What Made Oppenheimer Downgrade New Relic’s Stock?


New Relic (NEWR) received a Hold rating from Oppenheimer analyst Ittai Kidron yesterday. The company’s shares closed last Thursday at $80.77, close to its 52-week high of $80.80.

According to TipRanks.com, Kidron is a top 25 analyst with an average return of 44.5% and a 79.1% success rate. Kidron covers the Technology sector, focusing on stocks such as Zoom Video Communications, Slack Technologies, and Cambium Networks.

Currently, the analyst consensus on New Relic is a Hold with an average price target of $65.50.

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Based on New Relic’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $166 million and GAAP net loss of $47.55 million. In comparison, last year the company earned revenue of $146 million and had a GAAP net loss of $18.61 million.

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.

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