Geode Capital Management LLC Grows Position in New Relic Inc (NYSE:NEWR)

Geode Capital Management LLC grew its holdings in New Relic Inc (NYSE:NEWR) by 9.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 470,182 shares of the software maker’s stock after purchasing an additional 40,494 shares during the period. Geode Capital Management LLC owned approximately 0.82% of New Relic worth $38,070,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. NumerixS Investment Technologies Inc purchased a new stake in shares of New Relic in the 4th quarter valued at $32,000. Wealthcare Advisory Partners LLC boosted its stake in shares of New Relic by 33.3% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 400 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of New Relic by 1,120.3% in the 4th quarter. IFP Advisors Inc now owns 720 shares of the software maker’s stock valued at $58,000 after purchasing an additional 661 shares in the last quarter. Pearl River Capital LLC purchased a new stake in shares of New Relic in the 4th quarter valued at $73,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its stake in shares of New Relic by 115.3% in the 4th quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,550 shares of the software maker’s stock valued at $125,000 after purchasing an additional 830 shares in the last quarter. 78.69% of the stock is currently owned by institutional investors.

A number of brokerages have recently issued reports on NEWR. Wedbush reaffirmed an “outperform” rating and issued a $124.00 price objective on shares of New Relic in a research note on Wednesday, May 15th. Zacks Investment Research lowered shares of New Relic from a “buy” rating to a “hold” rating in a report on Wednesday, April 3rd. ValuEngine lowered shares of New Relic from a “buy” rating to a “hold” rating in a report on Wednesday, June 12th. Goldman Sachs Group began coverage on shares of New Relic in a report on Friday, June 7th. They set a “sell” rating and a $83.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $131.00 price objective (up from $129.00) on shares of New Relic in a report on Wednesday, May 15th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. New Relic currently has a consensus rating of “Buy” and an average price target of $115.17.

NEWR stock traded down $1.10 during trading on Wednesday, hitting $87.80. 985,707 shares of the stock traded hands, compared to its average volume of 814,316. New Relic Inc has a 1 year low of $70.30 and a 1 year high of $114.78. The stock has a 50 day simple moving average of $98.63. The stock has a market capitalization of $5.24 billion, a PE ratio of -283.23 and a beta of 1.03. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 1.16.

New Relic (NYSE:NEWR) last announced its quarterly earnings data on Tuesday, May 14th. The software maker reported $0.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.07. The company had revenue of $132.10 million for the quarter, compared to the consensus estimate of $128.19 million. New Relic had a negative net margin of 8.53% and a negative return on equity of 6.57%. New Relic’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.09 EPS. As a group, equities research analysts anticipate that New Relic Inc will post -0.56 EPS for the current fiscal year.

In other New Relic news, Director Peter H. Fenton sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $95.16, for a total transaction of $4,282,200.00. Following the sale, the director now owns 617 shares in the company, valued at approximately $58,713.72. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Erica Schultz sold 3,680 shares of New Relic stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $100.82, for a total transaction of $371,017.60. Following the sale, the executive now owns 24,676 shares in the company, valued at approximately $2,487,834.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 168,600 shares of company stock worth $16,603,583. Insiders own 20.40% 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.

Further Reading: Relative Strength Index

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

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