In a report released yesterday, Ittai Kidron from Oppenheimer maintained a Buy rating on New Relic Inc (NYSE: NEWR). The company’s shares closed yesterday at $107.66, close to its 52-week high of $110.08.
According to TipRanks.com, Kidron is a top 100 analyst with an average return of 23.9% and a 66.3% success rate. Kidron covers the Consumer Goods sector, focusing on stocks such as Juniper Networks, Pure Storage Inc, and Arista Networks.
Currently, the analyst consensus on New Relic Inc is Strong Buy and the average price target is $102.75, representing a -4.6% downside.
In a report released yesterday, Wedbush also reiterated a Buy rating on the stock with a $116 price target.
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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 134 insiders, corporate insider sentiment is negative on the stock.
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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.
