New Relic Inc (NEWR) Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System lowered its holdings in New Relic Inc (NYSE:NEWR) by 6.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 48,471 shares of the software maker’s stock after selling 3,462 shares during the quarter. California State Teachers Retirement System owned 0.09% of New Relic worth $2,414,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. grew its holdings in shares of New Relic by 21.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 131,923 shares of the software maker’s stock worth $5,675,000 after purchasing an additional 23,082 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of New Relic by 32.4% during the 2nd quarter. Rhumbline Advisers now owns 33,054 shares of the software maker’s stock worth $1,422,000 after purchasing an additional 8,092 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of New Relic by 101.9% during the 2nd quarter. Legal & General Group Plc now owns 10,461 shares of the software maker’s stock worth $450,000 after purchasing an additional 5,281 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of New Relic by 507.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,813 shares of the software maker’s stock worth $164,000 after purchasing an additional 3,185 shares in the last quarter. Finally, Swiss National Bank grew its holdings in shares of New Relic by 22.8% during the 2nd quarter. Swiss National Bank now owns 52,797 shares of the software maker’s stock worth $2,271,000 after purchasing an additional 9,800 shares in the last quarter. 76.45% of the stock is currently owned by hedge funds and other institutional investors.

New Relic Inc (NYSE NEWR) opened at $60.39 on Monday. The company has a market capitalization of $3,330.00, a P/E ratio of -54.41 and a beta of 1.03. New Relic Inc has a 52-week low of $30.97 and a 52-week high of $60.85.

New Relic (NYSE:NEWR) last posted its earnings results on Tuesday, November 7th. The software maker reported ($0.06) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.04. The business had revenue of $84.68 million during the quarter, compared to the consensus estimate of $82.98 million. New Relic had a negative return on equity of 29.19% and a negative net margin of 19.43%. New Relic’s revenue was up 33.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.09) EPS. equities analysts forecast that New Relic Inc will post -0.98 earnings per share for the current year.

In other New Relic news, insider James R. Gochee sold 4,000 shares of New Relic stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $50.25, for a total value of $201,000.00. Following the completion of the transaction, the insider now owns 343,382 shares in the company, valued at approximately $17,254,945.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mark Sachleben sold 5,000 shares of New Relic stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $59.35, for a total value of $296,750.00. The disclosure for this sale can be found here. Insiders have sold a total of 178,139 shares of company stock valued at $9,936,095 in the last 90 days. 23.10% of the stock is owned by corporate insiders.

Several brokerages have recently weighed in on NEWR. BMO Capital Markets began coverage on New Relic in a report on Friday. They set a “market perform” rating and a $68.00 price objective on the stock. JPMorgan Chase & Co. lowered New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a report on Tuesday, December 12th. UBS Group began coverage on New Relic in a report on Thursday, November 9th. They set a “neutral” rating and a $53.00 price objective on the stock. JMP Securities lifted their price objective on New Relic from $54.00 to $56.00 and gave the stock a “market outperform” rating in a report on Wednesday, November 8th. Finally, Morgan Stanley raised their target price on New Relic from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 8th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. New Relic presently has an average rating of “Buy” and an average target price of $55.21.

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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.

Institutional Ownership by Quarter for New Relic (NYSE:NEWR)

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