Allspring Global Investments Holdings LLC trimmed its holdings in shares of New Relic, Inc. (NYSE:NEWR – Free Report) by 19.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 230,195 shares of the software maker’s stock after selling 54,797 shares during the period. Allspring Global Investments Holdings LLC owned 0.33% of New Relic worth $15,064,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its position in New Relic by 78.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 901 shares of the software maker’s stock valued at $51,000 after buying an additional 396 shares during the last quarter. SRS Capital Advisors Inc. acquired a new stake in shares of New Relic in the 1st quarter valued at about $75,000. Penserra Capital Management LLC raised its stake in shares of New Relic by 50.0% in the 1st 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 in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in shares of New Relic in the 1st quarter valued at about $113,000. Finally, State of Tennessee Treasury Department acquired a new stake in shares of New Relic in the 1st quarter valued at about $122,000. 85.93% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
NEWR has been the topic of a number of recent analyst reports. StockNews.com started coverage on shares of New Relic in a research note on Wednesday. They issued a “buy” rating on the stock. Robert W. Baird lowered shares of New Relic from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $92.00 to $87.00 in a research note on Tuesday, August 1st. Royal Bank of Canada lowered shares of New Relic from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $95.00 to $87.00 in a research note on Monday, July 31st. DA Davidson lowered shares of New Relic from a “buy” rating to a “neutral” rating and dropped their price target for the company from $95.00 to $87.00 in a research note on Thursday, September 14th. Finally, Wedbush reiterated a “neutral” rating and issued a $75.00 price objective on shares of New Relic in a report on Tuesday, August 1st. Twelve investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, New Relic has a consensus rating of “Hold” and a consensus price target of $83.21.
Insider Buying and Selling at New Relic
In other New Relic news, Chairman Lewis Cirne sold 15,000 shares of New Relic stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $65.54, for a total transaction of $983,100.00. Following the completion of the sale, the chairman now owns 5,100,958 shares of the company’s stock, valued at approximately $334,316,787.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Chairman Lewis Cirne sold 15,000 shares of New Relic stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $65.54, for a total value of $983,100.00. Following the completion of the sale, the chairman now owns 5,100,958 shares of the company’s stock, valued at approximately $334,316,787.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $727,618.32. Following the completion of the sale, the chief executive officer now directly owns 123,243 shares of the company’s stock, valued at approximately $10,357,341.72. The disclosure for this sale can be found here. Insiders sold 34,510 shares of company stock valued at $2,622,602 in the last quarter. Company insiders own 23.00% of the company’s stock.
New Relic Stock Performance
NYSE NEWR opened at $85.93 on Wednesday. New Relic, Inc. has a twelve month low of $50.24 and a twelve month high of $86.05. The stock has a market cap of $6.03 billion, a price-to-earnings ratio of -35.07 and a beta of 0.84. The firm’s 50 day moving average price is $84.26 and its two-hundred day moving average price is $76.02.
New Relic (NYSE:NEWR – Get Free Report) last issued its earnings results on Monday, July 31st. The software maker reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.22. The company had revenue of $242.63 million during the quarter, compared to analyst estimates of $239.13 million. New Relic had a negative net margin of 17.59% and a negative return on equity of 20.28%. On average, research analysts forecast that New Relic, Inc. will post -0.68 EPS for the current fiscal year.
About New Relic
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.
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