Today: Ancora Inverness LLC Buys Shares of 9,079 New Relic Inc. (NEWR)

Today: Ancora Inverness LLC Buys Shares of 9,079 New Relic Inc. (NEWR)

Ancora Inverness LLC acquired a new position in New Relic Inc. (NYSE:NEWR) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 9,079 shares of the company’s stock, valued at approximately $348,000.

Other hedge funds have also modified their holdings of the company. FMR LLC increased its position in New Relic by 1.0% in the second quarter. FMR LLC now owns 7,508,139 shares of the company’s stock valued at $220,589,000 after buying an additional 77,268 shares in the last quarter. Vanguard Group Inc. increased its position in New Relic by 13.6% in the second quarter. Vanguard Group Inc. now owns 1,862,972 shares of the company’s stock valued at $54,734,000 after buying an additional 223,679 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in New Relic by 59.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 541,253 shares of the company’s stock valued at $15,902,000 after buying an additional 200,994 shares in the last quarter. BlackRock Fund Advisors increased its position in New Relic by 251.6% in the second quarter. BlackRock Fund Advisors now owns 527,586 shares of the company’s stock valued at $15,500,000 after buying an additional 377,522 shares in the last quarter. Finally, Polar Capital LLP purchased a new position in New Relic during the second quarter valued at $11,418,000. 62.19% of the stock is owned by hedge funds and other institutional investors.

New Relic Inc. (NYSE:NEWR) traded down 3.29% during midday trading on Monday, reaching $31.11. The company had a trading volume of 71,240 shares. New Relic Inc. has a 12 month low of $20.39 and a 12 month high of $38.72. The firm’s 50-day moving average price is $34.87 and its 200 day moving average price is $33.53. The firm’s market capitalization is $1.62 billion.

New Relic (NYSE:NEWR) last released its earnings results on Monday, November 7th. The company reported ($0.09) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.08. New Relic had a negative return on equity of 34.47% and a negative net margin of 31.38%. The firm had revenue of $63.40 million for the quarter, compared to the consensus estimate of $61.93 million. During the same period in the prior year, the business posted ($0.17) earnings per share. The firm’s revenue for the quarter was up 47.8% compared to the same quarter last year. Equities analysts anticipate that New Relic Inc. will post ($0.59) earnings per share for the current fiscal year.

NEWR has been the subject of several research reports. Morgan Stanley set a $43.00 target price on New Relic and gave the company a “buy” rating in a research report on Wednesday, September 28th. JMP Securities reissued a “buy” rating on shares of New Relic in a research report on Thursday, November 17th. Guggenheim initiated coverage on New Relic in a research report on Friday, November 18th. They set a “buy” rating and a $50.00 price objective for the company. Finally, DA Davidson set a $49.00 price objective on New Relic and gave the stock a “buy” rating in a research report on Tuesday, November 22nd. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $39.20.

In other news, CFO Mark Sachleben sold 3,500 shares of the firm’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $38.00, for a total value of $133,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Lewis Cirne sold 39,000 shares of the firm’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $36.65, for a total value of $1,429,350.00. The disclosure for this sale can be found here. Corporate insiders own 46.60% of the company’s stock.

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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