ServiceNow, Inc. (NYSE:NOW – Get Rating) was the target of a big drop in short interest in the month of July. As of July 31st, there was short interest totaling 3,190,000 shares, a decrease of 20.3% from July 15th’s total of 4,000,000 shares. Based on an average trading volume of 1,860,000 shares, the day-to-day ratio is cover is currently 1.7 days.
ServiceNow Stock Up 1.4 %
Shares of NYSE NOW opened at $506.51 on Friday. The company has a market cap of $102.32 billion, a PE ratio of 556.60, a P/E/G ratio of 10.47 and a beta of 0.94. ServiceNow has a 12-month low of $406.47 and a 12-month high of $707.60. The company’s fifty day simple moving average is $467.79 and its 200 day simple moving average is $503.24. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.35.
ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.08. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. ServiceNow’s revenue rose 24.3% on a year-over-year basis. During the same period last year, the company earned $0.38 earnings per share. As a group, sell-side analysts predict that ServiceNow will post 1.73 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several research firms have recently issued reports on NOW. Jefferies Financial Group reduced their price target on ServiceNow from $700.00 to $550.00 in a report on Monday, May 23rd. Cowen dropped their price objective on ServiceNow from $590.00 to $580.00 and set an “outperform” rating for the company in a research report on Thursday, July 28th. BMO Capital Markets dropped their price objective on ServiceNow from $595.00 to $520.00 in a research report on Friday, July 15th. Mizuho dropped their price objective on ServiceNow from $520.00 to $500.00 and set a “buy” rating for the company in a research report on Thursday, July 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 research report on Thursday, July 14th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twenty-nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $598.84.
Insider Buying and Selling
In related news, insider Lara Caimi sold 977 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $514.96, for a total transaction of $503,115.92. Following the transaction, the insider now directly owns 43 shares of the company’s stock, valued at approximately $22,143.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ServiceNow news, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s 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 transaction, the chief operating officer now directly owns 38,980 shares of the company’s stock, valued at approximately $18,613,729.60. The sale was disclosed in a legal filing with the SEC, accessible via this link. Also, insider Lara Caimi sold 977 shares of the stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $514.96, for a total value of $503,115.92. Following the sale, the insider now directly owns 43 shares in the company, valued at $22,143.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,362 shares of company stock valued at $15,644,017. 0.28% of the stock is owned by insiders.
Institutional Entry and Exit
Several institutional investors and hedge funds have recently bought and sold shares of NOW. Raised by Vanguard Group Inc. its holdings in ServiceNow by 1.9% during the first 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 last quarter. Raised by BlackRock Inc. its holdings in ServiceNow by 0.4% during the fourth quarter. BlackRock Inc. now owns 16,190,700 shares of the information technology services provider’s stock valued at $10,509,544,000 after buying an additional 65,623 shares during the last quarter. State Street Corp lifted its holdings in ServiceNow by 3.2% during the fourth 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 purchasing an additional 241,296 shares during the last quarter. Polen Capital Management LLC lifted its holdings in ServiceNow by 2.1% during the first 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 purchasing an additional 67,385 shares during the last quarter. Finally, Capital International Investors raised its holdings in 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 owned by institutional investors.
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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