Needham Believes New Relic (NEWR) Still Has Room to Grow


Needham analyst Jack Andrews assigned a Buy rating to New Relic (NEWR) today and set a price target of $78.00. The company’s shares closed last Thursday at $80.77, close to its 52-week high of $81.10.

According to TipRanks.com, Andrews is a top 100 analyst with an average return of 35.0% and a 73.3% success rate. Andrews covers the Technology sector, focusing on stocks such as LiveRamp Holdings, CommVault Systems, and ServiceNow.

The word on The Street in general, suggests a Hold analyst consensus rating for New Relic with a $65.00 average price target.

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Based on New Relic’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $166 million and GAAP net loss of $47.55 million. In comparison, last year the company earned revenue of $146 million and had a GAAP net loss of $18.61 million.

Based on the recent corporate insider activity of 43 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.

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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