New Relic, Inc. (NYSE:NEWR) Shares Acquired by Federated Hermes Inc.

Posted by Defense World Staff on Aug 13th, 2023

Federated Hermes Inc. lifted its stake in shares of New Relic, Inc. (NYSE:NEWR – Free Report) by 80.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 163,988 shares of the software maker’s stock after acquiring an additional 72,859 shares during the period. Federated Hermes Inc. owned 0.24% of New Relic worth $12,347,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Belpointe Asset Management LLC acquired a new stake in shares of New Relic during the fourth quarter valued at $29,000. Clearbridge Investments LLC boosted its stake in shares of New Relic by 0.5% during the fourth quarter. Clearbridge Investments LLC now owns 1,934,173 shares of the software maker’s stock valued at $109,184,000 after acquiring an additional 10,017 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of New Relic by 289.2% during the fourth quarter. First Trust Advisors LP now owns 260,628 shares of the software maker’s stock valued at $14,712,000 after acquiring an additional 193,655 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in New Relic in the 4th quarter worth about $507,000. Finally, Senvest Management LLC boosted its stake in New Relic by 55.8% in the 4th quarter. Senvest Management LLC now owns 1,146,711 shares of the software maker’s stock worth $64,732,000 after buying an additional 410,931 shares during the last quarter. Institutional investors and hedge funds own 82.03% of the company’s stock.

Insider Buying and Selling at New Relic

In other news, insider Thomas J. Lloyd sold 1,079 shares of New Relic stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $84.04, for a total value of $90,679.16. Following the completion of the transaction, the insider now owns 5,214 shares in the company, valued at approximately $438,184.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Thomas J. Lloyd sold 1,079 shares of New Relic stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $84.04, for a total value of $90,679.16. Following the completion of the transaction, the insider now owns 5,214 shares in the company, valued at approximately $438,184.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Thomas J. Lloyd sold 2,594 shares of New Relic stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $74.91, for a total value of $194,316.54. Following the completion of the transaction, the insider now owns 4,135 shares of the company’s stock, valued at approximately $309,752.85. The disclosure for this sale can be found here. Insiders sold a total of 64,063 shares of company stock worth $4,553,239 in the last 90 days. 23.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. StockNews.com assumed coverage on New Relic in a research note on Wednesday. They issued a “buy” rating on the stock. TD Cowen raised their price target on New Relic from $73.00 to $87.00 and gave the stock a “market perform” rating in a research note on Tuesday, August 1st. Truist Financial raised their price target on New Relic from $77.00 to $87.00 and gave the stock a “hold” rating in a research note on Tuesday, August 1st. DA Davidson cut their price objective on New Relic from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Wednesday, May 24th. Finally, Raymond James downgraded New Relic from a “strong-buy” rating to a “market perform” rating in a report on Wednesday, August 2nd. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $82.00.

View Our Latest Stock Analysis on New Relic

New Relic Stock Performance

Shares of NYSE NEWR opened at $83.84 on Friday. New Relic, Inc. has a fifty-two week low of $50.24 and a fifty-two week high of $86.00. The business has a 50 day moving average price of $72.05 and a two-hundred day moving average price of $72.32.

New Relic (NYSE:NEWR – Get Free Report) last issued its quarterly earnings data on Monday, July 31st. The software maker reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.22. New Relic had a negative return on equity of 20.28% and a negative net margin of 17.59%. The firm had revenue of $242.63 million during the quarter, compared to analyst estimates of $239.13 million. As a group, sell-side analysts expect that New Relic, Inc. will post -0.76 EPS for the current fiscal year.

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.