ServiceNow (NYSE:NOW – Get Rating) the price target was lowered by Morgan Stanley from $556.00 to $540.00 in a note issued to investors on Wednesday, The Fly reports. The brokerage currently has an “overweight” rating on the information technology services provider’s stock. Morgan Stanley’s price target indicates a potential upside of 51.57% from the company’s current price.
A number of other research analysts have also weighed in on the company. Guggenheim initiated coverage on ServiceNow in a report on Friday, August 12th. They set a “neutral” rating and a $510.00 price objective on the stock. Citigroup reduced their price target on ServiceNow from $575.00 to $488.00 and set a “buy” rating on the stock in a research report on Wednesday. Piper Sandler decreased their price objective on ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a research report on Thursday, July 28th. Truist Financial decreased their price objective on ServiceNow from $600.00 to $550.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Finally, Cowen decreased their price objective on ServiceNow from $590.00 to $580.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have given a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $571.91.
ServiceNow Trading rose 0.2%
NOW opened at $356.26 on Wednesday. The company has a market cap of $71.96 billion, a price-to-earnings ratio of 391.49, a price-to-earnings-growth ratio of 7.11 and a beta of 0.98. ServiceNow has a 52 week low of $337.00 and a 52 week high of $707.60. The business’s 50-day moving average is $421.78 and its two-hundred-day moving average is $454.51. 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, beating analysts’ consensus estimates of $0.12 by $0.08. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. In the same quarter last year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. On average, research analysts predict that ServiceNow will post 1.72 EPS for the current year.
ServiceNow Insider Transactions
In related news, insider Nicholas Tzitzon sold 2,822 shares of ServiceNow stock in a transaction on Friday, July 29th. The stock was sold at an average price of $438.75, for a total transaction of $1,238,152.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. In other ServiceNow news, insider Nicholas Tzitzon sold 2,822 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $438.75, for a total transaction of $1,238,152.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC’s website. Also, Director Lawrence Jackson sold 707 shares of the firm’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $446.40, for a total value of $315,604.80. Following the transaction, the director now owns 660 shares in the company, valued at $294,624. The disclosure for this sale can be found here. Insiders sold a total of 32,922 shares of company stock worth $14,410,327 in the last quarter. Company insiders own 0.28% of the company’s stock.
Hedge Fund Weighs In On Service Now
Institutional investors have recently made changes to their positions in the business. Hanson & Doremus Investment Management raised its stake in ServiceNow by 13.7% in the third quarter. Hanson & Doremus Investment Management now owns 960 shares of the information technology services provider’s stock valued at $363,000 after acquiring an additional 116 shares during the period. Xcel Wealth Management LLC boosted its holdings in ServiceNow by 202.0% during the third quarter. Xcel Wealth Management LLC now owns 3,020 shares of the information technology services provider’s stock valued at $1,140,000 after buying an additional 2,020 shares in the last quarter. Dynamic Advisor Solutions LLC boosted its holdings in ServiceNow by 20.1% during the third quarter. Dynamic Advisor Solutions LLC now owns 1,550 shares of the information technology services provider’s stock valued at $585,000 after buying an additional 259 shares in the last quarter. Powered by Lynch Asset Management Inc. its holdings in shares of ServiceNow by 12.2% in the 3rd quarter. Lynch Asset Management Inc. now owns 5,975 shares of the information technology services provider’s stock valued at $2,257,000 after acquiring an additional 650 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. raised its holdings in shares of ServiceNow by 6.3% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 2,766 shares of the information technology services provider’s stock valued at $1,045,000 after acquiring an additional 163 shares in the last quarter. 87.49% of the stock is currently owned by institutional investors.
About ServiceNow
(Get Rating)
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.
Recommended Stories
Receive News and Ratings for ServiceNow Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for ServiceNow and related companies with our FREE daily email newsletter of MarketBeat.com.