New Relic, Inc. (NYSE:NEWR) Shares Sold by US Bancorp DE

US Bancorp DE cut its stake in shares of New Relic, Inc. (NYSE:NEWR) by 14.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,057 shares of the software maker’s stock after selling 172 shares during the quarter. US Bancorp DE’s holdings in New Relic were worth $80,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Belpointe Asset Management LLC acquired a new position in shares of New Relic during the fourth quarter worth about $29,000. PNC Financial Services Group Inc. boosted its holdings in New Relic by 78.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 901 shares of the software maker’s stock valued at $51,000 after purchasing an additional 396 shares in the last quarter. Penserra Capital Management LLC boosted its holdings in New Relic by 50.0% in the first quarter. Penserra Capital Management LLC now owns 1,254 shares of the software maker’s stock valued at $83,000 after purchasing an additional 418 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new position in New Relic in the first quarter valued at approximately $113,000. Finally, Acadian Asset Management LLC acquired a new position in New Relic in the first quarter valued at approximately $113,000. 85.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NEWR. Raymond James downgraded New Relic from a “strong-buy” rating to a “market perform” rating in a report on Wednesday, August 2nd. StockNews.com began coverage on New Relic in a research note on Saturday. They issued a “buy” rating for the company. Loop Capital boosted their price objective on New Relic from $80.00 to $87.00 and gave the company a “hold” rating in a research note on Tuesday, August 1st. DA Davidson reduced their price objective on New Relic from $100.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday, May 24th. Finally, Royal Bank of Canada cut New Relic from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $95.00 to $87.00 in a research note on Monday, July 31st. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, New Relic presently has a consensus rating of “Hold” and a consensus target price of $82.00.

New Relic Stock Performance

New Relic stock opened at $85.37 on Friday. The firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of -34.84 and a beta of 0.87. New Relic, Inc. has a fifty-two week low of $50.24 and a fifty-two week high of $86.00. The stock’s fifty day moving average is $76.58 and its two-hundred day moving average is $74.13.

New Relic (NYSE:NEWR) last posted its earnings results on Monday, July 31st. The software maker reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.22. The company had revenue of $242.63 million for the quarter, compared to analyst estimates of $239.13 million. New Relic had a negative return on equity of 20.28% and a negative net margin of 17.59%. As a group, sell-side analysts forecast that New Relic, Inc. will post -0.76 EPS for the current fiscal year.

Insider Activity at New Relic

In related news, Chairman Lewis Cirne sold 15,000 shares of the stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $69.42, for a total transaction of $1,041,300.00. Following the transaction, the chairman now directly owns 5,115,958 shares in the company, valued at $355,149,804.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Thomas J. Lloyd sold 1,314 shares of the stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $84.00, for a total transaction of $110,376.00. Following the transaction, the insider now directly owns 6,540 shares in the company, valued at $549,360. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Lewis Cirne sold 15,000 shares of the stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $69.42, for a total value of $1,041,300.00. Following the transaction, the chairman now owns 5,115,958 shares in the company, valued at $355,149,804.36. The disclosure for this sale can be found here. Insiders have sold a total of 58,518 shares of company stock valued at $4,275,995 over the last quarter. Insiders own 23.00% of the company’s stock.

New Relic Company Profile

New Relic, Inc, a software-as-a-service company, delivers a software platform for customers to collect telemetry data and derive insights from that data in a unified front-end application. It offers a suite of products on its open and extensible cloud-based platform, which enables users to collect, store, and analyze telemetry data.