In a report released yesterday, Raimo Lenschow from Barclays maintained a Sell rating on New Relic (NEWR), with a price target of $42.00. The company’s shares closed last Monday at $37.73, close to its 52-week low of $36.04.
According to TipRanks.com, Lenschow is a top 100 analyst with an average return of 14.7% and a 65.3% success rate. Lenschow covers the Technology sector, focusing on stocks such as Cornerstone Ondemand, Ceridian HCM Holding, and Slack Technologies.
Currently, the analyst consensus on New Relic is a Moderate Buy with an average price target of $79.11.
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Based on New Relic’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $27.2 million. In comparison, last year the company had a GAAP net loss of $10.1 million.
Based on the recent corporate insider activity of 69 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.
