ServiceNow (NYSE:NOW – Get Rating) the target price was dropped by equities researchers at Cowen from $590.00 to $580.00 in a note issued to investors on Thursday, Stock Target Advisor reports. The firm currently has an “outperform” rating on the information technology services provider’s stock. Cowen’s target price would indicate a potential upside of 29.85% from the stock’s previous close.
A number of other research analysts have also commented on the company. Mizuho dropped their price objective on ServiceNow from $520.00 to $500.00 and set a “buy” rating on the stock in a report on Thursday. Canaccord Genuity Group reduced their price target on ServiceNow from $615.00 to $510.00 and set a “buy” rating for the company in a research note on Thursday. KeyCorp reduced their price target on ServiceNow from $567.00 to $520.00 and set an “overweight” rating for the company in a research note on Thursday. Wells Fargo & Company reduced their price target on ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a research note on Monday, July 25th. Finally, Truist Financial reduced their price target on ServiceNow from $600.00 to $550.00 and set a “buy” rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $589.90.
ServiceNow Stock Performance
Shares of NYSE NOW opened at $446.66 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market cap of $89.54 billion, a price-to-earnings ratio of 406.05, a P/E/G ratio of 8.94 and a beta of 1.03. The business’s 50-day simple moving average is $463.62 and its 200-day simple moving average is $505.90. ServiceNow has a 52 week low of $406.47 and a 52 week high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.53 by $0.09. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. ServiceNow had a return on equity of 8.66% and a net margin of 3.56%. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. In the same quarter last year, the company posted $0.38 EPS. As a group, equities research analysts anticipate that ServiceNow will post 1.71 earnings per share for the current fiscal year.
Internal Activity
In other news, Director Frederic B. Luddy sold 6,600 shares of ServiceNow stock in a transaction on Thursday, July 7th. The stock was sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the sale, the director now directly owns 33,600 shares of the company’s stock, valued at approximately $16,699,536. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Frederic B. Luddy sold 6,600 shares of the firm’s stock in a transaction on Thursday, July 7th. The stock was sold at an average price of $497.01, for a total value of $3,280,266.00. Following the transaction, the director now directly owns 33,600 shares in the company, valued at approximately $16,699,536. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 580 shares of the firm’s stock in a transaction 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 owns 189 shares in the company, valued at $81,555.39. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,150 shares of company stock valued at $7,804,261. Company insiders own 0.28% of the company’s stock.
Institutional Entry and Exit
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Chilton Capital Management LLC purchased a new position in shares of ServiceNow in the 4th quarter valued at $25,000. OLD Second National Bank of Aurora purchased a new position in ServiceNow during the first quarter valued at about $28,000. High Net Worth Advisory Group LLC purchased a new position in ServiceNow during the first quarter valued at approximately $29,000. AHL Investment Management Inc. purchased a new position in ServiceNow during the fourth quarter valued at about $35,000. Finally, Lee Financial Co lifted its holdings in ServiceNow by 671.4% during the fourth quarter. Lee Financial Co now owns 54 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 47 shares during the last quarter. 87.20% of the stock is currently 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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