Evolution Wealth Advisors LLC Acquires New Stake in New Relic Inc (NEWR)

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Evolution Wealth Advisors LLC acquired a new position in New Relic Inc (NYSE:NEWR) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 426 shares of the software maker’s stock, valued at approximately $42,000.

Several other hedge funds have also modified their holdings of the stock. QS Investors LLC raised its position in shares of New Relic by 1.0% in the fourth quarter. QS Investors LLC now owns 10,092 shares of the software maker’s stock worth $818,000 after buying an additional 100 shares in the last quarter. Wealthcare Advisory Partners LLC raised its position in shares of New Relic by 33.3% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 400 shares of the software maker’s stock worth $32,000 after buying an additional 100 shares in the last quarter. OLD National Bancorp IN raised its position in shares of New Relic by 4.1% in the fourth quarter. OLD National Bancorp IN now owns 2,592 shares of the software maker’s stock worth $210,000 after buying an additional 101 shares in the last quarter. Cornerstone Advisors Inc. raised its position in shares of New Relic by 58.4% in the first quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock worth $35,000 after buying an additional 132 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of New Relic by 9.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,797 shares of the software maker’s stock worth $226,000 after buying an additional 244 shares in the last quarter. Institutional investors own 79.56% of the company’s stock.

NEWR has been the topic of a number of recent analyst reports. Oppenheimer increased their price objective on New Relic from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, February 7th. Wedbush reiterated an “outperform” rating and issued a $124.00 price objective on shares of New Relic in a research report on Thursday, April 18th. Needham & Company LLC restated a “buy” rating and set a $131.00 price target (up previously from $129.00) on shares of New Relic in a research report on Wednesday, May 15th. JPMorgan Chase & Co. raised their price target on New Relic to $114.00 and gave the company an “overweight” rating in a research report on Thursday, February 7th. Finally, Robert W. Baird raised their price target on New Relic from $115.00 to $125.00 and gave the company an “outperform” rating in a research report on Wednesday, February 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $117.42.

NYSE NEWR opened at $98.22 on Monday. New Relic Inc has a twelve month low of $70.30 and a twelve month high of $114.78. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 1.16. The stock has a market cap of $5.71 billion, a price-to-earnings ratio of -316.84 and a beta of 1.03.

New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, May 14th. The software maker reported $0.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.07. New Relic had a negative return on equity of 6.57% and a negative net margin of 8.53%. The business had revenue of $132.10 million for the quarter, compared to the consensus estimate of $128.19 million. During the same quarter last year, the business posted $0.09 earnings per share. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. On average, analysts predict that New Relic Inc will post -0.56 EPS for the current fiscal year.

In other news, CEO Lewis Cirne sold 20,300 shares of New Relic stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $102.92, for a total value of $2,089,276.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider James R. Gochee sold 4,000 shares of New Relic stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $105.88, for a total value of $423,520.00. Following the completion of the transaction, the insider now owns 293,234 shares in the company, valued at approximately $31,047,615.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 162,550 shares of company stock worth $16,278,096. Company insiders own 20.40% of the company’s stock.

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New Relic Company Profile

New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.

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

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