Short Interest in New Relic Inc (NYSE:NEWR) Drops By 6.9%

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New Relic Inc (NYSE:NEWR) saw a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 3,630,000 shares, a drop of 6.9% from the October 31st total of 3,900,000 shares. Approximately 7.4% of the shares of the company are short sold. Based on an average daily volume of 1,120,000 shares, the short-interest ratio is presently 3.2 days.

Several equities analysts have commented on NEWR shares. Deutsche Bank reiterated a “buy” rating and set a $65.00 price target (down previously from $90.00) on shares of New Relic in a report on Monday, September 16th. Zacks Investment Research downgraded New Relic from a “hold” rating to a “sell” rating in a report on Wednesday. UBS Group lowered their price target on New Relic from $73.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. BMO Capital Markets lowered their price objective on shares of New Relic from $71.00 to $68.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Finally, Barclays set a $66.00 price objective on shares of New Relic and gave the stock a “hold” rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $83.59.

Shares of New Relic stock traded down $0.40 during midday trading on Friday, hitting $68.02. The company had a trading volume of 414,572 shares, compared to its average volume of 933,557. The business’s 50 day simple moving average is $64.09 and its two-hundred day simple moving average is $75.87. The stock has a market cap of $4.02 billion, a PE ratio of -219.42 and a beta of 0.97. The company has a debt-to-equity ratio of 1.29, a current ratio of 3.01 and a quick ratio of 3.01. New Relic has a 1-year low of $50.00 and a 1-year high of $109.00.

New Relic (NYSE:NEWR) last announced its quarterly earnings data on Tuesday, November 5th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.39. New Relic had a negative net margin of 11.26% and a negative return on equity of 8.90%. The business had revenue of $145.80 million for the quarter, compared to the consensus estimate of $143.43 million. During the same quarter last year, the company posted $0.20 earnings per share. New Relic’s quarterly revenue was up 26.9% on a year-over-year basis. On average, sell-side analysts expect that New Relic will post -0.87 EPS for the current fiscal year.

In other New Relic news, CEO Lewis Cirne sold 6,500 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $56.61, for a total transaction of $367,965.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO James R. Gochee sold 4,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $60.34, for a total value of $241,360.00. Following the transaction, the chief technology officer now owns 124,823 shares in the company, valued at approximately $7,531,819.82. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,827 shares of company stock worth $1,921,428. Corporate insiders own 17.40% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Elkfork Partners LLC boosted its stake in New Relic by 51.9% during the second quarter. Elkfork Partners LLC now owns 1,394 shares of the software maker’s stock worth $121,000 after buying an additional 476 shares in the last quarter. Cohen Capital Management Inc. acquired a new stake in New Relic during the third quarter worth $1,814,000. Swiss National Bank boosted its stake in New Relic by 16.6% during the second quarter. Swiss National Bank now owns 90,697 shares of the software maker’s stock worth $7,846,000 after buying an additional 12,900 shares in the last quarter. Baillie Gifford & Co. boosted its stake in New Relic by 23.7% during the second quarter. Baillie Gifford & Co. now owns 1,259,823 shares of the software maker’s stock worth $108,987,000 after buying an additional 241,662 shares in the last quarter. Finally, US Bancorp DE boosted its stake in New Relic by 41.4% during the second quarter. US Bancorp DE now owns 12,569 shares of the software maker’s stock worth $1,088,000 after buying an additional 3,681 shares in the last quarter. Hedge funds and other institutional investors own 81.42% of the company’s stock.

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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