Tygh Capital Management Inc. lifted its position in shares of New Relic Inc (NYSE:NEWR) by 62.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,977 shares of the software maker’s stock after acquiring an additional 53,242 shares during the quarter. New Relic accounts for about 2.0% of Tygh Capital Management Inc.’s holdings, making the stock its 13th biggest position. Tygh Capital Management Inc. owned about 0.24% of New Relic worth $11,936,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the company. Parallel Advisors LLC lifted its stake in shares of New Relic by 12.6% in the second quarter. Parallel Advisors LLC now owns 4,455 shares of the software maker’s stock worth $385,000 after acquiring an additional 500 shares in the last quarter. State Board of Administration of Florida Retirement System increased its holdings in New Relic by 107.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 44,742 shares of the software maker’s stock valued at $3,871,000 after buying an additional 23,193 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in New Relic by 27.2% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 532,031 shares of the software maker’s stock valued at $46,026,000 after buying an additional 113,919 shares during the last quarter. Swiss National Bank increased its holdings in New Relic by 16.6% in the second quarter. Swiss National Bank now owns 90,697 shares of the software maker’s stock valued at $7,846,000 after buying an additional 12,900 shares during the last quarter. Finally, TimesSquare Capital Management LLC increased its holdings in New Relic by 62.9% in the second quarter. TimesSquare Capital Management LLC now owns 314,435 shares of the software maker’s stock valued at $27,202,000 after buying an additional 121,435 shares during the last quarter. 74.72% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:NEWR traded up $0.91 on Wednesday, reaching $57.56. 26,607 shares of the company traded hands, compared to its average volume of 1,741,275. New Relic Inc has a fifty-two week low of $55.60 and a fifty-two week high of $113.34. The company’s 50 day moving average is $82.47 and its 200-day moving average is $95.97. The stock has a market capitalization of $3.36 billion, a PE ratio of -186.13 and a beta of 0.83. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.88 and a quick ratio of 2.88.
In other New Relic news, CRO Erica Schultz sold 4,340 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $58.21, for a total transaction of $252,631.40. Following the completion of the sale, the executive now directly owns 22,002 shares in the company, valued at $1,280,736.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lewis Cirne sold 19,500 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $97.72, for a total transaction of $1,905,540.00. The disclosure for this sale can be found here. Insiders have sold 133,904 shares of company stock worth $11,498,947 over the last three months. Company insiders own 17.40% of the company’s stock.
Several brokerages recently weighed in on NEWR. Wedbush reissued an “outperform” rating and issued a $99.00 price objective (down from $124.00) on shares of New Relic in a report on Wednesday, August 7th. BMO Capital Markets lowered their target price on New Relic to $73.00 and set a “positive” rating for the company in a report on Wednesday, August 7th. Oppenheimer lowered their target price on New Relic from $125.00 to $109.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Goldman Sachs Group initiated coverage on New Relic in a report on Friday, June 7th. They set a “sell” rating and a $83.00 target price for the company. Finally, First Analysis lowered New Relic from a “strong-buy” rating to a “neutral” rating and set a $80.00 target price for the company. in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $99.07.
New Relic Company 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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