BMO Capital Believes New Relic Inc (NYSE: NEWR) Still Has Room to Grow


BMO Capital analyst Keith Bachman upgraded New Relic Inc (NYSE: NEWR) to Buy today and set a price target of $95. The company’s shares closed yesterday at $77.12, close to its 52-week high of $79.08.

According to TipRanks.com, Bachman is a 5-star analyst with an average return of 17.1% and a 71.0% success rate. Bachman covers the Technology sector, focusing on stocks such as DXC Technology Company, Infosys Limited, and Salesforce.com.

Currently, the analyst consensus on New Relic Inc is Strong Buy and the average price target is $86.20, representing an 11.8% upside.

In a report released yesterday, Oppenheimer also assigned a Buy rating to the stock with a $90 price target.

See today’s analyst top recommended stocks >>

Based on New Relic Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $6.97 million. In comparison, last year the company had a GAAP net loss of $14.99 million.

Based on the recent corporate insider activity of 133 insiders, corporate insider sentiment is negative on the stock.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

New Relic, Inc. engages in the provision of software-as-a-services for digital intelligence products. It allows the users to monitor software and infrastructure performance and measure end user activities through desktop and mobile devices. The company was founded by Lewis Cirne in September 2007 and is headquartered in San Francisco, CA.

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