On August 26, 2023, it was announced that Cornercap Investment Counsel Inc. had acquired a new position in New Relic, Inc. The acquisition took place in the first quarter and was reported in the company’s most recent 13F filing with the Securities and Exchange Commission (SEC). Cornercap Investment Counsel Inc. obtained 14,576 shares of New Relic’s stock, which were valued at approximately $1,097,000.
New Relic is a software maker company listed on the New York Stock Exchange (NYSE) under the ticker symbol NEWR. The company recently released its quarterly earnings results on July 31st. During this quarter, New Relic reported an earnings per share (EPS) of ($0.07), surpassing the consensus estimate of ($0.29) by $0.22. Despite reporting a negative net margin of 17.59% and a negative return on equity of 20.28%, New Relic generated revenue of $242.63 million for the quarter, exceeding analysts’ expectations of $239.13 million.
Based on research analysts’ predictions for the current fiscal year, it is anticipated that New Relic will post -0.76 earnings per share.
In other news related to New Relic, CFO David Barter recently sold 4,020 shares of the company’s stock in a transaction that took place on August 16th. The average sale price per share was $84.03, resulting in a total transaction value of $337,800.60. Following this sale, Barter now holds 24,158 shares directly worth about $2,029,996.74.
This sale was disclosed through a legal filing with the SEC and can be accessed through its official website.
Additionally, Chairman Lewis Cirne also sold 15,000 shares of New Relic’s stock in a transaction that occurred on July 6th. The average sale price per share was $65.54, amounting to a total transaction value of $983,100.00. Following this sale, Cirne now holds 5,100,958 shares directly valued at approximately $334,316,787.32.
As highlighted by these recent transactions, insiders have sold a total of 58,518 shares of New Relic’s stock in the past three months. This represents approximately 23% of the company’s stock currently owned by corporate insiders.
This information regarding ownership and insider activity is crucial for investors and provides insight into the company’s operations and market trends.
In conclusion, Cornercap Investment Counsel Inc.’s acquisition of shares in New Relic highlights market interest in the software maker company. Despite reporting negative financial metrics for the quarter, such as net margin and return on equity, New Relic managed to exceed revenue expectations. The recent sales of company stock by CFO David Barter and Chairman Lewis Cirne also indicate notable insider activity. Investors may find this information valuable when considering their investment strategies related to New Relic securities.
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Institutional Investors Show Strong Interest in New Relic as Analysts’ Reports Vary on Stock’s Potential
In recent months, there has been significant activity among institutional investors in the company New Relic. Belpointe Asset Management LLC acquired a stake in the software maker during the fourth quarter of last year, adding to their portfolio with an investment worth $29,000. Meanwhile, PNC Financial Services Group Inc. saw an impressive increase of 78.4% in their holdings of New Relic during the same period, now owning 901 shares valued at $51,000 after acquiring an additional 396 shares.
Another notable investor, Harvest Fund Management Co. Ltd, experienced a staggering growth of 303.3% in their New Relic holdings in the fourth quarter. They now possess 1,218 shares valued at $69,000 following their acquisition of an additional 916 shares. Penserra Capital Management LLC also managed to expand their stake by 50%, now retaining 1,254 shares valued at $83,000.
Additionally, Counterpoint Mutual Funds LLC entered the scene as a new player on the market during the first quarter of this year with a value of $113,000 invested in New Relic’s shares. On a broader scale, it is noteworthy that institutional investors and hedge funds collectively own approximately 82.03% of New Relic’s stock.
Turning our attention to the trading activities surrounding New Relic on August 26th, it is evident that NYSE:NEWR experienced marginal growth of just $0.04 and settled at an overall price of $84.88 for the day. Approximately 378k shares were exchanged throughout this trading session compared to its average daily volume of around 933k shares over time.
Analysts have recently released several reports regarding NEWR stock with varying perspectives on its potential performance. Wedbush reaffirmed their “neutral” rating and set a price target of $75.00 on Tuesday, August 1st. Truist Financial, on the other hand, raised their price target from $77.00 to $87.00 while assigning New Relic a “hold” rating that same day. Conversely, BMO Capital Markets decreased their price target from $88.00 to $87.00 and labeled New Relic as “market perform.” DA Davidson joined the decreasing trend by also reducing their price target from $100.00 to $95.00 but still maintained a “buy” rating for the company in a report released on Wednesday, May 24th.
In conclusion, it is evident that New Relic has attracted significant attention from institutional investors recently, with various firms either acquiring new stakes or expanding their existing holdings in the software maker. The trading activity surrounding NEWR on August 26th saw minor growth, suggesting stability in its stock performance. However, analysts’ reports vary in their assessments of the company’s potential for growth and development in the market.
For more detailed information about New Relic and its current status within the industry, please refer to our latest report on the company.
