Cupps Capital Management Lowers stake in New Relic Inc (NEWR)

New Relic Inc (NEWR) : Cupps Capital Management reduced its stake in New Relic Inc by 32.32% during the most recent quarter end. The investment management company now holds a total of 99,180 shares of New Relic Inc which is valued at $3,738,094 after selling 47,354 shares in New Relic Inc , the firm said in a disclosure report filed with the SEC on Oct 11, 2016.New Relic Inc makes up approximately 1.62% of Cupps Capital Management’s portfolio.

Other Hedge Funds, Including , Bnp Paribas Arbitrage Sa boosted its stake in NEWR in the latest quarter, The investment management firm added 1,072 additional shares and now holds a total of 2,328 shares of New Relic Inc which is valued at $86,322.

New Relic Inc closed down -1.4 points or -3.71% at $36.29 with 2,31,118 shares getting traded on Tuesday. Post opening the session at $37.73, the shares hit an intraday low of $35.91 and an intraday high of $37.73 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, New Relic Inc reported $-0.20 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $-0.23. The company had revenue of $58.60 million for the quarter, compared to analysts expectations of $56.95 million. The company’s revenue was up 53.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.21 EPS.

New Relic Inc. (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enables organizations to collect store and analyze software data in real time. The Company’s Software Analytics solution consists of an integrated suite of products a data database and an open platform. Its products for technology users focus on software performance management and monitoring. New Relic offers an integrated suite of seven products namely New Relic APM for application performance management; New Relic Mobile mobile application performance management; New Relic Servers for server monitoring for cloud and data centers; New Relic Browser for end user experience monitoring and performance monitoring; New Relic Synthetics for software testing through simulated usage; New Relic Plugins plugins to extend its functionality into other applications and New Relic Insights for real-time big data analytics for business managers.

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