Principal Financial Group Inc. Acquires New Position in New Relic, Inc. (NEWR)

Principal Financial Group Inc. acquired a new stake in shares of New Relic, Inc. (NYSE:NEWR) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,003 shares of the software maker’s stock, valued at approximately $299,000.

Several other large investors also recently added to or reduced their stakes in the company. Prudential Financial Inc. purchased a new stake in shares of New Relic during the third quarter valued at approximately $269,000. Morse Asset Management Inc bought a new position in shares of New Relic during the third quarter valued at approximately $966,000. Essex Investment Management Co. LLC raised its holdings in shares of New Relic by 11.4% during the third quarter. Essex Investment Management Co. LLC now owns 10,031 shares of the software maker’s stock valued at $500,000 after acquiring an additional 1,025 shares in the last quarter. Peregrine Capital Management LLC raised its holdings in shares of New Relic by 3.5% during the third quarter. Peregrine Capital Management LLC now owns 530,221 shares of the software maker’s stock valued at $26,405,000 after acquiring an additional 18,021 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of New Relic by 52.3% during the third quarter. First Trust Advisors LP now owns 56,467 shares of the software maker’s stock valued at $2,812,000 after acquiring an additional 19,402 shares in the last quarter. 77.16% of the stock is owned by hedge funds and other institutional investors.

In other New Relic news, VP Robin Schulman sold 1,349 shares of the stock in a transaction on Monday, September 18th. The stock was sold at an average price of $48.78, for a total value of $65,804.22. Following the completion of the transaction, the vice president now owns 1,364 shares in the company, valued at $66,535.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider James R. Gochee sold 4,000 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $56.85, for a total value of $227,400.00. Following the completion of the transaction, the insider now owns 337,074 shares of the company’s stock, valued at approximately $19,162,656.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,591 shares of company stock valued at $9,860,912. 23.10% of the stock is owned by corporate insiders.

New Relic, Inc. (NEWR) traded up $0.88 on Friday, reaching $59.68. The company’s stock had a trading volume of 3,190,000 shares, compared to its average volume of 590,402. New Relic, Inc. has a twelve month low of $27.85 and a twelve month high of $60.85.

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

A number of equities analysts recently commented on NEWR shares. JMP Securities upped their target price on New Relic from $54.00 to $56.00 and gave the company a “market outperform” rating in a report on Wednesday, November 8th. BidaskClub upgraded New Relic from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. Needham & Company LLC started coverage on New Relic in a report on Monday, October 23rd. They set a “buy” rating and a $69.00 target price for the company. Oppenheimer restated a “buy” rating and set a $50.00 target price on shares of New Relic in a report on Tuesday, September 19th. Finally, Zacks Investment Research downgraded New Relic from a “buy” rating to a “hold” rating in a report on Thursday, October 5th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. New Relic presently has an average rating of “Buy” and a consensus price target of $54.23.

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New Relic Profile

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

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