ServiceNow, Inc. (NYSE:NOW – Get Rating) received a significant decrease in short interest in 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 daily volume of 1,860,000 shares, the short-interest ratio is currently 1.7 days.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on NOW shares. Citigroup dropped their price objective on ServiceNow from $600.00 to $575.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. UBS Group cut their price target on ServiceNow from $540.00 to $515.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Cowen lowered their price objective on shares of ServiceNow from $590.00 to $580.00 and set an “outperform” rating on the stock in a research note on Thursday, July 28th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of ServiceNow from $700.00 to $680.00 in a research report on Thursday, April 28th. Finally, Royal Bank of Canada reduced their price target on shares of ServiceNow from $670.00 to $610.00 in a report on Monday, July 18th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-nine have given a buy rating to the company. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $598.84.
Insider Buying and Selling
In other ServiceNow news, insider Paul John Smith sold 412 shares of the firm’s stock in a transaction dated Wednesday, May 18th. The stock was traded at an average price of $427.17, for a total transaction of $175,994.04. Following the transaction, the insider now directly owns 1,755 shares in the company, valued at $749,683.35. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider Lara Caimi sold 977 shares of the company’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $514.96, for a total transaction of $503,115.92. Following the completion of the sale, 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 SEC, available through this link. Also, insider Paul John Smith sold 412 shares of the firm’s stock in a transaction on Wednesday, May 18th. The shares were sold 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 $749,683.35. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,362 shares of company stock valued at $15,644,017. Corporate insiders own 0.28% of the company’s stock.
Institutional Investors Weigh In On The Service Now
A number of hedge funds have recently modified their holdings of the business. SevenOneSeven Capital Management lifted its stake in ServiceNow by 3.0% in the fourth quarter. SevenOneSeven Capital Management now owns 621 shares of the information technology services provider’s stock valued at $403,000 after buying an additional 18 shares in the last quarter. Raised by Means Investment CO. Inc. its position in ServiceNow by 0.6% in the 4th quarter. The Means Investment CO. Inc. now owns 2,842 shares of the information technology services provider’s stock valued at $1,845,000 after acquiring an additional 18 shares in the last quarter. Rehmann Capital Advisory Group boosted its stake in ServiceNow by 1.4% in the 4th quarter. Rehmann Capital Advisory Group now owns 1,316 shares of the information technology services provider’s stock valued at $854,000 after buying an additional 18 shares during the period. Financial Architects Inc raised its holdings in ServiceNow by 5.9% during the 1st quarter. Financial Architects Inc now owns 378 shares of the information technology services provider’s stock valued at $211,000 after buying an additional 21 shares in the last quarter. Finally, Equitable Holdings Inc. raised its holdings in ServiceNow by 4.1% during the 4th quarter. Equitable Holdings Inc. now owns 565 shares of the information technology services provider’s stock valued at $367,000 after buying an additional 22 shares in the last quarter. Institutional investors and hedge funds own 87.20% of the company’s stock.
ServiceNow Price Performance
ServiceNow stock opened at $506.51 on Friday. The company has a market capitalization of $102.32 billion, a P/E ratio of 556.60, a PEG ratio of 10.47 and a beta of 0.94. The business has a 50-day moving average of $467.79 and a 200-day moving average of $503.24. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35. ServiceNow has a 1 year low of $406.47 and a 1 year high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.76 billion. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The business’s quarterly revenue was up 24.3% compared to the same quarter last year. During the same period last year, the company posted $0.38 earnings per share. On average, equities analysts anticipate that ServiceNow will post 1.73 EPS for the current year.
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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