ServiceNow, Inc. (NYSE:NOW – Get Rating)’s share price gapped down before the market opened on Thursday after Cowen lowered their target price on the stock from $590.00 to $580.00. The stock previously closed at $448.60, but opened at $418.02. Cowen currently has an outperform rating on the stock. Shares of ServiceNow last traded at $429.30, with a volume of 26,937 shares changing hands.
Several other equities analysts have recently weighed in on NOW. StockNews.com started coverage on shares of ServiceNow in a research note on Thursday, March 31st. They set a “hold” rating for the company. Canaccord Genuity Group restated a “hold” rating on shares of ServiceNow in a report on Thursday. Jefferies Financial Group reduced their price objective on shares of ServiceNow from $700.00 to $550.00 in a report on Monday, May 23rd. TheStreet lowered shares of ServiceNow from a “b-” rating to a “c+” rating in a report on Tuesday, April 26th. Finally, Wells Fargo & Company reduced their price objective on shares of ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a report on Monday. Two analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $594.26.
ServiceNow Insider Activity
In other ServiceNow news, insider Jacqueline P. Canney sold 580 shares of the stock in a transaction that occurred on Monday, May 9th. The shares were sold at an average price of $431.51, for a total value of $250,275.80. Following the transaction, the insider now directly owns 189 shares in the company, valued at $81,555.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Chirantan Jitendra Desai sold 7,000 shares of the stock in a transaction on Friday, May 27th. The stock was sold at an average price of $477.52, for a total transaction of $3,342,640.00. Following the completion of the sale, the chief operating officer now directly owns 38,980 shares of the company’s stock, valued at $18,613,729.60. The sale was disclosed in a filing with the SEC, which is available through the SEC’s website. Also, insider Jacqueline P. Canney sold 580 shares of the stock in a transaction on Monday, May 9th. The stock was sold at an average price of $431.51, for a total value of $250,275.80. Following the sale, the insider now directly owns 189 shares of the company’s stock, valued at $81,555.39. The disclosure for this sale can be found here. Insiders have sold a total of 16,150 shares of company stock valued at $7,804,261 over the last 90 days. 0.28% of the stock is owned by corporate insiders.
Institutional Investors Are Weighing In On The Service Today
A number of hedge funds and other institutional investors have recently bought and sold shares of NOW. Cavalier Investments LLC lifted its stake in shares of ServiceNow by 0.7% during the 4th quarter. Cavalier Investments LLC now owns 2,475 shares of the information technology services provider’s stock valued at $1,607,000 after buying an additional 18 shares during the last quarter. SevenOneSeven Capital Management raised its position in ServiceNow by 3.0% during the 4th quarter. SevenOneSeven Capital Management now owns 621 shares of the information technology services provider’s stock valued at $403,000 after buying an additional 18 shares in the last quarter. The Means Investment CO. Inc. grew its holdings in ServiceNow by 0.6% in the 4th quarter. The Means Investment CO. Inc. now owns 2,842 shares of the information technology services provider’s stock valued at $1,845,000 after purchasing an additional 18 shares during the period. Rehmann Capital Advisory Group boosted its holdings in ServiceNow by 1.4% in the 4th quarter. Rehmann Capital Advisory Group now owns 1,316 shares of the information technology services provider’s stock valued at $854,000 after buying an additional 18 shares during the period. Finally, Financial Architects Inc boosted its holdings in ServiceNow by 5.9% in the 1st quarter. Financial Architects Inc now owns 378 shares of the information technology services provider’s stock valued at $211,000 after buying an additional 21 shares during the period. Institutional investors and hedge funds own 87.20% of the company’s stock.
ServiceNow Stock Drops 2.7%
The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market cap of $87.50 billion, a PE ratio of 396.82, a PEG ratio of 8.94 and a beta of 1.03. The firm has a fifty day simple moving average of $463.35 and a 200 day simple moving average of $506.82.
ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology services provider reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.09. ServiceNow had a return on equity of 8.66% and a net margin of 3.56%. The business had revenue of $1.75 billion in the quarter, compared to analysts’ expectations of $1.76 billion. In the same quarter last year, the business earned $0.38 EPS. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. Equities research analysts predict that ServiceNow, Inc. will post 1.71 EPS for the current year.
About ServiceNow
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ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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