BMO Capital Markets reaffirmed their outperform rating on shares of New Relic (NYSE:NEWR) in a research report released on Tuesday morning, The Fly reports. They currently have a $78.00 price target on the software maker’s stock.

NEWR has been the subject of a number of other research reports. Zacks Investment Research downgraded New Relic from a hold rating to a sell rating in a research note on Wednesday, January 8th. TheStreet lowered shares of New Relic from a c- rating to a d+ rating in a research report on Tuesday, November 5th. UBS Group raised shares of New Relic from a neutral rating to a buy rating and lifted their price objective for the company from $68.00 to $98.00 in a research note on Monday, January 13th. Needham & Company LLC reissued a buy rating and issued a $110.00 price objective on shares of New Relic in a research note on Friday, December 13th. Finally, ValuEngine upgraded shares of New Relic from a hold rating to a buy rating in a research report on Tuesday, December 10th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the stock. New Relic currently has a consensus rating of Buy and an average target price of $85.35.

Shares of New Relic stock traded up $0.61 on Tuesday, hitting $71.05. The stock had a trading volume of 6,139 shares, compared to its average volume of 508,213. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of -67.20 and a beta of 0.96. The company has a quick ratio of 3.01, a current ratio of 3.01 and a debt-to-equity ratio of 1.29. New Relic has a twelve month low of $50.00 and a twelve month high of $109.00. The business’s 50 day moving average is $68.11 and its two-hundred day moving average is $68.41.

New Relic (NYSE:NEWR) last released its quarterly earnings results on Tuesday, November 5th. The software maker reported ($0.16) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.01). New Relic had a negative net margin of 11.26% and a negative return on equity of 8.90%. The business had revenue of $145.80 million during the quarter, compared to analyst estimates of $143.43 million. During the same quarter last year, the company posted $0.20 earnings per share. The company’s revenue was up 26.9% on a year-over-year basis. As a group, equities analysts predict that New Relic will post -0.88 earnings per share for the current fiscal year.

In related news, CFO Mark Sachleben sold 2,327 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $67.90, for a total value of $158,003.30. Also, CEO Lewis Cirne sold 8,500 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $68.59, for a total value of $583,015.00. Over the last ninety days, insiders sold 28,827 shares of company stock valued at $1,941,613. Insiders own 17.40% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of NEWR. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of New Relic in the third quarter valued at about $27,000. NEXT Financial Group Inc boosted its holdings in New Relic by 905.3% during the third quarter. NEXT Financial Group Inc now owns 573 shares of the software maker’s stock worth $35,000 after purchasing an additional 516 shares during the last quarter. Winslow Evans & Crocker Inc. grew its position in New Relic by 44.8% in the 3rd quarter. Winslow Evans & Crocker Inc. now owns 666 shares of the software maker’s stock worth $44,000 after purchasing an additional 206 shares in the last quarter. Quantum Capital Management bought a new stake in New Relic in the 3rd quarter worth about $47,000. Finally, Point72 Hong Kong Ltd bought a new stake in New Relic in the 2nd quarter worth about $55,000. 81.50% of the stock is currently owned by hedge funds and other institutional investors.

About New Relic

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.

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