Goldman Sachs Initiates Coverage on New Relic Inc (NYSE:NEWR). What May be Next?


Why Has Goldman Sachs Given New Relic Inc (NYSE:NEWR) a $40.00 Price Target

Goldman Sachs have commenced coverage its coverage for New Relic Inc (NYSE:NEWR), this morning Friday morning. The brokerage firm found the stock of NEWR quite attractive and now has a target price per share of $40.00 with a key Neutral rating.

From a total of 11 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 $49 while the lowest target price is $40. The mean of all analyst targets is $44.73 with a 25.06% above today’s ($35.64) stock price. New Relic Inc was the topic of 7 analyst reports since August 7, 2015 according to the firm StockzIntelligence Inc. Needham initiated shares on November 17 with “Buy” rating. DA Davidson upgraded shares to “Buy” rating and $43 target share price in a report from an August 12. Oppenheimer initiated NEWR stock in a recent report from September 10 with “Outperform” rating. Finally, First Analysis initiated the stock with “Overweight” rating in a report issued on a September 9.

Approximately 102,058 shares of stock traded hands. New Relic Inc (NYSE:NEWR) has risen 10.33% since May 8, 2015 and is uptrending. It has outperformed by 13.35% the S&P500.

New Relic, Inc. is a provider of enterprise software. The company has a market cap of $1.75 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.” Get a free copy of the Zacks research report on New Relic Inc (NEWR).