In its most recent statement with the SEC, the State of New Jersey Common Pension Fund D disclosed a reduction in its stake in New Relic, Inc. (NYSE: NEWR) of 22.4% during the third quarter.
The fund completed the period in question with a total position of 37,819 shares of the software maker’s stock after selling 10,909 shares of its stock.
The State of New Jersey Common Pension Fund D is reported to own about 0.06% of New Relic, which is now valued at $2,170,000, according to the most recent SEC filing.
Due to recent transactions, several notable investors have recently changed the level of interest they currently have in the company.
During the second quarter, Sachem Head Capital Management L.P. raised its stake in New Relic by making further investments, bringing its total to roughly $74,324,000. The second quarter was when these investments were made.
During the second quarter of the fiscal year, Assenagon Asset Management S.A. increased the proportion of New Relic stock owned by 2,740.0%. Following the acquisition of an additional 797,909 shares during the most recent quarter, Assenagon Asset Management S.A. now owns 827,030 shares of the software maker’s stock, valued at $41,393,000.
The total number of shares in the corporation now stands at 827,030. Kettle Hill Capital Management LLC performed a transaction during the second quarter with a total transaction value of about $23,972,000, which resulted in an increase in the company’s ownership position in New Relic as a consequence of an investment.
Eminence Capital L.P. grew its holdings of New Relic shares during the second quarter by 8.3%, bringing the company’s total share count to 100%. Eminence Capital L.P. now owns 5,579,236 shares of the software developer’s stock after purchasing an additional 426,167 shares during the most recent quarter. The stock currently has a value of $279,241,000.
Last but not least, Point72 Asset Management L.P. boosted its ownership of New Relic shares by 620.9% during the second quarter. This does not justify classifying it as the least important event.
Point72 Asset Management L.P. now owns 403,700 shares of the common stock of the software developer, with a market value of $20,205,000, after purchasing an additional 347,700 shares during the most recent quarter.
This brings the investment company’s overall share count to 403,700. Institutional investors and hedge funds currently hold 83.56 percent of the company’s stock.
Trading for NEWR began on Wednesday at $59.06 per share. The share price of New Relic, Inc. fluctuated between a low of $41.66 and a high of $110.96 over the last 15 months.
For the company, the fifty-day and 200-day moving averages are $56.47 and $58.11, respectively. The stock of the company has a price-to-earnings ratio of 0.86 and a beta value of 0.86. It is -18.12 in terms of price to earnings. About $4.04 billion is the market value of the company’s equity.
On Tuesday, November 8th, New Relic, which trades on the New York Stock Exchange under the ticker symbol NEWR, released its most recent earnings report.
In the software industry, earnings per share for the quarter were $0.46, or $0.17 more than analysts’ consensus profit forecasts, which were $0.63 in the red.
The company’s sales for the quarter totaled $226.91 million, which is much more than the $222.60 million anticipated for the period by industry analysts. For New Relic, both the company’s net margin and return on equity were negative.
The net margin was -25.24%, while the return on equity was -62.88%. New Relic, Inc. is expected to have earnings per share of -2.17 cents for the current fiscal year, according to projections made by equity research analysts. This is in contrast to the company’s past fiscal years’ performance.
Brokerage companies have focused more of their attention on NEWR during the last few years. On Monday, October 3rd, JPMorgan Chase & Co. said in a research note that it will begin to cover shares of New Relic.
They gave the company a “neutral” rating and said that $57.0 should be the price goal. In a research note released on Tuesday, November 15th, Robert W. Baird decreased their target price on New Relic shares to $75.00. The company was rated “market perform” by BMO Capital Markets, which also decreased.
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