In a report released today, Robert Majek from Raymond James downgraded New Relic (NEWR) to Hold. The company’s shares closed last Friday at $65.43.
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.
The word on The Street in general, suggests a Hold analyst consensus rating for New Relic with a $64.29 average price target, a -20.4% downside from current levels. In a report released yesterday, Oppenheimer also downgraded the stock to Hold.
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The company has a one-year high of $81.10 and a one-year low of $33.49. Currently, New Relic has an average volume of 632.8K.
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.
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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.
