California State Teachers Retirement System boosted its position in New Relic Inc. (NYSE:NEWR) by 275.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,051 shares of the company’s stock after buying an additional 33,788 shares during the period. California State Teachers Retirement System owned 0.09% of New Relic worth $1,353,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in NEWR. Bank of New York Mellon Corp raised its position in shares of New Relic by 31.9% in the second quarter. Bank of New York Mellon Corp now owns 126,142 shares of the company’s stock worth $3,706,000 after buying an additional 30,519 shares during the period. Gilder Gagnon Howe & Co. LLC raised its position in shares of New Relic by 50.8% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 133,254 shares of the company’s stock worth $3,915,000 after buying an additional 44,918 shares during the period. Tocqueville Asset Management L.P. bought a new position in shares of New Relic during the second quarter worth $1,277,000. Sumitomo Mitsui Asset Management Company LTD raised its position in shares of New Relic by 17.5% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 25,500 shares of the company’s stock worth $749,000 after buying an additional 3,800 shares during the period. Finally, Strs Ohio raised its position in shares of New Relic by 8.3% in the second quarter. Strs Ohio now owns 24,700 shares of the company’s stock worth $725,000 after buying an additional 1,900 shares during the period. Hedge funds and other institutional investors own 58.44% of the company’s stock.
New Relic Inc. (NYSE:NEWR) traded up 0.37% during trading on Thursday, hitting $38.14. 294,803 shares of the company traded hands. New Relic Inc. has a one year low of $20.39 and a one year high of $40.13. The firm has a 50 day moving average of $36.17 and a 200 day moving average of $30.20. The firm’s market cap is $1.94 billion.
New Relic (NYSE:NEWR) last released its earnings results on Tuesday, August 2nd. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.03. New Relic had a negative net margin of 34.91% and a negative return on equity of 34.30%. The business had revenue of $58.60 million for the quarter, compared to the consensus estimate of $56.96 million. During the same period in the previous year, the firm earned ($0.21) EPS. The business’s revenue for the quarter was up 53.8% on a year-over-year basis. On average, analysts expect that New Relic Inc. will post ($0.62) earnings per share for the current fiscal year.
A number of equities analysts have weighed in on the stock. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of New Relic in a report on Saturday, June 4th. Cowen and Company assumed coverage on shares of New Relic in a report on Friday, June 24th. They issued an “outperform” rating and a $38.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. New Relic has a consensus rating of “Buy” and a consensus price target of $38.00.
In other news, CFO Mark Sachleben sold 1,369 shares of the business’s stock in a transaction that occurred on Tuesday, September 20th. The shares were sold at an average price of $37.70, for a total transaction of $51,611.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Robin Schulman sold 1,599 shares of the business’s stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $37.84, for a total transaction of $60,506.16. Following the sale, the vice president now owns 525 shares in the company, valued at approximately $19,866. The disclosure for this sale can be found here. 46.60% of the stock is currently owned by corporate insiders.
About New Relic
New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.
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