing an additional 231 shares during the period. Alliancebernstein L.P. raised its stake in New Relic by 1.1% during the 4th quarter. Alliancebernstein L.P. now owns 25,006 shares of the software maker’s stock valued at $1,412,000 after purchasing an additional 268 shares during the period. Finally, LPL Financial LLC raised its stake in New Relic by 3.9% during the 2nd 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. Institutional investors own 82.03% of the company’s stock.

Wall Street Analyst Weigh In

NEWR has been the topic of several recent analyst reports. DA Davidson cut their target price on shares of New Relic from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday, May 24th. StockNews.com initiated coverage on shares of New Relic in a research note on Thursday, May 18th. They issued a “buy” rating on the stock. Truist Financial upped their price target on shares of New Relic from $65.00 to $77.00 and gave the stock a “hold” rating in a research note on Wednesday, May 24th. Loop Capital upped their price target on shares of New Relic from $70.00 to $80.00 in a research note on Wednesday, May 24th. Finally, Royal Bank of Canada raised shares of New Relic from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $75.00 to $95.00 in a research note on Friday, May 26th. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, New Relic presently has an average rating of “Moderate Buy” and a consensus price target of $81.64.

New Relic Trading Down 0.1 %

Shares of NYSE:NEWR opened at $71.22 on Friday. The stock has a market capitalization of $5.00 billion, a PE ratio of -26.67 and a beta of 0.83. New Relic, Inc. has a 1 year low of $50.24 and a 1 year high of $86.00. The firm has a fifty day moving average price of $70.97 and a 200 day moving average price of $69.88.

New Relic (NYSE:NEWR – Get Free Report) last released its quarterly earnings results on Tuesday, May 23rd. The software maker reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.13. New Relic had a negative net margin of 19.47% and a negative return on equity of 35.50%. The company had revenue of $242.49 million during the quarter, compared to analysts’ expectations of $241.02 million. On average, sell-side analysts forecast that New Relic, Inc. will post -0.77 earnings per share for the current fiscal year.

Insider Buying and Selling at New Relic

In other New Relic news, CEO William Staples sold 23,613 shares of the company’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $70.19, for a total transaction of $1,657,396.47. Following the completion of the sale, the chief executive officer now directly owns 104,368 shares in the company, valued at $7,325,589.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO William Staples sold 23,613 shares of the company’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $70.19, for a total transaction of $1,657,396.47. Following the completion of the transaction, the chief executive officer now owns 104,368 shares of the company’s stock, valued at $7,325,589.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Lewis Cirne sold 15,000 shares of the company’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $65.54, for a total transaction of $983,100.00. Following the transaction, the chairman now directly owns 5,100,958 shares of the company’s stock, valued at approximately $334,316,787.32. The disclosure for this sale can be found here. Insiders sold 130,199 shares of company stock worth $31,997,819 over the last ninety days. Company insiders own 23.00% of the company’s stock.

New Relic Company Profile

(Free Report)

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.