ServiceNow, Inc. (NYSE: NOW – Get Rating) – Equities researchers at Oppenheimer cut their Q2 2022 earnings estimates for ServiceNow shares in a research note issued to investors on Tuesday, March 15th. Oppenheimer analyst B. Schwartz now expects the information technology service provider to post earnings of $ 0.24 per share for the quarter, down from their previous estimate of $ 0.40. Oppenheimer currently has an “Outperform” rating and a $ 660.00 price target on the stock. Oppenheimer also released estimates for ServiceNow’s earnings in Q4 2022 at $ 0.68 EPS. ServiceNow (NYSE: NOW – Get Rating) last released its earnings results on Wednesday, January 26th. The information technology service provider reported $ 1.46 revenue per share for the quarter, beating Zacks ’consensus estimate of $ 1.43 by $ 0.03. ServiceNow had a return on equity of 9.43% and a net margin of 3.90%. In the same period last year, the company posted $ 0.16 EPS.
Some other brokerages have also released reports on NOW. Credit Suisse Group cut their target price on ServiceNow shares from $ 850.00 to $ 800.00 and set an “outperform” rating for the company in a research report on Thursday, January 27th. Bank of America lowered their target price on ServiceNow shares from $ 725.00 to $ 680.00 and set a “buy” rating on the stock in a report on Thursday, January 27th. Mizuho boosted their price target on ServiceNow shares from $ 615.00 to $ 650.00 and gave the company a “buy” rating in a research report on Thursday, January 27th. Deutsche Bank Aktiengesellschaft cut their target price on ServiceNow shares from $ 820.00 to $ 700.00 and set a “buy” rating on the stock in a research note on Friday, January 21st. Finally, Robert W. Baird reduced their price target on ServiceNow shares from $ 650.00 to $ 600.00 in a report on Thursday, January 27th. Two investment analysts rated the stock with a hold rating and twenty-eight gave the stock a buy rating. According to data from MarketBeat.com, the stock has an average “Buy” rating and a consensus price target of $ 694.07.
NOW the stock opened at $ 547.40 on Thursday. ServiceNow has a 52-week low of $ 448.27 and a 52-week high of $ 707.60. The business has a 50-day simple moving average of $ 554.30 and a two-hundred day simple moving average of $ 618.80. The company has a market capitalization of $ 109.48 billion, a P/E ratio of 480.18, a price-to-earnings-growth ratio of 10.43 and a beta of 1.06. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.05 and a current ratio of 1.05.
In related news, insider Christopher Bedi sold 647 shares of the stock in a transaction that took place on Tuesday, February 8th. The shares were sold at an average price of $ 564.20, for a total transaction of $ 365,037.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, available on the SEC website. Also, CFO Gina Mastantuono sold 738 shares of the company’s stock in a transaction on Monday, January 10th. The stock was sold at an average price of $ 550.10, for a total value of $ 405,973.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,386 shares of the company’s stock worth $ 23,239,132. Insiders own 0.35% of the company’s stock.
Hedge funds have recently added or reduced their stakes in the company. Morgan Stanley increased its stake in ServiceNow by 1.2% in the 2nd quarter. Morgan Stanley now owns 7,277,395 shares of the information technology services provider’s stock worth $ 3,999,292,000 after acquiring an additional 86,441 shares during the period. IFP Advisors Inc raised its stake in ServiceNow by 495.8% in the third quarter. IFP Advisors Inc now owns 1,543 shares of the information technology services provider’s stock worth $ 955,000 after buying an additional 1,284 shares last quarter. Lifted by Newman Dignan & Sheerar Inc. its position in ServiceNow shares by 15.9% in the third quarter. Newman Dignan & Sheerar Inc. now owns 524 shares of the information technology services provider’s stock worth $ 326,000 after acquiring an additional 72 shares in the last quarter. Paragon Advisors LLC raised its stake in ServiceNow by 27.8% in the third quarter. Paragon Advisors LLC now owns 3,663 shares of the information technology services provider’s stock worth $ 2,279,000 after acquiring an additional 797 shares last quarter. Finally, Harbor Investment Advisory LLC increased its holdings in shares of ServiceNow by 3.7% in the third quarter. Harbor Investment Advisory LLC now owns 1,487 shares of the information technology services provider’s stock worth $ 925,000 after purchasing an additional 53 shares during the period. Institutional investors own 86.63% of the company’s stock.
About ServiceNow (Get a Rating)
ServiceNow, Inc. is engaged in providing enterprise cloud computing solutions. The company delivers digital workflows on an enterprise cloud platform called Now Platform. Its product portfolio is focused on providing Information Technology, Employee and Customer workflows. It offers its solutions for industries under the categories of government, financial services, healthcare, telecommunications, manufacturing, IT services, technology, oil and gas, education, and consumer products. .
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