ServiceNow (NYSE:NOW – Get Rating) Mizuho cut their target price on shares from $520.00 to $500.00 in a research report released on Thursday, The Fly reports. They currently have a buy rating on the information technology services provider’s stock.
NOW has been the subject of several other research reports. Oppenheimer cut their price target on ServiceNow from $600.00 to $505.00 and set a hold rating for the company in a research note on Thursday. Piper Sandler cut their price target on ServiceNow from $600.00 to $550.00 and set an overweight rating for the company in a research note on Thursday. Citigroup dropped their price objective on ServiceNow from $600.00 to $575.00 and set a buy rating on the stock in a report on Thursday. TheStreet lowered ServiceNow from a b- rating to a c+ rating in a report on Tuesday, April 26th. Finally, Credit Suisse Group dropped their price objective on ServiceNow from $800.00 to $700.00 in a report on Thursday, April 28th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, ServiceNow presently has a consensus rating of Moderate Buy and an average target price of $589.90.
ServiceNow Price Performance
Shares of NYSE NOW opened at $446.66 on Thursday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.37. ServiceNow has a twelve month low of $406.47 and a twelve month high of $707.60. The stock has a 50-day moving average of $463.62 and a two-hundred-day moving average of $505.32. The stock has a market cap 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.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $1.62 earnings per share for the quarter, beating 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 company 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 earnings per share. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. On average, research analysts predict that ServiceNow will post 1.71 earnings per share for the current year.
Insider Buying and Selling
In related news, Director Frederic B. Luddy sold 707 shares of the stock in a transaction dated Wednesday, June 8th. The stock was sold at an average price of $501.92, for a total transaction of $354,857.44. Following the transaction, the director now directly owns 660 shares in the company, valued at $331,267.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible through this link. In related news, COO Chirantan Jitendra Desai sold 7,000 shares of the stock in a transaction dated Friday, May 27th. The stock was traded at an average price of $477.52, for a total transaction of $3,342,640.00. Following the transaction, the chief operating officer now directly owns 38,980 shares in the company, valued at $18,613,729.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible through this link. Also, Director Frederic B. Luddy sold 707 shares of the stock in a transaction dated Wednesday, June 8th. The stock was sold at an average price of $501.92, for a total value of $354,857.44. Following the transaction, the director now owns 660 shares in the company, valued at $331,267.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,150 shares of company stock valued at $7,804,261. 0.28% of the stock is owned by company insiders.
Hedge Fund Weighs In On Service Now
Several large investors have recently added to or reduced their stakes in NOW. Raised by National Asset Management Inc. its holdings in shares of ServiceNow by 4.6% in the 4th 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 holdings in shares of ServiceNow by 5.3% in the 4th 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 holdings in shares of ServiceNow by 2.5% in the 4th 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 shares of ServiceNow in the 4th quarter valued at approximately $1,120,000. Finally, Heritage Investors Management Corp bought a new position in shares of ServiceNow in the 4th quarter valued at approximately $1,096,000. 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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