New Relic (NEWR) received a Hold rating from Raymond James analyst Robert Majek today. The company’s shares closed last Thursday at $80.77, close to its 52-week high of $81.10.
According to TipRanks.com, Majek is a 3-star analyst with an average return of 8.6% and a 75.0% success rate. Majek covers the Technology sector, focusing on stocks such as Limelight Networks, NortonLifeLock, and Citrix Systems.
Currently, the analyst consensus on New Relic is a Hold with an average price target of $64.29, implying a -20.4% downside from current levels. In a report released yesterday, Oppenheimer also downgraded the stock to Hold.
See today’s analyst top recommended stocks >>
New Relic’s market cap is currently $5.06B and has a P/E ratio of -33.90. The company has a Price to Book ratio of 14.24.
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.
