Pier Capital LLC lessened its stake in New Relic, Inc. (NYSE:NEWR) by 22.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 117,200 shares of the software maker’s stock after selling 33,233 shares during the period. Pier Capital LLC owned about 0.21% of New Relic worth $5,837,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. lifted its stake in New Relic by 50.4% during the second quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the software maker’s stock worth $111,000 after purchasing an additional 862 shares during the period. ETF Managers Group LLC bought a new position in New Relic during the second quarter worth about $118,000. Botty Investors LLC lifted its stake in New Relic by 23.5% during the second quarter. Botty Investors LLC now owns 2,809 shares of the software maker’s stock worth $121,000 after purchasing an additional 535 shares during the period. BNP Paribas Arbitrage SA lifted its stake in New Relic by 507.2% during the second quarter. BNP Paribas Arbitrage SA now owns 3,813 shares of the software maker’s stock worth $164,000 after purchasing an additional 3,185 shares during the period. Finally, Cipher Capital LP bought a new position in New Relic during the third quarter worth about $212,000. Institutional investors and hedge funds own 77.16% of the company’s stock.
New Relic, Inc. (NYSE:NEWR) traded down $2.00 during midday trading on Tuesday, hitting $56.11. 625,100 shares of the stock traded hands, compared to its average volume of 465,299. New Relic, Inc. has a 12 month low of $27.85 and a 12 month high of $59.90.
NEWR has been the subject of a number of analyst reports. BidaskClub upgraded shares of New Relic from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 24th. Robert W. Baird set a $55.00 price target on shares of New Relic and gave the stock a “buy” rating in a research note on Monday, September 11th. KeyCorp initiated coverage on shares of New Relic in a research note on Tuesday, September 19th. They set an “overweight” rating and a $52.00 price target for the company. Oppenheimer restated a “buy” rating and set a $50.00 price target on shares of New Relic in a research note on Tuesday, September 19th. Finally, Zacks Investment Research upgraded shares of New Relic from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Wednesday, October 4th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $53.58.
In related news, CFO Mark Sachleben sold 836 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $48.31, for a total value of $40,387.16. Following the completion of the sale, the chief financial officer now owns 2,203 shares of the company’s stock, valued at $106,426.93. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Lewis Cirne sold 33,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $48.43, for a total transaction of $1,598,190.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,591 shares of company stock valued at $9,426,662. Company insiders own 23.10% of the company’s stock.
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About New Relic
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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