Could New Relic, Inc. (NEWR) Increase Even More? The Stock Formed Multiple Top

January 22, 2018 - By Clifton Ray

The stock of New Relic, Inc. (NEWR) shows a multiple tops pattern with $62.22 target or 7.00 % above today’s $58.15 share price. The 7 months chart pattern indicates low risk for the $3.20B company. It was reported on Jan, 22 by Finviz.com. If the $62.22 price target is reached, the company will be worth $224.14M more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock increased 0.69% or $0.4 during the last trading session, reaching $58.15. About 483,659 shares traded or 5.48% up from the average. New Relic, Inc. (NYSE:NEWR) has risen 65.48% since January 22, 2017 and is uptrending. It has outperformed by 48.78% the S&P500.

Analysts await New Relic, Inc. (NYSE:NEWR) to report earnings on February, 6. They expect $-0.28 EPS, down 7.69 % or $0.02 from last year’s $-0.26 per share. After $-0.25 actual EPS reported by New Relic, Inc. for the previous quarter, Wall Street now forecasts 12.00 % negative EPS growth.

New Relic, Inc. (NYSE:NEWR) Ratings Coverage

Among 15 analysts covering New Relic Inc (NYSE:NEWR), 10 have Buy rating, 0 Sell and 5 Hold. Therefore 67% are positive. New Relic Inc has $69.0 highest and $30 lowest target. $52.76’s average target is -9.27% below currents $58.15 stock price. New Relic Inc had 36 analyst reports since August 7, 2015 according to SRatingsIntel. Oppenheimer initiated the stock with “Outperform” rating in Thursday, September 10 report. The stock of New Relic, Inc. (NYSE:NEWR) earned “Buy” rating by Needham on Monday, October 23. Cowen & Co initiated the stock with “Outperform” rating in Friday, June 24 report. The rating was downgraded by Morgan Stanley to “Equal-Weight” on Thursday, July 20. On Monday, September 21 the stock rating was initiated by Pacific Crest with “Overweight”. The firm has “Neutral” rating given on Friday, May 13 by Robert W. Baird. The stock of New Relic, Inc. (NYSE:NEWR) has “Buy” rating given on Thursday, August 10 by Oppenheimer. As per Wednesday, August 12, the company rating was upgraded by DA Davidson. The rating was initiated by Guggenheim with “Buy” on Tuesday, December 15. On Friday, December 11 the stock rating was initiated by Goldman Sachs with “Neutral”.

More news for New Relic, Inc. (NYSE:NEWR) were recently published by: Gurufocus.com, which released: “Glynn Capital Management Llc Buys Okta Inc, Cloudera Inc, ServiceNow Inc …” on January 16, 2018. Businesswire.com‘s article titled: “New Relic Announces Date of Third Quarter Fiscal Year 2018 Financial Results …” and published on January 09, 2018 is yet another important article.

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