Canaccord Genuity Group reissued their maintain rating on shares of ServiceNow (NYSE:NOW – Get Rating) in a report released on Thursday, Benzinga reports.
A number of other analysts have recently issued reports on the company. Cowen reduced their price target on ServiceNow from $590.00 to $580.00 and set a hold rating on the stock in a research note on Thursday. Sanford C. Bernstein assumed coverage on ServiceNow in a research note on Tuesday, July 19th. They set an outperform rating and a $646.00 target price on the stock. JMP Securities reduced their price target on ServiceNow from $705.00 to $553.00 and set a market outperform rating on the stock in a research note on Thursday. Oppenheimer reduced their price target on ServiceNow from $600.00 to $505.00 and set a hold rating on the stock in a research note on Thursday. Finally, StockNews.com assumed coverage on ServiceNow in a research note on Thursday, March 31st. They set a hold rating on the stock. 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 stock. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of Moderate Buy and an average price target of $589.90.
ServiceNow Trading Up 2.3 %
Shares of NYSE:NOW opened at $446.66 on Thursday. The stock has a market capitalization of $89.54 billion, a price-to-earnings ratio of 406.05, a PEG ratio of 8.94 and a beta of 1.03. 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 stock’s 50-day simple moving average is $463.62 and its two-hundred-day simple moving average is $505.32. ServiceNow has a 52-week low of $406.47 and a 52-week high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last announced its earnings results on Wednesday, July 27th. The information technology services provider reported $1.62 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the company posted $0.38 earnings per share. Business revenue for the quarter was up 24.3% on a year-over-year basis. analysts anticipate that ServiceNow will post 1.71 EPS for the current year.
ServiceNow Insider Transactions
In other news, Director Frederic B. Luddy sold 6,600 shares of the business’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 completion of the transaction, 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 filing with the SEC, which is available at this hyperlink. In related news, insider Jacqueline P. Canney sold 580 shares of the company’s stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $431.51, for a total transaction of $250,275.80. Following the transaction, the insider now directly owns 189 shares of the company’s stock, valued at approximately $81,555.39. The sale was disclosed in a filing with the Securities & Exchange Commission, available at this link. Also, Director Frederic B. Luddy sold 6,600 shares of the company’s stock in a transaction dated Thursday, July 7th. The shares were 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 $16,699,536. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,150 shares of company stock valued at $7,804,261. Corporate insiders own 0.28% of the company’s stock.
Institutional Entry and Exit
A number of hedge funds have recently modified their holdings of NOW. Powered by Vanguard Group Inc. its stake in shares of ServiceNow by 1.9% in the first quarter. The Vanguard Group Inc. now owns 16,295,607 shares of the information technology services provider’s stock valued at $9,074,862,000 after buying an additional 306,106 shares during the last quarter. Powered by BlackRock Inc. its stake in shares of ServiceNow by 0.4% in the fourth quarter. BlackRock Inc. now owns 16,190,700 shares of the information technology services provider’s stock valued at $10,509,544,000 after buying an additional 65,623 shares during the last quarter. State Street Corp boosted its stake in shares of ServiceNow by 3.2% in the fourth quarter. State Street Corp now owns 7,870,165 shares of the information technology services provider’s stock valued at $5,108,603,000 after purchasing an additional 241,296 shares during the last quarter. Polen Capital Management LLC boosted its stake in shares of ServiceNow by 2.1% in the first quarter. Polen Capital Management LLC now owns 3,219,600 shares of the information technology services provider’s stock valued at $1,792,963,000 after buying an additional 67,385 shares during the last quarter. Finally, Capital International Investors boosted its position in ServiceNow by 18.1% in the first quarter. Capital International Investors now owns 3,207,748 shares of the information technology services provider’s stock valued at $1,786,783,000 after buying an additional 491,835 shares in the last quarter. 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.
Further Reading
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