Jennison Associates LLC Sells 93,064 Shares of New Relic Inc (NEWR)

Jennison Associates LLC trimmed its holdings in New Relic Inc (NYSE:NEWR) by 18.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 418,392 shares of the software maker’s stock after selling 93,064 shares during the quarter. Jennison Associates LLC’s holdings in New Relic were worth $42,086,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of NEWR. BlackRock Inc. grew its position in New Relic by 15.4% in the first quarter. BlackRock Inc. now owns 2,556,605 shares of the software maker’s stock worth $189,496,000 after acquiring an additional 340,747 shares in the last quarter. Millennium Management LLC grew its position in New Relic by 502.4% in the first quarter. Millennium Management LLC now owns 397,239 shares of the software maker’s stock worth $29,443,000 after acquiring an additional 331,291 shares in the last quarter. Lord Abbett & CO. LLC bought a new stake in New Relic in the first quarter worth approximately $19,133,000. AO Asset Management LP bought a new stake in New Relic in the first quarter worth approximately $15,743,000. Finally, Barometer Capital Management Inc. bought a new stake in New Relic in the first quarter worth approximately $13,053,000. 72.36% of the stock is owned by institutional investors.

Several analysts have commented on NEWR shares. Wedbush reissued an “outperform” rating and issued a $86.00 target price on shares of New Relic in a research report on Wednesday, April 25th. BMO Capital Markets boosted their price objective on shares of New Relic to $83.00 and gave the stock a “market perform” rating in a research note on Tuesday, May 8th. Morgan Stanley boosted their price objective on shares of New Relic from $61.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 9th. Oppenheimer boosted their price objective on shares of New Relic from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 9th. Finally, Cowen boosted their price objective on shares of New Relic from $74.00 to $84.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 9th. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $96.88.

In related news, CRO Erica Schultz sold 1,800 shares of the company’s stock in a transaction on Tuesday, May 15th. The shares were sold at an average price of $87.07, for a total transaction of $156,726.00. Following the completion of the transaction, the executive now directly owns 22,327 shares in the company, valued at approximately $1,944,011.89. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark Sachleben sold 1,114 shares of the company’s stock in a transaction on Wednesday, June 20th. The shares were sold at an average price of $110.00, for a total transaction of $122,540.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 387,797 shares of company stock valued at $39,694,445. Corporate insiders own 20.40% of the company’s stock.

Shares of New Relic opened at $105.77 on Friday, MarketBeat reports. New Relic Inc has a 1-year low of $43.43 and a 1-year high of $114.78. The firm has a market capitalization of $5.82 billion, a PE ratio of -142.93 and a beta of 0.77.

New Relic (NYSE:NEWR) last issued its quarterly earnings data on Tuesday, August 7th. The software maker reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.04. The business had revenue of $108.22 million during the quarter, compared to analysts’ expectations of $106.09 million. New Relic had a negative net margin of 9.13% and a negative return on equity of 13.67%. research analysts anticipate that New Relic Inc will post -0.57 EPS for the current fiscal year.

About New Relic

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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