Needham Keeps a Buy Rating on New Relic (NEWR)

Needham analyst Jack Andrews reiterated a Buy rating on New Relic (NEWR) today and set a price target of $79.00. The company’s shares closed last Tuesday at $62.82.

According to, Andrews is a 5-star analyst with an average return of 19.9% and a 64.1% success rate. Andrews covers the Technology sector, focusing on stocks such as LiveRamp Holdings, CommVault Systems, and ServiceNow.

New Relic has an analyst consensus of Moderate Buy, with a price target consensus of $68.62, which is a 10.3% upside from current levels. In a report issued on May 14, Oppenheimer also maintained a Buy rating on the stock with a $70.00 price target.

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The company has a one-year high of $101.82 and a one-year low of $33.49. Currently, New Relic has an average volume of 1.1M.

Based on the recent corporate insider activity of 59 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. Most recently, in March 2020, Mark Sachleben, the CFO of NEWR bought 31,347 shares for a total of $99,997.

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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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