In a report released yesterday, Ittai Kidron from Oppenheimer maintained a Buy rating on New Relic (NEWR), with a price target of $70.00. The company’s shares closed last Thursday at $58.28.
According to TipRanks.com, Kidron is a top 25 analyst with an average return of 31.5% and a 72.2% success rate. Kidron covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Zoom Video Communications, and Slack Technologies.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for New Relic with a $57.89 average price target.
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The company has a one-year high of $103.20 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 64 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.
