Paloma Partners Management Co Increases Stake in New Relic Inc (NYSE:NEWR)

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Paloma Partners Management Co increased its position in shares of New Relic Inc (NYSE:NEWR) by 1,060.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 113,461 shares of the software maker’s stock after buying an additional 103,681 shares during the period. Paloma Partners Management Co owned about 0.19% of New Relic worth $9,815,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Cornerstone Advisors Inc. boosted its position in New Relic by 58.4% during the first quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock valued at $35,000 after purchasing an additional 132 shares in the last quarter. Evolution Wealth Advisors LLC bought a new stake in New Relic during the first quarter valued at about $42,000. Flinton Capital Management LLC boosted its position in New Relic by 51.9% during the second quarter. Flinton Capital Management LLC now owns 656 shares of the software maker’s stock valued at $57,000 after purchasing an additional 224 shares in the last quarter. Victory Capital Management Inc. boosted its position in New Relic by 255.8% during the first quarter. Victory Capital Management Inc. now owns 587 shares of the software maker’s stock valued at $58,000 after purchasing an additional 422 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in New Relic during the second quarter valued at about $78,000. Hedge funds and other institutional investors own 79.12% of the company’s stock.

A number of equities research analysts recently weighed in on the company. Cowen dropped their price objective on New Relic from $100.00 to $80.00 and set an “outperform” rating on the stock in a research report on Tuesday. Wedbush reaffirmed an “outperform” rating and set a $99.00 price objective (down previously from $124.00) on shares of New Relic in a research report on Wednesday, August 7th. BMO Capital Markets dropped their price objective on New Relic to $73.00 and set a “positive” rating on the stock in a research report on Wednesday, August 7th. Deutsche Bank reaffirmed a “buy” rating and set a $65.00 price objective (down previously from $90.00) on shares of New Relic in a research report on Monday. Finally, UBS Group dropped their price objective on New Relic from $73.00 to $62.00 and set a “neutral” rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $86.31.

In related news, CEO Lewis Cirne sold 500 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $91.50, for a total value of $45,750.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CRO Erica Schultz sold 4,340 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive now owns 22,002 shares in the company, valued at approximately $1,280,736.42. The disclosure for this sale can be found here. In the last three months, insiders sold 99,054 shares of company stock valued at $7,711,788. Corporate insiders own 17.40% of the company’s stock.

NYSE NEWR traded up $2.62 during trading on Thursday, hitting $62.72. The company’s stock had a trading volume of 90,134 shares, compared to its average volume of 1,260,923. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.88 and a quick ratio of 2.88. The company has a market cap of $3.73 billion, a PE ratio of -202.34 and a beta of 0.96. The business’s 50 day simple moving average is $63.40 and its 200-day simple moving average is $89.33. New Relic Inc has a fifty-two week low of $50.00 and a fifty-two week high of $109.00.

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

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.

See Also: Momentum Indicators

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

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