ServiceNow (NYSE:NOW – Get Rating) Citigroup decreased their target price from $600.00 to $575.00 in a report published on Thursday, The Fly reports. Citigroup currently has a buy rating on the information technology services provider’s stock.
Several other research firms have also recently weighed in on NOW. Jefferies Financial Group reduced their price target on ServiceNow from $700.00 to $550.00 in a research report on Monday, May 23rd. Cowen reduced their price target on ServiceNow from $695.00 to $590.00 and set an outperform rating for the company in a research report on Friday, July 22nd. Mizuho decreased their price objective on ServiceNow from $550.00 to $520.00 and set a buy rating for the company in a report on Tuesday, July 19th. Barclays decreased their price objective on ServiceNow from $613.00 to $560.00 and set an overweight rating for the company in a report on Monday, July 18th. Finally, Sanford C. Bernstein initiated coverage on ServiceNow in a report on Tuesday, July 19th. They issued an outperform rating and a $646.00 price objective for the company. 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. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $589.90.
ServiceNow Stock Up 2.3 %
NYSE:NOW opened at $446.66 on Thursday. ServiceNow has a twelve month low of $406.47 and a twelve month high of $707.60. The company has a market cap of $89.54 billion, a price-to-earnings ratio of 406.05, a price-to-earnings-growth ratio of 8.94 and a beta of 1.03. The stock has a fifty-day simple moving average of $463.62 and a 200-day simple moving average of $505.90. 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 (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology services provider reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.09. ServiceNow had a return on equity of 8.66% and a net margin of 3.56%. The business had revenue of $1.75 billion in the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the company earned $0.38 earnings per share. Business revenue for the quarter was up 24.3% compared to the same quarter last year. analysts anticipate that ServiceNow will post 1.71 EPS for the current year.
ServiceNow Insider Activity
In related news, insider Jacqueline P. Canney sold 580 shares of the firm’s stock in a transaction that occurred on Monday, May 9th. The stock was sold at an average price of $431.51, for a total value of $250,275.80. Following the sale, the insider now owns 189 shares in the company, valued at $81,555.39. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other ServiceNow news, insider Jacqueline P. Canney sold 580 shares of the business’s stock in a transaction that occurred on Monday, May 9th. The stock was sold at an average price of $431.51, for a total value of $250,275.80. Following the completion of the transaction, the insider now directly owns 189 shares of the company’s stock, valued at $81,555.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 completion of the transaction, the director now directly owns 660 shares of the company’s stock, valued at $331,267.20. The disclosure for this sale can be found here. Insiders sold a total of 16,150 shares of company stock worth $7,804,261 in the last quarter. Insiders own 0.28% of the company’s stock.
Institutional Entry and Exit
A number of large investors have recently bought and sold shares of the stock. Aptus Capital Advisors LLC lifted its holdings in ServiceNow by 1,035.0% in the second quarter. Aptus Capital Advisors LLC now owns 4,540 shares of the information technology services provider’s stock valued at $2,159,000 after acquiring an additional 4,140 shares during the period. SG Americas Securities LLC lifted its stake in shares of ServiceNow by 302.2% during the 2nd quarter. SG Americas Securities LLC now owns 12,972 shares of the information technology services provider’s stock valued at $6,168,000 after buying an additional 9,747 shares during the period. Total Clarity Wealth Management Inc. acquired a new position in shares of ServiceNow during the 2nd quarter valued at approximately $135,000. Raised by Pinnacle Financial Partners Inc. its stake in shares of ServiceNow by 70.8% in the 2nd quarter. Pinnacle Financial Partners Inc. now owns 32,759 shares of the information technology services provider’s stock valued at $15,577,000 after purchasing an additional 13,576 shares during the period. Finally, Russell Investments Group Ltd. raised. its stake in shares of ServiceNow by 11.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 348,951 shares of the information technology services provider’s stock valued at $165,975,000 after purchasing an additional 35,452 shares during the period. 87.20% of the stock is owned by institutional investors and hedge funds.
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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