Sanford C. Bernstein began covering parts of ServiceNow (NYSE: NOW – Get a Rating) in a report released Tuesday morning, The Fly reports. The brokerage released an outperform rating on the stock of the information technology services provider.
Several other brokerages have also weighed in recently on NOW. Citigroup raised their target price on ServiceNow from $ 623.00 to $ 656.00 in a report on Thursday, April 28th. Barclays cut their price target on ServiceNow from $ 613.00 to $ 560.00 and set an overweight rating for the company in a research report on Monday. Credit Suisse Group cut their price target on ServiceNow from $ 800.00 to $ 700.00 in a research report on Thursday, April 28th. Royal Bank of Canada cut their price target on ServiceNow from $ 670.00 to $ 610.00 in a research report on Monday. Finally, Stifel Nicolaus cut their price target on ServiceNow from $ 650.00 to $ 550.00 in a research report on Wednesday, May 25th. Two analysts rated the stock with a sell rating, two assigned a hold rating and twenty-seven gave a buy rating to the stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of Moderate Buy and an average price target of $ 632.97.
ServiceNow Price Performance
NYSE NOW shares opened at $ 435.94 on Tuesday. The company has a debt-to-equity ratio of 0.37, current ratio of 1.12 and quick ratio of 1.12. The stock has a fifty day moving average price of $ 461.32 and a 200 day moving average price of $ 513.21. ServiceNow has a 1-year low of $ 406.47 and a 1-year high of $ 707.60. The company has a market cap of $ 87.39 billion, a PE ratio of 396.31, a P/E/G ratio of 8.90 and a beta of 1.03.
ServiceNow (NYSE: NOW-Get Rating) last released its quarterly earnings results on Wednesday, April 27th. The information technology service provider reported $ 0.47 revenue per share for the quarter, topping the consensus estimate of $ 0.34 of $ 0.13. ServiceNow had a return on equity of 8.66% and a net margin of 3.56%. The company had revenue of $ 1.72 billion in the quarter, compared to the agreed $ 1.70 billion. In the same period last year, the company earned $ 0.50 revenue per share. The company’s revenue for the quarter rose 26.6% on a year-over-year basis. Sell-side analysts predicted that ServiceNow will post 1.71 EPS for the current year.
Insiders Place Their Bets
In other ServiceNow news, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $ 477.52, for a total value of $ 3,342,640.00. Following the sale, the chief operating officer now directly owns 38,980 shares of the company’s stock, valued at approximately $ 18,613,729.60. The sale was disclosed in a filing with the SEC, which can be accessed via this link. In other news, Director Frederic B. Luddy sold 6,600 shares of ServiceNow stock in a transaction dated 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 of the company’s stock, valued at approximately $ 16,699,536. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible through the SEC website. Also, COO Chirantan Jitendra Desai sold 7,000 shares of ServiceNow stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $ 477.52, for a total value of $ 3,342,640.00. Following the completion of the transaction, the chief operating officer now directly owns 38,980 shares in the company, valued at $ 18,613,729.60. The disclosure for this sale can be found here. Over the past ninety days, insiders have sold 17,577 shares of the company’s stock worth $ 8,503,327. Insiders own 0.28% of the company’s stock.
The Hedge Fund Is Weighing In Service Today
Some hedge funds and other institutional investors have recently changed their holdings of NOW. Edgewood Management LLC acquired a new position in ServiceNow shares in the 1st quarter valued at approximately $ 1,515,281,000. Norges Bank acquired a new position in shares of ServiceNow in the 4th quarter valued at approximately $ 1,117,096,000. Allspring Global Investments Holdings LLC bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $ 400,884,000. Fisher Asset Management LLC raised its holdings in shares of ServiceNow by 164.8% in the 4th quarter. Fisher Asset Management LLC now owns 894,730 shares of the information technology services provider’s stock worth $ 580,778,000 after purchasing an additional 556,871 shares during the period. Finally, TD Asset Management Inc. its holdings in ServiceNow shares of 84.7% in the 4th quarter. TD Asset Management Inc. now owns 1,207,201 shares of the information technology services provider’s stock worth $ 783,606,000 after purchasing an additional 553,517 shares during the period. 87.20% of the stock is owned by institutional investors and hedge funds.
About ServiceNow
(Get a Rating)
ServiceNow, Inc. provides enterprise cloud computing solutions that define, develop, integrate, manage, and automate services for businesses around the world. It runs 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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