Morgan Stanley Sticks to Its Buy Rating for New Relic (NEWR)


Morgan Stanley analyst Sanjit Singh maintained a Buy rating on New Relic (NEWR) today and set a price target of $50.00. The company’s shares closed last Monday at $47.69.

According to TipRanks.com, Singh is a 1-star analyst with an average return of -8.2% and a 36.0% success rate. Singh covers the Technology sector, focusing on stocks such as Nuance Communications, Citrix Systems, and Nice-Systems.

Currently, the analyst consensus on New Relic is a Moderate Buy with an average price target of $73.78, representing a 58.3% upside. In a report issued on March 12, Robert W. Baird also maintained a Buy rating on the stock with a $58.00 price target.

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The company has a one-year high of $108.91 and a one-year low of $33.49. Currently, New Relic has an average volume of 1.04M.

Based on the recent corporate insider activity of 68 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NEWR in relation to earlier this year. Earlier this month, Mark Sachleben, the CFO of NEWR bought 31,347 shares for a total of $99,997.

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 cloud-based instrumentation and analytics platform that enables users to collect, store, and analyze massive amounts of data in real time. It offers New Relic APM, MOBILE, SYNTHETICS, INFRASTRUCTURE, and INSIGHTS. The company was founded by Lewis Cirne in September 2007 and is headquartered in San Francisco, CA.

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