ServiceNow (NYSE:NOW – Get Rating) had its price target dropped by equities research analysts at Oppenheimer from $600.00 to $505.00 in a research note issued on Thursday, The Fly reports. The brokerage currently has a “hold” rating on the information technology services provider’s stock. Oppenheimer’s price target suggests a potential upside of 13.06% from the stock’s current price.
Other analysts have also recently issued reports on the stock. TheStreet lowered shares of ServiceNow from a “b-” rating to a “c+” rating in a research note on Tuesday, April 26th. Cowen dropped their price target on shares of ServiceNow from $695.00 to $590.00 and set an “outperform” rating for the company in a research note on Friday, July 22nd. KeyCorp dropped their price target on shares of ServiceNow from $692.00 to $613.00 and set an “overweight” rating for the company in a research note on Monday, April 25th. Sanford C. Bernstein began coverage on shares of ServiceNow in a research report on Tuesday, July 19th. They issued an “outperform” rating and a $646.00 price objective on the stock. Finally, Citigroup reduced their price objective on shares of ServiceNow from $600.00 to $575.00 and set a “buy” rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $589.90.
ServiceNow Stock Performance
NYSE NOW opened at $446.66 on Thursday. ServiceNow has a 52-week low of $406.47 and a 52-week high of $707.60. 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 capitalization of $89.54 billion, a P/E ratio of 406.05, a P/E/G ratio of 8.94 and a beta of 1.03. The company has a fifty-day moving average of $463.62 and a 200-day moving average of $505.90.
ServiceNow (NYSE:NOW – Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The information technology services provider reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.09. The business had revenue of $1.75 billion in the quarter, compared to the consensus estimate of $1.76 billion. ServiceNow has a net margin of 3.56% and a return on equity of 8.66%. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. During the same period last year, the company posted $0.38 earnings per share. As a group, equities research analysts predict that ServiceNow will post 1.71 EPS for the current fiscal year.
ServiceNow Insider Transactions
In other news, insider Paul John Smith sold 412 shares of the company’s stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $427.17, for a total value of $175,994.04. Following the transaction, the insider now owns 1,755 shares in the company, valued at $749,683.35. The sale was disclosed in a legal filing with the SEC, available at this link. In other news, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $477.52, for a total amount of $3,342,640.00. Following the transaction, the chief operating officer now owns 38,980 shares in the company, valued at $18,613,729.60. The sale was disclosed in a legal filing with the SEC, available at this link. Also, insider Paul John Smith sold 412 shares of the company’s stock in a transaction that occurred on Wednesday, May 18th. The stock was traded at an average price of $427.17, for a total transaction of $175,994.04. Following the completion of the transaction, the insider now owns 1,755 shares in the company, valued at approximately $749,683.35. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,150 shares of company stock valued at $7,804,261. Corporate insiders own 0.28% of the company’s stock.
Institutional Entry and Exit
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOW. Raised by National Asset Management Inc. its position in ServiceNow by 4.6% during the fourth quarter. National Asset Management Inc. now owns 6,203 shares of the information technology services provider’s stock valued at $4,026,000 after purchasing an additional 272 shares during the period. Raised by Congress Asset Management Co. MA lifted its position in ServiceNow by 5.3% during the fourth quarter. Congress Asset Management Co. MA now owns 2,870 shares of the information technology services provider’s stock valued at $1,863,000 after purchasing an additional 145 shares during the period. Raised by Avantax Planning Partners Inc. its position in ServiceNow by 2.5% during the fourth quarter. Avantax Planning Partners Inc. now owns 1,029 shares of the information technology services provider’s stock valued at $668,000 after purchasing an additional 25 shares during the period. Moloney Securities Asset Management LLC bought a new position in ServiceNow during the fourth quarter valued at approximately $1,120,000. Finally, Heritage Investors Management Corp purchased a new position in ServiceNow during the fourth quarter valued at approximately $1,096,000. Institutional investors own 87.20% of the company’s stock.
ServiceNow Company Profile
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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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