JPMorgan Chase & Co. raised its holdings in New Relic Inc (NYSE:NEWR) by 100.8% in the 1st quarter, HoldingsChannel.com reports. The fund owned 506,340 shares of the software maker’s stock after acquiring an additional 254,231 shares during the period. JPMorgan Chase & Co.’s holdings in New Relic were worth $49,975,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James & Associates raised its holdings in shares of New Relic by 27.9% in the first quarter. Raymond James & Associates now owns 31,796 shares of the software maker’s stock valued at $3,138,000 after purchasing an additional 6,929 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of New Relic in the first quarter valued at about $535,000. First Mercantile Trust Co. raised its holdings in shares of New Relic by 34.8% in the first quarter. First Mercantile Trust Co. now owns 3,191 shares of the software maker’s stock valued at $315,000 after purchasing an additional 824 shares during the last quarter. Stephens Inc. AR raised its holdings in shares of New Relic by 59.2% in the first quarter. Stephens Inc. AR now owns 4,337 shares of the software maker’s stock valued at $428,000 after purchasing an additional 1,612 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of New Relic by 255.8% in 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 during the last quarter. Institutional investors own 79.56% of the company’s stock.
In other New Relic news, insider James R. Gochee sold 4,000 shares of New Relic stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $105.88, for a total transaction of $423,520.00. Following the completion of the sale, the insider now directly owns 293,234 shares in the company, valued at $31,047,615.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Erica Schultz sold 2,500 shares of New Relic stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $96.92, for a total transaction of $242,300.00. Following the sale, the executive now owns 26,626 shares of the company’s stock, valued at $2,580,591.92. The disclosure for this sale can be found here. Insiders sold 162,550 shares of company stock valued at $16,278,096 over the last 90 days. 20.40% of the stock is owned by company insiders.
NEWR has been the subject of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and set a $131.00 price objective (up previously from $129.00) on shares of New Relic in a report on Wednesday, May 15th. Deutsche Bank lifted their target price on shares of New Relic to $120.00 and gave the stock a “buy” rating in a research note on Thursday, February 7th. DA Davidson reiterated a “buy” rating on shares of New Relic in a research note on Thursday, February 7th. JMP Securities reiterated a “hold” rating on shares of New Relic in a research note on Monday, February 11th. Finally, Zacks Investment Research downgraded shares of New Relic from a “buy” rating to a “hold” rating in a research note on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $117.42.
NEWR stock opened at $98.22 on Tuesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.90 and a quick ratio of 2.90. New Relic Inc has a 12 month low of $70.30 and a 12 month high of $114.78.
New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, May 14th. The software maker reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. New Relic had a negative net margin of 8.53% and a negative return on equity of 6.57%. The company had revenue of $132.10 million during the quarter, compared to analyst estimates of $128.19 million. During the same period last year, the business earned $0.09 earnings per share. New Relic’s revenue was up 34.2% compared to the same quarter last year. As a group, research analysts anticipate that New Relic Inc will post -0.56 EPS for the current 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.
Read More: What is a Call Option?
Want to see what other hedge funds are holding NEWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for New Relic Inc (NYSE:NEWR).
Receive News & Ratings for New Relic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Relic and related companies with MarketBeat.com's FREE daily email newsletter.