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JMP Securities Keeps Their Hold Rating on New Relic (NEWR)

In a report released yesterday, Erik Suppiger from JMP Securities maintained a Hold rating on New Relic (NEWRResearch Report). The company’s shares closed last Thursday at $62.54.

According to TipRanks.com, Suppiger is a 5-star analyst with an average return of 16.8% and a 52.6% success rate. Suppiger covers the Technology sector, focusing on stocks such as Cambium Networks, Arista Networks, and Axon Enterprise.

Currently, the analyst consensus on New Relic is a Moderate Buy with an average price target of $68.38, representing a 10.8% upside. In a report issued on July 11, Morgan Stanley also downgraded the stock to Hold with a $64.00 price target.

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Based on New Relic’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $206 million and GAAP net loss of $55.51 million. In comparison, last year the company earned revenue of $173 million and had a GAAP net loss of $61.68 million.

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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.

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