Grandeur Peak Global Advisors LLC Trims Stake in New Relic, Inc. (NYSE:NEWR)

Grandeur Peak Global Advisors LLC reduced its stake in shares of New Relic, Inc. (NYSE:NEWR) by 78.9% in the 1st quarter, Holdings Channel reports. The fund owned 21,925 shares of the software maker’s stock after selling 81,775 shares during the period. Grandeur Peak Global Advisors LLC’s holdings in New Relic were worth $1,348,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. State of Wisconsin Investment Board raised its position in New Relic by 9.5% during the first quarter. State of Wisconsin Investment Board now owns 250,667 shares of the software maker’s stock valued at $15,411,000 after acquiring an additional 21,841 shares in the last quarter. Maverick Capital Ltd. raised its position in New Relic by 336.9% during the first quarter. Maverick Capital Ltd. now owns 26,482 shares of the software maker’s stock valued at $1,628,000 after acquiring an additional 20,421 shares in the last quarter. North Run Capital LP purchased a new position in New Relic during the first quarter valued at approximately $6,609,000. Contour Asset Management LLC raised its position in New Relic by 27.5% during the first quarter. Contour Asset Management LLC now owns 1,184,740 shares of the software maker’s stock valued at $72,838,000 after acquiring an additional 255,350 shares in the last quarter. Finally, Cubist Systematic Strategies LLC raised its position in New Relic by 2.9% during the first quarter. Cubist Systematic Strategies LLC now owns 53,258 shares of the software maker’s stock valued at $3,274,000 after acquiring an additional 1,510 shares in the last quarter. Institutional investors own 89.64% of the company’s stock.

In other New Relic news, insider William Staples sold 3,587 shares of the business’s stock in a transaction on Monday, May 17th. The stock was sold at an average price of $58.22, for a total transaction of $208,835.14. Following the transaction, the insider now owns 12,015 shares of the company’s stock, valued at $699,513.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Steve Hurn sold 5,911 shares of the business’s stock in a transaction on Monday, May 17th. The stock was sold at an average price of $58.24, for a total value of $344,256.64. Following the transaction, the executive vice president now directly owns 12,085 shares in the company, valued at approximately $703,830.40. The disclosure for this sale can be found here. Insiders have sold 71,192 shares of company stock worth $4,392,366 in the last three months. 22.00% of the stock is currently owned by corporate insiders.

Shares of NYSE:NEWR traded up $0.17 during trading on Thursday, reaching $67.75. The stock had a trading volume of 399 shares, compared to its average volume of 373,127. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.27 and a quick ratio of 2.27. The stock has a fifty day moving average of $65.46. New Relic, Inc. has a 1-year low of $51.52 and a 1-year high of $81.10.

New Relic (NYSE:NEWR) last released its quarterly earnings data on Thursday, May 13th. The software maker reported ($0.27) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.46) by $0.19. The company had revenue of $172.67 million for the quarter, compared to analyst estimates of $166.60 million. New Relic had a negative return on equity of 39.09% and a negative net margin of 28.85%. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 earnings per share. As a group, analysts expect that New Relic, Inc. will post -2.5 earnings per share for the current year.

Several analysts have commented on the company. Robert W. Baird reissued a “buy” rating on shares of New Relic in a report on Thursday, April 8th. Morgan Stanley dropped their price objective on New Relic from $71.00 to $64.00 and set an “equal weight” rating on the stock in a report on Friday, May 14th. BMO Capital Markets dropped their price objective on New Relic from $71.00 to $58.00 and set a “market perform” rating on the stock in a report on Friday, May 14th. Zacks Investment Research raised New Relic from a “sell” rating to a “hold” rating in a report on Thursday, May 27th. Finally, Loop Capital dropped their price objective on New Relic from $70.00 to $55.00 and set a “hold” rating on the stock in a report on Friday, May 14th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $67.70.

New Relic Profile

New Relic, Inc, a software-as-a-service company, provides platform for engineers to plan, build, deploy, and operate software worldwide. It offers a suite of products on its open and extensible cloud-based platform, New Relic One Platform, which enables users to collect, store, and analyze telemetry data flowing through and about their software.

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

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