Short Interest in New Relic Inc (NYSE:NEWR) Increases By 22.9%
New Relic Inc (NYSE:NEWR) saw a significant increase in short interest in August. As of August 15th, there was short interest totalling 3,112,700 shares, an increase of 22.9% from the July 15th total of 2,532,900 shares. Approximately 6.5% of the shares of the company are short sold. Based on an average trading volume of 1,250,000 shares, the days-to-cover ratio is currently 2.5 days.
New Relic stock opened at $56.31 on Thursday. The stock has a market capitalization of $3.42 billion, a PE ratio of -181.65 and a beta of 0.83. New Relic has a 12 month low of $54.83 and a 12 month high of $113.34. The business has a 50 day simple moving average of $77.06 and a 200-day simple moving average of $94.10. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.88 and a quick ratio of 2.88.
New Relic (NYSE:NEWR) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported ($0.16) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.02. The business had revenue of $141.01 million during the quarter, compared to analysts’ expectations of $139.73 million. New Relic had a negative return on equity of 8.55% and a negative net margin of 9.93%. The business’s revenue was up 30.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.15 earnings per share. On average, equities research analysts anticipate that New Relic will post -0.68 EPS for the current fiscal year.
In related news, CEO Lewis Cirne sold 19,500 shares of New Relic stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $97.72, for a total transaction of $1,905,540.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Sachleben sold 15,000 shares of New Relic stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $96.98, for a total value of $1,454,700.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 133,904 shares of company stock valued at $11,498,947. 17.40% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. O Shares Investment Advisers LLC purchased a new stake in shares of New Relic in the first quarter valued at approximately $445,000. First Trust Advisors LP boosted its stake in shares of New Relic by 24.7% in the second quarter. First Trust Advisors LP now owns 1,516,324 shares of the software maker’s stock worth $131,177,000 after acquiring an additional 300,484 shares during the last quarter. Peregrine Asset Advisers Inc. acquired a new stake in shares of New Relic in the first quarter worth approximately $296,000. Jennison Associates LLC boosted its stake in shares of New Relic by 58.7% in the second quarter. Jennison Associates LLC now owns 723,864 shares of the software maker’s stock worth $62,621,000 after acquiring an additional 267,840 shares during the last quarter. Finally, Diversified Trust Co boosted its stake in shares of New Relic by 17.8% in the second quarter. Diversified Trust Co now owns 6,432 shares of the software maker’s stock worth $556,000 after acquiring an additional 970 shares during the last quarter. Institutional investors and hedge funds own 74.72% of the company’s stock.
Several research analysts recently weighed in on NEWR shares. DA Davidson reduced their price target on New Relic to $95.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $99.00 price target (down from $124.00) on shares of New Relic in a research report on Wednesday, August 7th. UBS Group set a $73.00 price target on New Relic and gave the company a “hold” rating in a research report on Wednesday, August 7th. BMO Capital Markets reduced their price target on New Relic to $73.00 and set a “positive” rating for the company in a research report on Wednesday, August 7th. Finally, Needham & Company LLC set a $120.00 price target on New Relic and gave the company a “buy” rating in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $96.67.
New Relic Company Profile
New Relic, Inc, a software-as-a-service company, provides various digital products worldwide. Its cloud-based platform and suite of products include New Relic Platform, which enable organizations to collect, store, and analyze data. The company offers New Relic Application Performance Management that provides visibility into the performance and usage of server-based applications, such as data pertaining to response time, transaction throughput, error rates, top transactions, and user satisfaction; New Relic Mobile, which provides code-level visibility into the performance and health of mobile applications running on the iOS and Android mobile operating systems; and New Relic Browser that monitors the page view experiences of actual end-users for desktop and mobile browser-based applications.