Nuveen Asset Management LLC Acquires 38,961 Shares of New Relic, Inc. (NYSE:NEWR)

Nuveen Asset Management LLC grew its holdings in New Relic, Inc. (NYSE:NEWR – Get Rating) by 11.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 373,839 shares of the software maker’s stock after buying an additional 38,961 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.55% of New Relic worth $21,451,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Eminence Capital LP increased its stake in shares of New Relic by 8.3% in the 2nd quarter. Eminence Capital LP now owns 5,579,236 shares of the software maker’s stock valued at $279,241,000 after buying an additional 426,167 shares during the period. Vanguard Group Inc. boosted its stake in shares of New Relic by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 4,973,747 shares of the software maker’s stock valued at $332,645,000 after purchasing an additional 49,388 shares during the last quarter. Contour Asset Management LLC raised its stake in shares of New Relic by 11.6% during the second quarter. Contour Asset Management LLC now owns 2,523,634 shares of the software maker’s stock worth $126,308,000 after buying an additional 261,372 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in New Relic by 0.5% in the first quarter. Clearbridge Investments LLC now owns 1,889,144 shares of the software maker’s stock valued at $126,346,000 after buying an additional 9,341 shares during the period. Finally, Sachem Head Capital Management LP acquired a new position in New Relic in the second quarter valued at approximately $74,324,000. Institutional investors own 83.56% of the company’s stock.

Insider Transactions at New Relic

In related news, Chairman Lewis Cirne sold 30,000 shares of the firm’s stock in a transaction on Tuesday, December 6th. The shares were sold at an average price of $53.65, for a total value of $1,609,500.00. Following the completion of the transaction, the chairman now owns 50,477 shares of the company’s stock, valued at $2,708,091.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, COO Kristy Friedrichs sold 873 shares of the stock in a transaction that occurred on Wednesday, February 8th. The stock was sold at an average price of $78.05, for a total value of $68,137.65. Following the completion of the sale, the chief operating officer now owns 11,114 shares of the company’s stock, valued at approximately $867,447.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Lewis Cirne sold 30,000 shares of the business’s stock in a transaction on Tuesday, December 6th. The stock was sold at an average price of $53.65, for a total transaction of $1,609,500.00. Following the transaction, the chairman now owns 50,477 shares in the company, valued at $2,708,091.05. The disclosure for this sale can be found here. Insiders sold 70,873 shares of company stock valued at $3,992,088 in the last ninety days. 21.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on NEWR shares. Royal Bank of Canada upped their target price on shares of New Relic from $55.00 to $75.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 8th. Wedbush upped their price objective on New Relic from $68.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, February 8th. Truist Financial increased their target price on New Relic from $55.00 to $65.00 in a research note on Wednesday, February 8th. Cowen decreased their target price on New Relic to $63.00 in a research report on Tuesday, November 15th. Finally, Robert W. Baird increased their price target on shares of New Relic from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, February 8th. Eight equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $77.54.

New Relic Trading Up 0.7 %

NEWR opened at $74.90 on Friday. The stock has a market capitalization of $5.16 billion, a P/E ratio of -27.95 and a beta of 0.89. New Relic, Inc. has a 12 month low of $41.66 and a 12 month high of $80.88. The firm’s fifty day simple moving average is $64.07 and its 200 day simple moving average is $60.16.

New Relic (NYSE:NEWR – Get Rating) last issued its quarterly earnings results on Tuesday, February 7th. The software maker reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.20. The company had revenue of $239.76 million for the quarter, compared to analyst estimates of $232.63 million. New Relic had a negative return on equity of 48.42% and a negative net margin of 20.08%. On average, equities research analysts predict that New Relic, Inc. will post -1.83 EPS for the current fiscal year.

New Relic Company Profile

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New Relic, Inc engages in the provision of software solutions. It delivers an open and extensible cloud-based platform that enables organizations to collect, store and analyze massive amounts of data in real time to better operate applications and infrastructure. It offers solutions to e-commerce and retail, media, and public sector industries.