New Relic, Inc. (NEWR) Short Interest Update

New Relic, Inc. (NYSE:NEWR) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 1,037,886 shares, a decrease of 55.8% from the October 13th total of 2,345,802 shares. Based on an average daily trading volume, of 247,578 shares, the short-interest ratio is presently 4.2 days. Approximately 2.8% of the shares of the company are short sold.

New Relic (NYSE NEWR) opened at $54.31 on Tuesday. New Relic has a 1 year low of $27.85 and a 1 year high of $54.79.

New Relic (NYSE:NEWR) last announced its quarterly earnings data on Tuesday, November 7th. The software maker reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $84.68 million for the quarter, compared to analyst estimates of $82.98 million. New Relic had a negative return on equity of 29.19% and a negative net margin of 19.43%. The company’s revenue was up 33.5% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) EPS. research analysts forecast that New Relic will post -0.98 EPS for the current year.

A number of analysts recently issued reports on the company. Morgan Stanley cut New Relic from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $45.00 to $48.00 in a report on Thursday, July 20th. They noted that the move was a valuation call. KeyCorp assumed coverage on New Relic in a report on Tuesday, September 19th. They set an “overweight” rating and a $52.00 price objective on the stock. UBS AG increased their price objective on New Relic from $42.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, August 4th. BidaskClub cut New Relic from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. Finally, Robert W. Baird set a $55.00 price objective on New Relic and gave the stock a “buy” rating in a report on Monday, September 11th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $53.00.

In other news, CEO Lewis Cirne sold 33,000 shares of the company’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $51.15, for a total transaction of $1,687,950.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark Sachleben sold 1,753 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $45.93, for a total value of $80,515.29. Following the sale, the chief financial officer now directly owns 1,248 shares in the company, valued at approximately $57,320.64. The disclosure for this sale can be found here. Insiders have sold a total of 185,335 shares of company stock worth $9,238,683 in the last ninety days. Insiders own 23.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Westfield Capital Management Co. LP bought a new position in shares of New Relic during the 3rd quarter valued at about $23,221,000. NorthRock Partners LLC bought a new position in New Relic during the 3rd quarter worth approximately $356,000. Telemark Asset Management LLC grew its position in New Relic by 7.1% during the 3rd quarter. Telemark Asset Management LLC now owns 300,000 shares of the software maker’s stock worth $14,940,000 after acquiring an additional 20,000 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in New Relic by 35.6% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 178,925 shares of the software maker’s stock worth $8,911,000 after acquiring an additional 47,002 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in New Relic by 313.3% during the 3rd quarter. Wells Fargo & Company MN now owns 100,947 shares of the software maker’s stock worth $5,027,000 after acquiring an additional 76,521 shares during the last quarter. Hedge funds and other institutional investors own 73.33% 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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