.png "New Relic Inc (NYSE: NEWR)")
In a report released yesterday, Ittai Kidron from Oppenheimer maintained a Buy rating on New Relic Inc (NYSE: NEWR), with a price target of $90. The company’s shares closed yesterday at $77.12, close to its 52-week high of $79.08.
Kidron said:
“New Relic reported another strong quarter ahead of Street expectations, reflecting healthy business fundamentals, broad customer interest (enterprise and commercial), steady regional expansion, and good existing and new product expansion. All of this helped New Relic deliver a record net expansion rate of 141%, which we believe is indicative of the company’s growing portfolio diversity and ability to drive momentum across a broad group of customers. We remain bullish and are raising our estimates and price target. We continue to see good opportunities for more expansion/upside as APM penetration grows, Infrastructure gains momentum, and new machine learning and analytics-driven opportunities emerge.”
According to TipRanks.com, Kidron is a top 100 analyst with an average return of 21.0% and a 66.2% success rate. Kidron covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Juniper Networks, and Pure Storage Inc.
New Relic Inc has an analyst consensus of Strong Buy, with a price target consensus of $85.20.
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The company has a one-year high of $79.08 and a one-year low of $39.11. Currently, New Relic Inc has an average volume of 536.6K.
Based on the recent corporate insider activity of 133 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.
