Tower Research Capital LLC TRC Increases Stock Position in New Relic Inc (NYSE:NEWR)

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Tower Research Capital LLC TRC grew its stake in shares of New Relic Inc (NYSE:NEWR) by 261.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,886 shares of the software maker’s stock after acquiring an additional 3,534 shares during the quarter. Tower Research Capital LLC TRC’s holdings in New Relic were worth $423,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Cornerstone Advisors Inc. boosted its holdings 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 during the last quarter. Wedbush Securities Inc. boosted its holdings in shares of New Relic by 5.9% in the second quarter. Wedbush Securities Inc. now owns 2,661 shares of the software maker’s stock worth $230,000 after buying an additional 148 shares during the last quarter. Nvwm LLC boosted its holdings in shares of New Relic by 4.1% in the second quarter. Nvwm LLC now owns 4,869 shares of the software maker’s stock worth $421,000 after buying an additional 192 shares during the last quarter. Flinton Capital Management LLC boosted its holdings in shares of New Relic by 51.9% in the second quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock worth $57,000 after buying an additional 224 shares during the last quarter. Finally, Meadow Creek Investment Management LLC boosted its holdings in shares of New Relic by 51.9% in the second quarter. Meadow Creek Investment Management LLC now owns 902 shares of the software maker’s stock worth $78,000 after buying an additional 308 shares during the last quarter. 79.12% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CRO Erica Schultz sold 4,340 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $58.21, for a total value of $252,631.40. Following the sale, the executive now owns 22,002 shares in the company, valued at $1,280,736.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lewis Cirne sold 500 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $91.50, for a total transaction of $45,750.00. The disclosure for this sale can be found here. Insiders sold 99,054 shares of company stock worth $7,711,788 in the last 90 days. 17.40% of the stock is currently owned by company insiders.

A number of equities research analysts have commented on the stock. UBS Group decreased their target price on shares of New Relic from $73.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday. Raymond James cut shares of New Relic from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 7th. Needham & Company LLC raised their target price on shares of New Relic from $114.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday. First Analysis cut shares of New Relic from a “strong-buy” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research note on Wednesday, August 7th. Finally, KeyCorp restated a “hold” rating on shares of New Relic in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company. New Relic presently has an average rating of “Buy” and an average target price of $86.31.

Shares of New Relic stock traded up $2.10 on Thursday, hitting $62.20. 60,248 shares of the company traded hands, compared to its average volume of 1,260,923. The stock has a market capitalization of $3.73 billion, a P/E ratio of -200.71 and a beta of 0.96. The company has a debt-to-equity ratio of 1.32, a quick ratio of 2.88 and a current ratio of 2.88. New Relic Inc has a 52 week low of $50.00 and a 52 week high of $109.00. The business has a 50-day simple moving average of $63.40 and a 200 day simple moving average of $89.33.

New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.02. The firm had revenue of $141.01 million for the quarter, compared to analysts’ expectations of $139.73 million. New Relic had a negative net margin of 9.93% and a negative return on equity of 8.55%. The company’s revenue for the quarter was up 30.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.15 earnings per share. Research analysts expect that New Relic Inc will post -0.68 earnings per share for the current year.

About New Relic

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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