New Relic Inc (NYSE:NEWR) is Gagnon Securities LLC’s 8th Largest Position

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Gagnon Securities LLC cut its holdings in New Relic Inc (NYSE:NEWR) by 1.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 149,564 shares of the software maker’s stock after selling 1,632 shares during the quarter. New Relic accounts for approximately 3.2% of Gagnon Securities LLC’s investment portfolio, making the stock its 8th largest position. Gagnon Securities LLC’s holdings in New Relic were worth $14,762,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of NEWR. Vanguard Group Inc grew its holdings in shares of New Relic by 11.5% in the third quarter. Vanguard Group Inc now owns 4,552,159 shares of the software maker’s stock valued at $428,950,000 after purchasing an additional 468,506 shares in the last quarter. Norges Bank purchased a new position in New Relic during the fourth quarter worth $32,845,000. Fiera Capital Corp purchased a new position in New Relic during the fourth quarter worth $23,724,000. Assenagon Asset Management S.A. boosted its stake in New Relic by 419.8% during the first quarter. Assenagon Asset Management S.A. now owns 351,856 shares of the software maker’s stock worth $34,728,000 after buying an additional 284,169 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in New Relic by 100.8% during the first quarter. JPMorgan Chase & Co. now owns 506,340 shares of the software maker’s stock worth $49,975,000 after buying an additional 254,231 shares during the period. 79.55% of the stock is owned by hedge funds and other institutional investors.

NYSE:NEWR opened at $95.74 on Monday. New Relic Inc has a twelve month low of $70.30 and a twelve month high of $114.78. The firm has a market cap of $5.56 billion, a PE ratio of -308.84 and a beta of 1.02. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 1.16.

New Relic (NYSE:NEWR) last released its earnings results on Tuesday, May 14th. The software maker reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.07. New Relic had a negative return on equity of 6.57% and a negative net margin of 8.53%. The business had revenue of $132.10 million during the quarter, compared to the consensus estimate of $128.19 million. During the same period last year, the company earned $0.09 earnings per share. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. On average, sell-side analysts anticipate that New Relic Inc will post -0.56 earnings per share for the current year.

NEWR has been the subject of several recent analyst reports. JMP Securities reaffirmed a “hold” rating on shares of New Relic in a research note on Monday, February 11th. Zacks Investment Research raised shares of New Relic from a “hold” rating to a “strong-buy” rating and set a $119.00 price objective for the company in a research note on Tuesday, February 12th. Wedbush reaffirmed an “outperform” rating and set a $124.00 price objective on shares of New Relic in a research note on Wednesday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $131.00 price objective (up from $129.00) on shares of New Relic in a research note on Wednesday, May 15th. Finally, Goldman Sachs Group initiated coverage on shares of New Relic in a research note on Friday. They set a “sell” rating and a $83.00 price objective for the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $115.17.

In related news, CEO Lewis Cirne sold 19,500 shares of New Relic stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $97.72, for a total value of $1,905,540.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Erica Schultz sold 2,500 shares of New Relic stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $96.92, for a total value of $242,300.00. Following the completion of 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. Over the last quarter, insiders have sold 161,750 shares of company stock valued at $16,094,360. Corporate insiders own 20.40% of the company’s stock.

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

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