In a report released yesterday, Ittai Kidron from Oppenheimer assigned a Buy rating to New Relic Inc (NYSE: NEWR), with a price target of $110. The company’s shares closed yesterday at $103.77, close to its 52-week high of $114.78.
Kidron commented:
“New Relic reported another strong quarter ahead of Street expectations, highlighted by steady enterprise gains, healthy large deal activity, and Infrastructure product traction. While the flattish paid business account level QoQ is a point to watch going forward, we note that overall customer mix is increasing in quality (more enterprise, increasing average revenue per customer) and 1Q is typically the seasonally softest period of the year. We also highlight that net expansion increased 6pts YoY to 118%, which provides an encouraging base to build on going into typically much stronger 2H dynamics. We remain buyers seeing solid expansion opportunities as APM penetration grows with customers, Infrastructure attach rates climb, and enterprise customer mix increases. Maintain Outperform.”
According to TipRanks.com, Kidron is a top 100 analyst with an average return of 24.3% and a 65.4% success rate. Kidron covers the Consumer Goods sector, focusing on stocks such as Juniper Networks, Pure Storage Inc, and Arista Networks.
New Relic Inc has an analyst consensus of Moderate Buy, with a price target consensus of $108.
See today’s analyst top recommended stocks >>
Based on New Relic Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $5.62 million. In comparison, last year the company had a GAAP net loss of $15.93 million.
Based on the recent corporate insider activity of 126 insiders, corporate insider sentiment is negative on the stock. Most recently, in June 2018, Mark Sachleben, the CFO of NEWR sold 16,089 shares for a total of $1,734,214.
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.
