ServiceNow (NYSE:NOW – Get Rating) the target price was lowered by equities researchers at Piper Sandler from $600.00 to $550.00 in a research report issued on Thursday, The Fly reports. The brokerage currently has an “overweight” rating on the information technology services provider’s stock. Piper Sandler’s target price indicates a potential upside of 23.14% from the company’s current price.
Several other equities research analysts have recently weighed in on the company. Wells Fargo & Company dropped their price objective on ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Barclays dropped their price objective on ServiceNow from $613.00 to $560.00 and set an “overweight” rating for the company in a report on Monday, July 18th. StockNews.com started coverage on ServiceNow in a report on Thursday, March 31st. They issued a “hold” rating for the company. Deutsche Bank Aktiengesellschaft dropped their price objective on ServiceNow from $700.00 to $680.00 in a report on Thursday, April 28th. Finally, Morgan Stanley lowered their price objective on ServiceNow from $594.00 to $575.00 and set an “overweight” rating for the company in a report on Thursday, July 14th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $589.90.
ServiceNow Price Performance
NOW opened at $446.66 on Thursday. The stock’s 50 day simple moving average is $463.62 and its 200 day simple moving average is $505.90. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow has a 1 year low of $406.47 and a 1 year high of $707.60. The company has a market cap of $89.54 billion, a price-to-earnings ratio of 406.05, a PEG ratio of 8.94 and a beta of 1.03.
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 (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the company earned $0.38 EPS. ServiceNow’s revenue for the quarter was up 24.3% compared to the same quarter last year. As a group, analysts predict that ServiceNow will post 1.71 earnings per share for the current year.
Insiders Place Their Bets
In other ServiceNow news, Director Frederic B. Luddy sold 6,600 shares of ServiceNow stock in a transaction on Thursday, July 7th. The stock was sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the sale, the director now owns 33,600 shares of the company’s stock, valued at approximately $16,699,536. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, COO Chirantan Jitendra Desai sold 7,000 shares of ServiceNow stock in a transaction on Friday, May 27th. The stock was sold at an average price of $477.52, for a total value of $3,342,640.00. Following the completion of the sale, the chief operating officer now owns 38,980 shares of the company’s stock, valued at $18,613,729.60. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Also, Director Frederic B. Luddy sold 6,600 shares of ServiceNow stock in a transaction on Thursday, July 7th. The stock was sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the sale, the director now directly owns 33,600 shares of the company’s stock, valued at approximately $16,699,536. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,150 shares of company stock valued at $7,804,261. Corporate insiders own 0.28% of the company’s stock.
Institutional Trading Services Today
Large investors have recently modified their holdings in the company. Walleye Capital LLC boosted its holdings in shares of ServiceNow by 54.8% in the fourth quarter. Walleye Capital LLC now owns 7,084 shares of the information technology services provider’s stock valued at $4,598,000 after acquiring an additional 2,507 shares during the period. Exane Derivatives lifted its position in ServiceNow by 7.0% during the first quarter. Exane Derivatives now owns 1,447 shares of the information technology services provider’s stock valued at $806,000 after buying an additional 95 shares in the last quarter. New York State Common Retirement Fund lifted its position in ServiceNow by 1.6% during the first quarter. New York State Common Retirement Fund now owns 371,725 shares of the information technology services provider’s stock valued at $207,010,000 after purchasing an additional 5,941 shares in the last quarter. Amalgamated Bank lifted its position in ServiceNow by 13.9% during the fourth quarter. Amalgamated Bank now owns 50,259 shares of the information technology services provider’s stock valued at $32,624,000 after buying an additional 6,128 shares during the last quarter. Finally, Morningstar Investment Services LLC bought a new position in ServiceNow during the fourth quarter valued at $289,000. 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.
Further Reading
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