BMO Capital Markets assumed coverage on shares of New Relic (NYSE:NEWR) in a research note published on Friday, Marketbeat reports. The firm issued a market perform rating and a $68.00 price target on the software maker’s stock.

Several other research firms also recently issued reports on NEWR. JPMorgan Chase & Co. downgraded New Relic from an overweight rating to a neutral rating and set a $62.00 price objective on the stock. in a report on Tuesday, December 12th. JMP Securities boosted their price target on New Relic from $54.00 to $56.00 and gave the company a market outperform rating in a report on Wednesday, November 8th. Morgan Stanley boosted their price target on New Relic from $48.00 to $52.00 and gave the company an equal weight rating in a report on Wednesday, November 8th. UBS Group started coverage on New Relic in a report on Thursday, November 9th. They issued a neutral rating and a $53.00 price target for the company. Finally, Needham & Company LLC started coverage on New Relic in a report on Monday, October 23rd. They issued a buy rating and a $69.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $55.21.

New Relic (NYSE:NEWR) traded up $1.05 during mid-day trading on Friday, reaching $60.39. The company’s stock had a trading volume of 286,631 shares, compared to its average volume of 382,511. New Relic has a 52 week low of $30.97 and a 52 week high of $60.85. The stock has a market cap of $3,330.00, a P/E ratio of -54.41 and a beta of 1.03.

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 the consensus estimate of ($0.10) by $0.04. New Relic had a negative return on equity of 29.19% and a negative net margin of 19.43%. The company had revenue of $84.68 million for the quarter, compared to the consensus estimate of $82.98 million. During the same period in the previous year, the business earned ($0.09) EPS. New Relic’s revenue for the quarter was up 33.5% compared to the same quarter last year. research analysts anticipate that New Relic will post -0.98 EPS for the current fiscal year.

In related news, CEO Lewis Cirne sold 33,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $51.15, for a total transaction of $1,687,950.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James R. Gochee sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $50.25, for a total value of $201,000.00. Following the transaction, the insider now owns 343,382 shares of the company’s stock, valued at approximately $17,254,945.50. The disclosure for this sale can be found here. Insiders sold a total of 178,139 shares of company stock valued at $9,936,095 over the last quarter. Company insiders own 23.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Crow Point Partners LLC acquired a new position in New Relic during the 4th quarter valued at approximately $113,000. AXA boosted its position in New Relic by 8.2% during the 3rd quarter. AXA now owns 171,000 shares of the software maker’s stock valued at $8,516,000 after purchasing an additional 13,000 shares during the period. Granahan Investment Management Inc. MA acquired a new position in New Relic during the 3rd quarter valued at approximately $269,000. PEAK6 Investments L.P. boosted its position in New Relic by 107.6% during the 3rd quarter. PEAK6 Investments L.P. now owns 17,403 shares of the software maker’s stock valued at $867,000 after purchasing an additional 9,019 shares during the period. Finally, Asset Management One Co. Ltd. boosted its position in New Relic by 48.6% during the 3rd quarter. Asset Management One Co. Ltd. now owns 14,858 shares of the software maker’s stock valued at $731,000 after purchasing an additional 4,859 shares during the period. Institutional investors and hedge funds own 77.08% of the company’s stock.

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New Relic Company 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.

Analyst Recommendations for New Relic (NYSE:NEWR)

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