ServiceNow (NYSE: NOW) Briefing.com reported that Morgan Stanley (Morgan Stanley) stock analysts upgraded its rating from “equivalent” to “overweight” in a research report released on Thursday. The brokerage currently has a target price of $652.00 for the stock of the information technology service provider. Morgan Stanley’s price target indicates that the company’s stock price has a potential upside of 29.53% compared to its current stock price.
It has now become the subject of several other reports. Oppenheimer began reporting on ServiceNow in a report on Thursday, July 30. They set a “hold” rating for the company. Credit Suisse Group raised ServiceNow’s price target from $465.00 to $560.00 in its report on Friday, October 23, and gave the stock an “outperform” rating. JMP Securities raised ServiceNow’s price target from US$460.00 to US$534.00 in a report on Friday, October 2, and gave the stock an “outperform” rating. In a report on Thursday, October 29th, Raymond James raised ServiceNow’s price target from $490.00 to $575.00 and gave the stock a “Strong Buy” rating. Finally, OTR Global downgraded ServiceNow to a “positive” rating in a research report on July 16 (Thursday). Six investment analysts rated the stock as hold, 22 gave it a buy rating, and one gave the stock a strong buy rating. The company’s current consensus rating is “Buy” and the consensus target price is $524.00.
ServiceNow shares opened at $503.36 on Thursday. The stock’s 50-day simple moving average is $501.84, and the 200-day simple moving average is $434.93. The company’s quick ratio is 1.40, current ratio is 1.40, and debt-to-equity ratio is 0.64. ServiceNow’s 12-month low is $238.93, while the 12-month high is $537.53. The stock has a market value of 98.21 billion U.S. dollars, a P/E ratio of 142.60, a P/E ratio of 16.82, and a beta of 1.22.
ServiceNow (NYSE: NOW) released its latest quarterly performance report on October 28 (Wednesday). The information technology service provider reported earnings per share (EPS) of $1.21 for the quarter, which was $0.18 higher than the Zacks consensus estimate of $1.03. ServiceNow’s return on equity is 9.79% and the net profit margin is 16.60%. As a whole, sell-side analysts expect ServiceNow to release 1.08 EPS this year.
In other news, General Russell S. Elmer, the legal counsel, sold 1,150 ServiceNow shares in trading on Monday, November 2. The average price of the stock is US$499.21, and the total trading volume is US$574,091.50. After the sale is complete, the general counsel now owns 7,077 shares of the company with a value of US$3,532,909.17. The transaction has been disclosed in the legal documents of the US Securities and Exchange Commission and can be accessed through this link. In addition, director Frederic B. Luddy sold 28,600 shares of the company in a transaction on Thursday, October 15. The average price of the stock is US$515.38 and the total value is US$14,739,868.00. After the transaction is completed, the directors now own 811 company shares, valued at approximately US$417,973.18. The disclosure of this sale can be found here. In the past three months, insiders have sold 69,573 shares of the company’s shares worth $33,744,452. Insiders own 1.00% of the company’s shares.
Several hedge funds and other institutional investors have recently revised their stocks. Strategic Wealth Partners Ltd. increased its position in ServiceNow shares by 20.0% in the third quarter. Strategic Wealth Partners Ltd. has purchased 102 additional shares during this period and now owns 612 shares of information technology service providers worth US$297,000. British Columbia Investment Management increased its position in ServiceNow shares by 8.8% in the third quarter. After purchasing an additional 2,690 shares during this period, British Columbia Investment Management now owns 33,105 shares of the information technology service provider, valued at $16,056,000. South State CORP. increased its position in ServiceNow shares by 1.2% in the third quarter. After purchasing 268 shares during this period, South State CORP. It now owns 22,498 shares of information technology service providers worth US$10,911,000. Fisher Asset Management LLC increased its position in ServiceNow shares by 2.2% in the third quarter. Fisher Asset Management Co., Ltd. has now purchased 258,001 shares of information technology service providers worth $125,130,000, and has since purchased 5,551 shares. Finally, Robertson Stephens Wealth Management LLC purchased a new position in ServiceNow shares in the third quarter for $391,000. Institutional investors own 90.05% of the company’s shares.
About ServiceNow
ServiceNow, Inc provides enterprise cloud computing solutions that define, organize, integrate, manage and automate services for global enterprises. The company provides information technology (IT) service management applications; and digital workflow products for customer service, human resources, security operations, integrated risk management, and other corporate departments.
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