Time To “Buy” New Relic Inc (NYSE:NEWR), Guggenheim Confirms

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How Guggenheim Currently Rates New Relic Inc (NYSE:NEWR)

Research professionals at Guggenheim began issuing coverage New Relic Inc (NYSE:NEWR) shares in a recent research report announced on 15 December, IR.net reports. The investment house has set a “Buy” rating on NEWR stock.

From a total of 13 analysts covering New Relic Inc (NYSE:NEWR) stock, 10 rate it a ”Buy”, 0 a “Sell”, and 1 a ”Hold”. This means that 91% of the ratings are positive. The highest target price is $50 while the lowest target price is $40. The mean of all analyst targets is $44.77 with a 23.53% above today’s ($36.08) stock price. New Relic Inc was the topic of 8 analyst reports since August 7, 2015 according to the firm StockzIntelligence Inc. Goldman Sachs initiated shares on December 11 with “Neutral” rating. First Analysis initiated shares with “Overweight” rating and $42 target share price in a report from a September 9. Pacific Crest initiated NEWR stock in a recent report from September 21 with “Overweight” rating. DA Davidson upgraded the rating on August 12. DA Davidson has a “Buy” rating and a $43 price target on shares. Finally, Morgan Stanley upgraded the stock to “Overweight” rating in a report issued on a September 10.

Approximately 170,073 shares of stock traded hands. New Relic Inc (NYSE:NEWR) has risen 8.70% since May 12, 2015 and is uptrending. It has outperformed by 12.38% the S&P500.

New Relic, Inc. is a provider of enterprise software. The company has a market cap of $1.73 billion. The Company’s cloud platform and range of products enables organizations to collect, store and analyze software data in real time. It currently has negative earnings. The Company’s Software Analytics solution consists of an integrated suite of products, a data database and an open platform.

According to Zacks Investment Research, “New Relic, Inc. is a software analytics company. The Company offers solution which includes application development, production monitoring, real-time analytics, mobile application management and digital transformation. Its products include new relic APM, new relic mobile, new relic insights, new relic services, new relic browser and new relic platform. New Relic, Inc. is based in San Francisco, United States.”

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