ServiceNow (NYSE:NOW – Get Rating) analysts at Piper Sandler reduced their price objective from $600.00 to $550.00 in a 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 price target points to a potential upside of 23.14% from the stock’s previous close.
A number of other research analysts also recently commented on NOW. KeyCorp dropped their price target on ServiceNow from $692.00 to $613.00 and set an “overweight” rating for the company in a research note on Monday, April 25th. Stifel Nicolaus dropped their target price on ServiceNow from $650.00 to $550.00 in a research note on Wednesday, May 25th. BMO Capital Markets dropped their price target on ServiceNow from $595.00 to $520.00 in a research note on Friday, July 15th. Truist Financial dropped their price target on ServiceNow from $700.00 to $600.00 in a research note on Tuesday, May 10th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on ServiceNow from $700.00 to $680.00 in a research note on Thursday, April 28th. 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 Trading Up 2.3 %
NYSE NOW opened at $446.66 on Thursday. ServiceNow has a fifty-two week low of $406.47 and a fifty-two 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 stock has a 50-day simple moving average of $463.62 and a two-hundred-day simple moving average of $505.90. The stock has a market cap of $89.54 billion, a P/E ratio of 406.05, a price-to-earnings-growth ratio of 8.94 and a beta of 1.03.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27. The information technology services provider reported $1.62 earnings per share for the quarter, topping estimates by consensus $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 posted $0.38 EPS. Business revenue increased 24.3% on a year-over-year basis. On average, analysts predict that ServiceNow will post 1.71 earnings per share for the current year.
Insider Buying and Selling
In related news, insider Paul John Smith sold 125 shares of ServiceNow stock in a transaction on Friday, May 13th. The stock was sold at an average price of $446.04, for a total value of $55,755.00. Following the completion of the sale, the insider now owns 1,446 shares of the company’s stock, valued at $644,973.84. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. In related news, insider Jacqueline P. Canney sold 580 shares of ServiceNow stock in a transaction on Monday, May 9th. The stock was sold at an average price of $431.51, for a total transaction of $250,275.80. Following the transaction, the insider now directly owns 189 shares in the company, valued at $81,555.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul John Smith sold 125 shares of ServiceNow stock in a transaction on Friday, May 13th. The shares were sold at an average price of $446.04, for a total value of $55,755.00. Following the transaction, the insider now owns 1,446 shares in the company, valued at $644,973.84. The disclosure for this sale can be found here. Insiders have sold 16,150 shares of company stock valued at $7,804,261 over the last 90 days. Company insiders own 0.28% of the company’s stock.
Hedge Fund Weighs In On Service Now
Institutional investors and hedge funds have recently bought and sold shares of the stock. Edgewood Management LLC bought a new stake in shares of ServiceNow in the first quarter valued at approximately $1,515,281,000. Norges Bank purchased a new stake in shares of ServiceNow in the fourth quarter valued at approximately $1,117,096,000. Fisher Asset Management LLC raised its position in shares of ServiceNow by 164.8% in the fourth quarter. Fisher Asset Management LLC now owns 894,730 shares of the information technology services provider’s stock valued at $580,778,000 after purchasing an additional 556,871 shares in the last quarter. Raised by TD Asset Management Inc. its position in shares of ServiceNow by 84.7% in the fourth quarter. TD Asset Management Inc. now owns 1,207,201 shares of the information technology services provider’s stock valued at $783,606,000 after buying an additional 553,517 shares during the last quarter. Finally, Capital International Investors lifted its position in shares of ServiceNow by 18.1% in the first quarter. Capital International Investors now owns 3,207,748 shares of the information technology services provider’s stock valued at $1,786,783,000 after purchasing an additional 491,835 shares during the last quarter. 87.20% of the stock is currently owned by hedge funds and other institutional investors.
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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