Guggenheim began covering parts of the ServiceNow (NYSE:NOW – Get Rating) in a report published on Friday, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $510.00 target price on the information technology services provider’s stock.
NOW has been the subject of several other research reports. Oppenheimer dropped their price target on ServiceNow from $660.00 to $600.00 in a report on Thursday, April 28th. Stifel Nicolaus dropped their target price on ServiceNow from $650.00 to $550.00 in a report on Wednesday, May 25th. Citigroup reduced their price target on shares of ServiceNow from $600.00 to $575.00 and set a buy rating for the company in a report on Thursday, July 28th. Jefferies Financial Group dropped their price objective on shares of ServiceNow from $700.00 to $550.00 in a research note on Monday, May 23rd. Finally, Mizuho reduced their price target on shares of ServiceNow from $520.00 to $500.00 and set a buy rating for the company in a research note on Thursday, July 28th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twenty-nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $598.84.
ServiceNow Price Performance
NOW stock opened at $506.51 on Friday. ServiceNow has a one year low of $406.47 and a one year high of $707.60. The firm has a 50-day moving average of $468.07 and a two-hundred-day moving average of $503.28. The company has a market capitalization of $102.32 billion, a PE ratio of 556.60, a P/E/G ratio of 10.28 and a beta of 0.94. 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 (NYSE:NOW – Get Rating) last released its quarterly earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, beating the consensus estimate of $0.12 by $0.08. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The business had revenue of $1.75 billion in the quarter, compared to the consensus estimate of $1.76 billion. In the same quarter last year, the company earned $0.38 EPS. The company’s quarterly revenue was up 24.3% on a year-over-year basis. On average, analysts predict that ServiceNow will post 1.73 earnings per share for the current year.
Insider Buying and Selling at ServiceNow
In other news, insider Lara Caimi sold 977 shares of the company’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 completion of the transaction, the insider now directly owns 43 shares in the company, valued at $22,143.28. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other ServiceNow news, insider Lara Caimi sold 977 shares of the firm’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 value of $503,115.92. Following the completion of the sale, the insider now owns 43 shares in the company, valued at approximately $22,143.28. The sale was disclosed in a filing with the Securities & Exchange Commission, available through this hyperlink. Also, Director Frederic B. Luddy sold 6,600 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $465.86, for a total transaction of $3,074,676.00. Following the transaction, the director now directly owns 33,000 shares of the company’s stock, valued at $15,373,380. The disclosure for this sale can be found here. Insiders have sold 33,362 shares of company stock valued at $15,644,017 over the last 90 days. 0.28% of the stock is currently owned by insiders.
Institutional Entry and Exit
Several institutional investors and hedge funds have recently modified their holdings of NOW. Powered by Advisor Group Holdings Inc. its stake in ServiceNow by 5.5% in the fourth quarter. Advisor Group Holdings Inc. now owns 62,078 shares of the information technology services provider’s stock worth $40,205,000 after buying an additional 3,260 shares in the last quarter. Raised by Cambridge Investment Research Advisors Inc. its position in ServiceNow by 2.8% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 19,223 shares of the information technology services provider’s stock valued at $12,478,000 after buying an additional 523 shares during the last quarter. Frontier Wealth Management LLC lifted its position in ServiceNow by 26.7% during the 4th quarter. Frontier Wealth Management LLC now owns 1,591 shares of the information technology services provider’s stock valued at $1,033,000 after buying an additional 335 shares in the last quarter. Atria Investments LLC boosted its holdings in ServiceNow by 5.6% during the 4th quarter. Atria Investments LLC now owns 15,238 shares of the information technology services provider’s stock valued at $9,891,000 after acquiring an additional 813 shares in the last quarter. Finally, Congress Wealth Management LLC DE acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $299,000. 87.20% of the stock is owned by institutional investors and hedge funds.
About ServiceNow
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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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