14,576 Shares in New Relic, Inc. (NYSE:NEWR) Acquired by Cornercap Investment Counsel Inc.
Cornercap Investment Counsel Inc. acquired a new position in New Relic, Inc. (NYSE:NEWR – Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 14,576 shares of the software maker’s stock, valued at approximately $1,097,000.
Other institutional investors have also recently bought and sold shares of the company. Belpointe Asset Management LLC acquired a new stake in New Relic during the 4th quarter worth $29,000. PNC Financial Services Group Inc. grew its holdings in New Relic by 78.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 901 shares of the software maker’s stock worth $51,000 after acquiring an additional 396 shares during the period. Harvest Fund Management Co. Ltd grew its holdings in shares of New Relic by 303.3% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 1,218 shares of the software maker’s stock valued at $69,000 after buying an additional 916 shares during the period. Penserra Capital Management LLC grew its holdings in shares of New Relic by 50.0% in the 1st quarter. Penserra Capital Management LLC now owns 1,254 shares of the software maker’s stock valued at $83,000 after buying an additional 418 shares during the period. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of New Relic in the 1st quarter valued at $113,000. Institutional investors and hedge funds own 82.03% of the company’s stock.
New Relic Price Performance
NYSE:NEWR traded up $0.04 on Friday, hitting $84.88. 378,218 shares of the company’s stock were exchanged, compared to its average volume of 933,013. The firm has a 50-day moving average price of $74.80 and a 200-day moving average price of $73.66. New Relic, Inc. has a 52 week low of $50.24 and a 52 week high of $86.00. The company has a market cap of $5.96 billion, a P/E ratio of -34.67 and a beta of 0.87.
New Relic (NYSE:NEWR – Get Free Report) last issued its quarterly earnings results on Monday, July 31st. The software maker reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.22. New Relic had a negative net margin of 17.59% and a negative return on equity of 20.28%. The firm had revenue of $242.63 million for the quarter, compared to analysts’ expectations of $239.13 million. On average, research analysts expect that New Relic, Inc. will post -0.76 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on NEWR shares. Wedbush reissued a “neutral” rating and issued a $75.00 price target on shares of New Relic in a report on Tuesday, August 1st. Truist Financial boosted their price target on shares of New Relic from $77.00 to $87.00 and gave the company a “hold” rating in a report on Tuesday, August 1st. BMO Capital Markets decreased their price target on shares of New Relic from $88.00 to $87.00 and set a “market perform” rating for the company in a report on Tuesday, August 1st. DA Davidson decreased their price target on shares of New Relic from $100.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday, May 24th. Finally, Loop Capital boosted their price target on shares of New Relic from $80.00 to $87.00 and gave the company a “hold” rating in a report on Tuesday, August 1st. Twelve analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, New Relic presently has an average rating of “Hold” and a consensus target price of $82.00.
Insiders Place Their Bets
In other New Relic news, CFO David Barter sold 4,020 shares of the business’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $84.03, for a total transaction of $337,800.60. Following the sale, the chief financial officer now directly owns 24,158 shares of the company’s stock, valued at approximately $2,029,996.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO David Barter sold 4,020 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $84.03, for a total value of $337,800.60. Following the sale, the chief financial officer now directly owns 24,158 shares of the company’s stock, valued at approximately $2,029,996.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Lewis Cirne sold 15,000 shares of the company’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $65.54, for a total transaction of $983,100.00. Following the completion of the sale, the chairman now directly owns 5,100,958 shares in the company, valued at $334,316,787.32. The disclosure for this sale can be found here. Insiders have sold 58,518 shares of company stock valued at $4,275,995 in the last three months. 23.00% of the stock is currently owned by corporate insiders.
New Relic Company Profile
New Relic, Inc, a software-as-a-service company, delivers a software platform for customers to collect telemetry data and derive insights from that data in a unified front-end application. It offers a suite of products on its open and extensible cloud-based platform, which enables users to collect, store, and analyze telemetry data.
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