After Deutsche Bank and Wedbush gave New Relic Inc (NYSE: NEWR) a Buy rating last month, the company received another Buy, this time from BMO Capital. Analyst Keith Bachman maintained a Buy rating on New Relic Inc today and set a price target of $71.00. The company’s shares closed last Monday at $61.09.
According to TipRanks.com, Bachman is a 5-star analyst with an average return of 13.4% and a 64.0% success rate. Bachman covers the Technology sector, focusing on stocks such as International Business Machines Corporation, DXC Technology Company, and Infosys Limited.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for New Relic Inc with a $77.47 average price target, a 26.8% upside from current levels. In a report issued on October 2, SunTrust Robinson also initiated coverage with a Buy rating on the stock with a $80.00 price target.
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Based on New Relic Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $15.17 million. In comparison, last year the company had a GAAP net loss of $8.34 million.
Based on the recent corporate insider activity of 104 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NEWR in relation to earlier this year.
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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.
