ServiceNow (NYSE: NOW – Get a Rating) Morgan Stanley reduced its target price from $ 810.00 to $ 745.00 in a research report released on Thursday, The Fly reports. Morgan Stanley’s target price indicates a potential increase of 48.11% from the company’s previous closing.
Several other research companies have also recently released reports on NOW. Piper Sandler raised ServiceNow from a “neutral” rating to an “overweight” rating and set a $ 650.00 target price on the stock in a research report on Thursday, January 27th. Jefferies Financial Group lowered their target price on ServiceNow from $ 765.00 to $ 700.00 and set a “buy” rating on the stock in a research report on Thursday, January 27th. KeyCorp lowered their target price on ServiceNow from $ 692.00 to $ 613.00 and set an “overweight” rating on the stock in a research report on Monday. Robert W. Baird lowered their target price on ServiceNow from $ 650.00 to $ 600.00 in a research report on Thursday, January 27th. Finally, Oppenheimer lowered their price target on ServiceNow from $ 660.00 to $ 600.00 in a research report on Thursday. Two investment analysts rated the stock with a sell rating, three gave a hold rating and twenty-seven gave a buy rating to the company. According to data from MarketBeat, ServiceNow has a consensus rating of “Buy” and an average price target of $ 667.07.
Shares of ServiceNow stock opened at $ 503.00 on Thursday. The stock’s fifty day moving average is $ 539.66 and its two-hundred day moving average is $ 594.68. The company has a market capitalization of $ 100.60 billion, a PE ratio of 409.03, a price-to-earnings-growth ratio of 9.42 and a beta of 1.04. The company has a fast ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.40. ServiceNow has a 52 week low of $ 448.27 and a 52 week high of $ 707.60.
ServiceNow (NYSE: NOW-Get Rating) last announced its quarterly earnings data on Wednesday, April 27th. The information technology service provider reported $ 1.73 EPS for the quarter, beating Thomson Reuters ’consensus estimate of $ 1.70 by $ 0.03. The company had revenue of $ 1.72 billion for the quarter, compared to the consensus estimate of $ 1.70 billion. ServiceNow had a return on equity of 9.43% and a net margin of 3.90%. ServiceNow’s quarterly revenue rose 26.6% on a year-over-year basis. In the same quarter last year, the company posted $ 0.50 EPS. As a group, research analysts expect ServiceNow to post 1.85 revenue per share for the current year.
In other news, Director Frederic B. Luddy sold 333 shares of the company’s stock in a transaction dated Wednesday, March 2nd. The stock was sold at an average price of $ 587.50, for a total value of $ 195,637.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, available through this hyperlink. Also, General Counsel Russell S. Elmer sold 2,092 shares of the company’s stock in a transaction dated Monday, February 7th. The stock was sold at an average price of $ 577.99, for a total value of $ 1,209,155.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,141 shares of the company’s stock worth $ 18,355,758. 0.35% of the stock is currently owned by company insiders.
Some hedge funds have recently made changes to their stock positions. Baystate Wealth Management LLC raised its position on ServiceNow by 60.0% in the third quarter. Baystate Wealth Management LLC now owns 48 shares of the information technology services provider’s stock worth $ 30,000 after acquiring an additional 18 shares in the last quarter. Eagle Bay Advisors LLC raised its position on ServiceNow by 75.0% in the third quarter. Eagle Bay Advisors LLC now owns 42 shares of the information technology services provider’s stock worth $ 27,000 after acquiring an additional 18 shares in the last quarter. Cavalier Investments LLC grew its holdings in ServiceNow by 0.7% in the fourth quarter. Cavalier Investments LLC now owns 2,475 shares of the information technology services provider’s stock worth $ 1,607,000 after buying an additional 18 shares during the period. SevenOneSeven Capital Management increased its holdings in ServiceNow by 3.0% in the fourth quarter. SevenOneSeven Capital Management now owns 621 shares of the information technology services provider’s stock worth $ 403,000 after purchasing an additional 18 shares during the period. Finally, Means Investment CO. Inc. its holdings in ServiceNow were up 0.6% in the fourth quarter. Means Investment CO. Inc. now owns 2,842 shares of the information technology services provider’s stock worth $ 1,845,000 after buying an additional 18 shares during the period. Institutional investors own 86.63% of the company’s stock.
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.
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