Potrero Capital Research LLC purchased a new stake in shares of New Relic, Inc. (NYSE:NEWR) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 35,000 shares of the software maker’s stock, valued at approximately $2,152,000. Potrero Capital Research LLC owned approximately 0.06% of New Relic at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. State of Wisconsin Investment Board raised its position in New Relic by 9.5% during the first quarter. State of Wisconsin Investment Board now owns 250,667 shares of the software maker’s stock valued at $15,411,000 after acquiring an additional 21,841 shares in the last quarter. Maverick Capital Ltd. increased its position in shares of New Relic by 336.9% in the first quarter. Maverick Capital Ltd. now owns 26,482 shares of the software maker’s stock valued at $1,628,000 after buying an additional 20,421 shares in the last quarter. North Run Capital LP purchased a new stake in shares of New Relic in the first quarter valued at approximately $6,609,000. Contour Asset Management LLC increased its position in shares of New Relic by 27.5% in the first quarter. Contour Asset Management LLC now owns 1,184,740 shares of the software maker’s stock valued at $72,838,000 after buying an additional 255,350 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its position in shares of New Relic by 2.9% in the first quarter. Cubist Systematic Strategies LLC now owns 53,258 shares of the software maker’s stock valued at $3,274,000 after buying an additional 1,510 shares in the last quarter. Institutional investors own 89.64% of the company’s stock.
In other New Relic news, insider William Staples sold 3,587 shares of New Relic stock in a transaction on Monday, May 17th. The stock was sold at an average price of $58.22, for a total value of $208,835.14. Following the sale, the insider now owns 12,015 shares in the company, valued at $699,513.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Steve Hurn sold 5,911 shares of New Relic stock in a transaction on Monday, May 17th. The shares were sold at an average price of $58.24, for a total value of $344,256.64. Following the completion of the sale, the executive vice president now owns 12,085 shares in the company, valued at approximately $703,830.40. The disclosure for this sale can be found here. Insiders have sold 71,192 shares of company stock worth $4,392,366 in the last three months. 22.00% of the stock is currently owned by corporate insiders.
New Relic (NYSE:NEWR) last released its quarterly earnings data on Thursday, May 13th. The software maker reported ($0.27) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.46) by $0.19. The company had revenue of $172.67 million for the quarter, compared to analyst estimates of $166.60 million. New Relic had a negative return on equity of 39.09% and a negative net margin of 28.85%. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 earnings per share. As a group, sell-side analysts forecast that New Relic, Inc. will post -2.5 EPS for the current year.
A number of analysts have recently commented on NEWR shares. Zacks Investment Research upgraded New Relic from a “sell” rating to a “hold” rating in a research report on Thursday, May 27th. Robert W. Baird restated a “buy” rating on shares of New Relic in a research report on Thursday, April 8th. Loop Capital cut their price objective on New Relic from $70.00 to $55.00 and set a “hold” rating for the company in a research report on Friday, May 14th. Morgan Stanley lowered their price target on New Relic from $71.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Friday, May 14th. Finally, BMO Capital Markets lowered their price target on New Relic from $71.00 to $58.00 and set a “market perform” rating on the stock in a research note on Friday, May 14th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $67.70.
About New Relic
New Relic, Inc, a software-as-a-service company, provides platform for engineers to plan, build, deploy, and operate software worldwide. It offers a suite of products on its open and extensible cloud-based platform, New Relic One Platform, which enables users to collect, store, and analyze telemetry data flowing through and about their software.
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