Clearbridge Investments LLC raised its position in shares of New Relic Inc (NYSE:NEWR) by 0.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,373,174 shares of the software maker’s stock after purchasing an additional 860 shares during the quarter. Clearbridge Investments LLC owned about 2.48% of New Relic worth $79,328,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of NEWR. Crow Point Partners LLC bought a new position in New Relic during the 4th quarter valued at $113,000. Cipher Capital LP bought a new position in New Relic during the 3rd quarter valued at $212,000. Woodstock Corp bought a new position in New Relic during the 4th quarter valued at $212,000. Amalgamated Bank bought a new position in New Relic during the 4th quarter valued at $240,000. Finally, Prudential Financial Inc. bought a new position in New Relic during the 3rd quarter valued at $269,000. 75.76% of the stock is owned by hedge funds and other institutional investors.
NEWR has been the subject of a number of research reports. BMO Capital Markets initiated coverage on New Relic in a research note on Friday, January 12th. They set a “market perform” rating and a $68.00 price target for the company. Stephens increased their price target on New Relic from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Wednesday, February 7th. Wedbush initiated coverage on New Relic in a research note on Friday, February 23rd. They set an “outperform” rating and a $86.00 price target for the company. JPMorgan Chase & Co. lowered New Relic from an “overweight” rating to a “neutral” rating and set a $62.00 price target for the company. in a research note on Tuesday, December 12th. Finally, Zacks Investment Research raised New Relic from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a research note on Thursday, March 8th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $63.71.
Shares of New Relic Inc (NEWR) opened at $73.87 on Tuesday. The firm has a market capitalization of $4,070.00, a price-to-earnings ratio of -74.62 and a beta of 0.67. New Relic Inc has a one year low of $34.61 and a one year high of $76.54.
New Relic (NYSE:NEWR) last released its quarterly earnings data on Tuesday, February 6th. The software maker reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.12. The business had revenue of $91.83 million during the quarter, compared to analyst estimates of $89.31 million. New Relic had a negative return on equity of 25.22% and a negative net margin of 16.17%. The company’s revenue was up 34.8% compared to the same quarter last year. During the same period last year, the company posted ($0.09) EPS. sell-side analysts anticipate that New Relic Inc will post -0.77 EPS for the current year.
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New Relic Company Profile
New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.
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