Royal Bank of Canada reaffirmed their rating retention on shares of ServiceNow (NYSE:NOW – Get Rating) in a research report issued on Thursday morning, Benzinga reports.
NOW has been the subject of several other reports. Mizuho dropped 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. Cowen dropped their price target on shares of ServiceNow from $695.00 to $590.00 and set an outperform rating for the company in a research note on Friday, July 22nd. Oppenheimer dropped their price target on shares of ServiceNow from $600.00 to $505.00 and set a hold rating for the company in a research note on Thursday. Deutsche Bank Aktiengesellschaft dropped their price target on shares of ServiceNow from $680.00 to $625.00 and set a hold rating for the company in a research note on Thursday. Finally, BMO Capital Markets lowered their price target on shares of ServiceNow from $520.00 to $497.00 and set a hold 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. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $589.90.
ServiceNow Trading Up 2.3 %
Shares of ServiceNow stock opened at $446.66 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow has a 1 year low of $406.47 and a 1 year high of $707.60. The company has a market capitalization of $89.54 billion, a P/E ratio of 406.05, a P/E/G ratio of 8.94 and a beta of 1.03. The business has a 50 day moving average price of $463.62 and a 200 day moving average price of $505.32.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data 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 firm 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 posted $0.38 EPS. The company’s quarterly revenue was up 24.3% compared to the same quarter last year. sell-side analysts anticipate that ServiceNow will post 1.71 EPS for the current fiscal year.
Insiders Place Their Bets
In other ServiceNow news, COO Chirantan Jitendra Desai sold 7,000 shares of the business’s stock in a transaction on Friday, May 27th. The shares were sold at an average price of $477.52, for a total amount of $3,342,640.00. Following the transaction, the chief operating officer now owns 38,980 shares in the company, valued at approximately $18,613,729.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible through this link. In other news, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $477.52, for a total amount of $3,342,640.00. Following the sale, the chief operating officer now owns 38,980 shares in the company, valued at approximately $18,613,729.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC’s website. Also, Director Frederic B. Luddy sold 707 shares of the company’s stock in a transaction dated Wednesday, June 8th. The shares were sold at an average price of $501.92, for a total transaction of $354,857.44. Following the completion of the sale, the director now owns 660 shares in the company, valued at approximately $331,267.20. The disclosure for this sale can be found here. Insiders sold 16,150 shares of company stock worth $7,804,261 in the last quarter. 0.28% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On The Service Now
Several institutional investors and hedge funds have recently bought and sold shares of the business. Aptus Capital Advisors LLC raised its stake 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 ServiceNow by 302.2% in the second quarter. SG Americas Securities LLC now owns 12,972 shares of the information technology services provider’s stock valued at $6,168,000 after acquiring an additional 9,747 shares during the period. Total Clarity Wealth Management Inc. acquired a new stake in ServiceNow during the second quarter valued at about $135,000. Raised by Pinnacle Financial Partners Inc. its stake in ServiceNow by 70.8% in the second quarter. Pinnacle Financial Partners Inc. now owns 32,759 shares of the information technology services provider’s stock valued at $15,577,000 after acquiring an additional 13,576 shares during the period. Finally, Russell Investments Group Ltd. raised. its stake in ServiceNow by 11.3% in the second quarter. Russell Investments Group Ltd. now owns 348,951 shares of the information technology services provider’s stock valued at $165,975,000 after acquiring an additional 35,452 shares during the period. Institutional investors and hedge funds own 87.20% of the company’s stock.
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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