HMI Capital Management, L.P. (Trades, Portfolio), a San Francisco-based investment firm, has recently expanded its portfolio by acquiring an additional 3,079 shares of New Relic Inc (NEWR, Financial). The transaction took place on July 30, 2023, with the shares purchased at a price of $74.05 each. This acquisition has increased the firm's total holdings in New Relic Inc to 5,062,100 shares, representing 14.64% of their portfolio and 7.20% of the company's total shares.
Overview of HMI Capital Management, L.P. (Trades, Portfolio)
HMI Capital Management, L.P. (Trades, Portfolio) is an investment firm located at 555 California Street, San Francisco, CA. The firm's portfolio consists of 13 stocks, with a total equity of $2.56 billion. The top holdings include Ares Management Corp (ARES, Financial), New Relic Inc (NEWR, Financial), Block Inc (SQ, Financial), Dynatrace Inc (DT, Financial), and Toast Inc (TOST, Financial). The firm's investments are primarily concentrated in the Technology and Financial Services sectors.
Details of the Transaction
The recent acquisition of New Relic Inc shares by HMI Capital Management, L.P. (Trades, Portfolio) represents a 0.06% change in their portfolio. The transaction had a minor impact of 0.01% on the firm's portfolio. The firm's position in New Relic Inc now stands at 14.64%, making it a significant part of their investment strategy.
About New Relic Inc
New Relic Inc, symbol NEWR, is a US-based company that provides software analytics solutions. The company's flagship product, New Relic Software Analytics Cloud, offers diagnostics, reporting and alerting, transaction monitoring, and performance monitoring capabilities. The company operates in a single segment and has a market capitalization of $5.9 billion.
Performance of New Relic Inc
As of August 1, 2023, New Relic Inc's stock price stands at $83.96. The company's GF Value is $80.20, indicating that the stock is fairly valued. The stock has gained 13.38% since the transaction and 178.38% since its IPO. The year-to-date price change ratio is 49.53%. The company's GF Score is 71/100, suggesting a likely average performance in the future. The company's balance sheet, profitability, and growth ranks are 5/10, 3/10, and 5/10 respectively.
Comparison with Other Gurus
Gotham Asset Management, LLC is the largest guru holder of New Relic Inc shares. Other gurus who also hold the traded stock include Jefferies Group (Trades, Portfolio). The recent transaction by HMI Capital Management, L.P. (Trades, Portfolio) further solidifies its position among the top holders of New Relic Inc shares.
Conclusion
The recent acquisition of New Relic Inc shares by HMI Capital Management, L.P. (Trades, Portfolio) is a strategic move that aligns with the firm's investment philosophy. The transaction not only strengthens the firm's position in the Technology sector but also increases its stake in a company with a promising future. As the stock is fairly valued and has shown significant gains since its IPO, it will be interesting to see how this investment plays out for HMI Capital Management, L.P. (Trades, Portfolio) in the long run.
