New Relic Inc Receives a Buy from JMP Securities

By Austin Angelo

JMP Securities analyst Greg McDowell reiterated a Buy rating on New Relic Inc (NYSE: NEWR) today. The company’s shares opened today at $33.91.

According to TipRanks.com, McDowell is a 3-star analyst with an average return of 1.9% and a 51.5% success rate. McDowell covers the Technology sector, focusing on stocks such as Progress Software Corp., Intralinks Holdings, and Limelight Networks.

Currently, the analyst consensus on New Relic Inc is Strong Buy and the average price target is $41, representing a 20.9% upside.

In a report issued on November 8, D.A. Davidson also reiterated a Buy rating on the stock with a $49 price target.

Based on New Relic Inc’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $63.44 million and GAAP net loss of $14.13 million. In comparison, last year the company earned revenue of $42.93 million and had a GAAP net loss of $14.82 million.

Based on the recent corporate insider activity of 176 insiders, corporate insider sentiment is negative on the stock. Most recently, in June 2016, Steven Spurlock, a Major Shareholder at NEWR sold 22,010 shares for a total of $654,951.

New Relic, Inc. develops software analytics software. Its products enable organizations to collect, store and analyze massive amounts of software data in real time so they can understand their application performance, improve customer experience and achieve business success. The company was founded by Lewis Cirne in September 2007 and is headquartered in San Francisco, CA.