ServiceNow (NYSE:NOW – Get Rating) KeyCorp decreased their target price from $567.00 to $520.00 in a report published on Thursday, MarketBeat reports. KeyCorp currently has an overweight rating on the information technology services provider’s stock.
Several other research firms have also weighed in on NOW. Morgan Stanley reaffirmed a hold rating and issued a $556.00 price objective (down from $575.00) on shares of ServiceNow in a research note on Thursday. StockNews.com began coverage on ServiceNow in a research note on Thursday, March 31st. They issued a hold rating on the stock. Royal Bank of Canada decreased their price objective on ServiceNow from $670.00 to $610.00 in a research note on Monday, July 18th. Oppenheimer reduced their price objective on ServiceNow from $600.00 to $505.00 and set a hold rating on the stock in a research note on Thursday. Finally, Canaccord Genuity Group reaffirmed a maintain rating on shares of ServiceNow in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $589.90.
ServiceNow Stock Up 2.3 %
Shares of NYSE:NOW opened at $446.66 on Thursday. The stock’s 50-day moving average price is $463.62 and its two-hundred-day moving average price is $505.32. 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 12-month low of $406.47 and a 12-month 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 released its quarterly 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 company 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. The company’s quarterly revenue was up 24.3% on a year-over-year basis. On average, research analysts predict that ServiceNow will post 1.71 EPS for the current year.
Insider Buying and Selling at ServiceNow
In related news, insider Paul John Smith sold 412 shares of the firm’s stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $427.17, for a total value of $175,994.04. Following the sale, the insider now owns 1,755 shares of the company’s stock, valued at approximately $749,683.35. The sale was disclosed in a document filed with the SEC, which is available on the SEC website. In related news, insider Paul John Smith sold 412 shares of the business’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC website. Also, Director Frederic B. Luddy sold 707 shares of the business’s stock in a transaction that occurred on Wednesday, June 8th. The shares were 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 of the company’s stock, valued at approximately $331,267.20. 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 ninety days. Company insiders own 0.28% of the company’s stock.
Institutional Entry and Exit
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Powered by Vanguard Group Inc. its position in ServiceNow by 1.9% in the 1st quarter. The Vanguard Group Inc. now owns 16,295,607 shares of the information technology services provider’s stock valued at $9,074,862,000 after buying an additional 306,106 shares during the period. Powered by BlackRock Inc. its position in ServiceNow by 0.4% during the 4th quarter. BlackRock Inc. now owns 16,190,700 shares of the information technology services provider’s stock valued at $10,509,544,000 after acquiring an additional 65,623 shares during the period. State Street Corp boosted its position in ServiceNow by 3.2% during the 4th quarter. State Street Corp now owns 7,870,165 shares of the information technology services provider’s stock valued at $5,108,603,000 after acquiring an additional 241,296 shares during the period. Polen Capital Management LLC boosted its position in ServiceNow by 2.1% in the 1st quarter. Polen Capital Management LLC now owns 3,219,600 shares of the information technology services provider’s stock valued at $1,792,963,000 after acquiring an additional 67,385 shares during the period. Finally, Capital International Investors boosted its position in ServiceNow by 18.1% during the 1st 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 acquiring an additional 491,835 shares during the period. Institutional investors and hedge funds own 87.20% of the company’s stock.
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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