New Relic, Inc. (NEWR) Position Cut by Wellington Management Group LLP

Wellington Management Group LLP cut its stake in New Relic, Inc. (NYSE:NEWR) by 56.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,925 shares of the software maker’s stock after selling 21,608 shares during the period. Wellington Management Group LLP’s holdings in New Relic were worth $627,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Essex Investment Management Co. LLC bought a new stake in shares of New Relic during the first quarter worth $453,000. Russell Investments Group Ltd. raised its stake in New Relic by 36.5% in the first quarter. Russell Investments Group Ltd. now owns 23,447 shares of the software maker’s stock valued at $868,000 after buying an additional 6,269 shares during the last quarter. Granite Investment Partners LLC raised its stake in New Relic by 835.1% in the first quarter. Granite Investment Partners LLC now owns 431,364 shares of the software maker’s stock valued at $15,991,000 after buying an additional 385,233 shares during the last quarter. Independent Portfolio Consultants Inc. acquired a new stake in New Relic during the first quarter valued at approximately $321,000. Finally, Pier 88 Investment Partners LLC acquired a new stake in New Relic during the first quarter valued at approximately $374,000. 71.79% of the stock is currently owned by hedge funds and other institutional investors.

Shares of New Relic, Inc. (NYSE:NEWR) traded up 0.57% during mid-day trading on Friday, reaching $45.93. 920,244 shares of the company traded hands. The stock’s 50-day moving average is $46.14 and its 200-day moving average is $41.07. New Relic, Inc. has a 52 week low of $27.85 and a 52 week high of $49.19. The company’s market capitalization is $2.50 billion.

New Relic (NYSE:NEWR) last announced its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.09) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.03. The firm had revenue of $80.10 million during the quarter, compared to analysts’ expectations of $78.09 million. New Relic had a negative net margin of 20.68% and a negative return on equity of 29.19%. The business’s revenue for the quarter was up 36.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.20) earnings per share. On average, equities analysts predict that New Relic, Inc. will post ($0.25) EPS for the current fiscal year.

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Several research firms have commented on NEWR. CIBC upped their price target on shares of New Relic from $40.00 to $46.00 and gave the company an “outperform” rating in a report on Monday, May 15th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $46.00 price target (up from $40.00) on shares of New Relic in a report on Friday, May 12th. Morgan Stanley downgraded shares of New Relic from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $45.00 to $48.00 in a research report on Thursday, July 20th. They noted that the move was a valuation call. Stephens assumed coverage on shares of New Relic in a research report on Thursday, May 25th. They issued an “overweight” rating and a $55.00 price objective for the company. Finally, Zacks Investment Research downgraded shares of New Relic from a “buy” rating to a “hold” rating in a research report on Tuesday, May 16th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $47.36.

In other New Relic news, CFO Mark Sachleben sold 11,500 shares of New Relic stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $40.21, for a total transaction of $462,415.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robin Schulman sold 1,136 shares of New Relic stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $45.32, for a total transaction of $51,483.52. Following the transaction, the vice president now owns 577 shares of the company’s stock, valued at approximately $26,149.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 220,518 shares of company stock valued at $9,763,234. 23.10% of the stock is currently owned by company insiders.

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.

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

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