New Relic Inc (NYSE:NEWR) Stock Position Cut by Stanley Laman Group Ltd.

Stanley Laman Group Ltd. reduced its stake in shares of New Relic Inc (NYSE:NEWR) by 1.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 70,416 shares of the software maker’s stock after selling 956 shares during the quarter. New Relic makes up about 1.5% of Stanley Laman Group Ltd.’s holdings, making the stock its 4th biggest holding. Stanley Laman Group Ltd. owned about 0.12% of New Relic worth $6,092,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Cornerstone Advisors Inc. increased its position in New Relic by 58.4% during the 1st quarter. Cornerstone Advisors Inc. now owns 358 shares of the software maker’s stock valued at $35,000 after purchasing an additional 132 shares during the period. Evolution Wealth Advisors LLC purchased a new position in New Relic during the 1st quarter valued at $42,000. Victory Capital Management Inc. increased its position in New Relic by 255.8% during the 1st 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 period. FNY Investment Advisers LLC purchased a new position in New Relic during the 2nd quarter valued at $78,000. Finally, Quantamental Technologies LLC bought a new stake in shares of New Relic during the 1st quarter valued at $178,000. 79.30% of the stock is currently owned by institutional investors and hedge funds.

NEWR has been the topic of a number of research reports. Wedbush restated an “outperform” rating and set a $99.00 target price (down previously from $124.00) on shares of New Relic in a report on Wednesday, August 7th. Raymond James cut shares of New Relic from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 7th. ValuEngine cut shares of New Relic from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. BMO Capital Markets dropped their target price on shares of New Relic to $73.00 and set a “positive” rating on the stock in a report on Wednesday, August 7th. Finally, Oppenheimer dropped their target price on shares of New Relic from $125.00 to $109.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. New Relic presently has an average rating of “Hold” and a consensus target price of $100.50.

In related news, CFO Mark Sachleben sold 3,450 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $102.77, for a total value of $354,556.50. Following the transaction, the chief financial officer now owns 589 shares in the company, valued at approximately $60,531.53. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Lewis Cirne sold 16,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $85.23, for a total transaction of $1,363,680.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 168,950 shares of company stock worth $15,933,413. 17.40% of the stock is currently owned by company insiders.

Shares of NEWR stock traded down $2.79 during mid-day trading on Wednesday, reaching $59.08. 26,545 shares of the company’s stock traded hands, compared to its average volume of 977,081. New Relic Inc has a 12 month low of $55.60 and a 12 month high of $113.34. The firm has a market cap of $3.55 billion, a P/E ratio of -191.50 and a beta of 0.83. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 1.16. The firm’s 50-day simple moving average is $86.61.

New Relic (NYSE:NEWR) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported ($0.16) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.18) by $0.02. The company had revenue of $141.01 million for the quarter, compared to analysts’ expectations of $139.73 million. New Relic had a negative net margin of 9.93% and a negative return on equity of 8.74%. New Relic’s revenue was up 30.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.15 EPS. On average, sell-side analysts expect that New Relic Inc will post -0.68 EPS for the current year.

New Relic 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.

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

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