New Relic Inc (NEWR) Stake Lifted by Parallel Advisors LLC

Parallel Advisors LLC grew its holdings in New Relic Inc (NYSE:NEWR) by 71.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,972 shares of the software maker’s stock after purchasing an additional 2,070 shares during the quarter. Parallel Advisors LLC’s holdings in New Relic were worth $469,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Morgan Stanley raised its stake in New Relic by 12.1% during the 2nd quarter. Morgan Stanley now owns 415,216 shares of the software maker’s stock worth $41,767,000 after buying an additional 44,943 shares during the period. BlackRock Inc. raised its stake in New Relic by 28.6% during the 2nd quarter. BlackRock Inc. now owns 3,288,310 shares of the software maker’s stock worth $330,772,000 after buying an additional 731,705 shares during the period. Schwab Charles Investment Management Inc. raised its stake in New Relic by 16.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 228,358 shares of the software maker’s stock worth $22,971,000 after buying an additional 32,102 shares during the period. Natixis raised its stake in New Relic by 40.8% during the 2nd quarter. Natixis now owns 31,852 shares of the software maker’s stock worth $3,204,000 after buying an additional 9,224 shares during the period. Finally, United Services Automobile Association raised its stake in New Relic by 10.9% during the 2nd quarter. United Services Automobile Association now owns 31,603 shares of the software maker’s stock worth $3,179,000 after buying an additional 3,100 shares during the period. 76.90% of the stock is currently owned by institutional investors.

A number of research analysts recently weighed in on NEWR shares. DA Davidson raised New Relic from a “neutral” rating to a “buy” rating and set a $105.00 price target on the stock in a research note on Tuesday, October 23rd. They noted that the move was a valuation call. Needham & Company LLC upped their price target on New Relic from $121.00 to $129.00 and gave the stock a “buy” rating in a research note on Wednesday, August 8th. ValuEngine downgraded New Relic from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 30th. Zacks Investment Research raised New Relic from a “hold” rating to a “buy” rating and set a $118.00 price objective for the company in a research note on Tuesday, August 14th. Finally, TheStreet raised New Relic from a “d” rating to a “c” rating in a research note on Thursday, August 23rd. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. New Relic presently has an average rating of “Buy” and a consensus target price of $97.00.

Shares of New Relic stock opened at $87.13 on Friday. The company has a market capitalization of $4.92 billion, a PE ratio of -117.74 and a beta of 0.82. New Relic Inc has a 52 week low of $50.27 and a 52 week high of $114.78. The company has a debt-to-equity ratio of 1.28, a current ratio of 3.83 and a quick ratio of 3.83.

New Relic (NYSE:NEWR) last issued its quarterly earnings data on Tuesday, August 7th. The software maker reported $0.15 EPS for the quarter, topping the consensus estimate of $0.11 by $0.04. The firm had revenue of $108.22 million during the quarter, compared to the consensus estimate of $106.09 million. New Relic had a negative return on equity of 12.19% and a negative net margin of 9.13%. On average, equities research analysts predict that New Relic Inc will post -0.38 earnings per share for the current fiscal year.

In other news, Director Peter H. Fenton sold 51,971 shares of the company’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $109.45, for a total value of $5,688,225.95. Following the completion of the transaction, the director now directly owns 154 shares of the company’s stock, valued at $16,855.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CRO Erica Schultz sold 3,623 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $103.03, for a total value of $373,277.69. Following the completion of the transaction, the executive now directly owns 22,066 shares of the company’s stock, valued at $2,273,459.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 346,742 shares of company stock valued at $33,805,571. 20.40% of the stock is currently owned by corporate insiders.

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.

Further Reading: Consumer behavior in bull markets

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

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