ServiceNow (NYSE: NOW – Get a Rating) the target price was cut by Morgan Stanley from $ 594.00 to $ 575.00 in a research note released Thursday morning, The Fly reports. The company currently has an overweight rating in the stock of the information technology service provider.
Several other research companies have recently weighed in NOW. Wells Fargo & Company began coverage of ServiceNow components in a research report on Wednesday, May 18th. They released an overweight rating and a $ 600.00 price target on the stock. KeyCorp lowered their price target on ServiceNow shares from $ 692.00 to $ 613.00 and set an overweight rating on the stock in a research report on Monday, April 25th. Jefferies Financial Group cut their price target on ServiceNow from $ 700.00 to $ 550.00 in a research note on Monday, May 23rd. Truist Financial cut their price target on ServiceNow from $ 700.00 to $ 600.00 in a research note on Tuesday, May 10th. Finally, StockNews.com launched coverage on ServiceNow in a research note on Thursday, March 31st. They issued a hold rating for the company. Two research analysts rated the stock with a sell rating, two gave a hold rating and twenty-six gave a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $ 638.40.
ServiceNow Trading rose 3.5%
NOW shares opened at $ 435.62 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.37. The 50-day moving average price of the business is $ 461.23 and its 200-day moving average price is $ 516.30. The stock has a market cap of $ 87.32 billion, a PE ratio of 396.02, a P/E/G ratio of 8.60 and a beta of 1.03. ServiceNow has a twelve -month low of $ 406.47 and a twelve -month high of $ 707.60.
ServiceNow (NYSE: NOW-Get Rating) last posted its quarterly earnings data 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. The company had revenue of $ 1.72 billion for the quarter, compared to analysts ’expectations of $ 1.70 billion. ServiceNow has a net margin of 3.56% and a return on equity of 8.66%. ServiceNow’s revenue for the quarter rose 26.6% compared to the same quarter last year. In the same period last year, the business earned $ 0.50 revenue per share. On average, equities analysts predict that ServiceNow will post 1.71 EPS for the current financial year.
Insider Buying and Selling
In related news, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s stock in a transaction on 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 completion of the sale, the chief operating officer now owns 38,980 shares of the company’s stock, valued at $ 18,613,729.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. In other ServiceNow news, Director Frederic B. Luddy sold 707 shares of stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $ 501.92, for a total value of $ 354,857.44. Following the completion of the transaction, the director now owns 660 shares in the company, valued at $ 331,267.20. The transaction was disclosed in a filing with the SEC, available through the SEC website. Also, COO Chirantan Jitendra Desai sold 7,000 shares of stock in a transaction on 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 completion of the transaction, the chief operating officer now owns 38,980 shares of the company’s stock, valued at approximately $ 18,613,729.60. The disclosure for this sale can be found here. Insiders sold 17,577 shares of the company’s stock worth $ 8,503,327 in the last quarter. 0.28% of the stock is owned by company insiders.
The Hedge Fund Is Weighing In Service Today
Institutional investors have recently added or reduced their stakes in the company. Bell Bank increased its holdings in shares of ServiceNow by 13.5% in the second quarter. Bell Bank now owns 2,817 shares of the information technology services provider’s stock worth $ 1,340,000 after acquiring an additional 334 shares in the last quarter. Valley National Advisers Inc. increased its holdings in ServiceNow shares by 4.8% in the second quarter. Valley National Advisers Inc. now owns 550 shares of the information technology services provider’s stock worth $ 273,000 after acquiring an additional 25 shares in the last quarter. CMH Wealth Management LLC bought a new position in shares of ServiceNow in the second quarter worth $ 3,419,000. HB Wealth Management LLC increased its holdings in ServiceNow shares by 82.3% in the second quarter. HB Wealth Management LLC now owns 935 shares of the information technology services provider’s stock worth $ 445,000 after acquiring an additional 422 shares in the last quarter. Finally, Ritholtz Wealth Management increased its holdings in ServiceNow shares by 36.4% in the second quarter. Ritholtz Wealth Management now owns 1,371 shares of the information technology services provider’s stock worth $ 652,000 after acquiring an additional 366 shares in the last quarter. Institutional investors own 87.20% of the company’s stock.
(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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