ServiceNow (NYSE: NOW – Get a Rating) its price target was cut by Morgan Stanley from $ 594.00 to $ 575.00 in a research note published Thursday morning, The Fly reports. The company currently has an overweight rating in the stock of the information technology service provider.
Other equities research analysts have also recently released reports about the company. Cowen reduced their target price on ServiceNow from $ 725.00 to $ 695.00 in a report on Thursday, April 28th. UBS Group reduced their target price on ServiceNow to $ 570.00 in a report on Wednesday, May 25th. Credit Suisse Group lowered their price target on ServiceNow from $ 800.00 to $ 700.00 in a research note on Thursday, April 28th. Exane BNP Paribas cut ServiceNow from a neutral rating to a poor rating in a research note on Tuesday, March 29th. Finally, Piper Sandler lowered their price target on ServiceNow from $ 650.00 to $ 600.00 and set an overweight rating on the stock in a research note on Wednesday, May 25th. Two equities research analysts rated the stock with a sell rating, two gave a hold rating and twenty-six gave a buy rating to the company. According to MarketBeat.com, ServiceNow currently has a consensus rating of Moderate Buy and a consensus target price of $ 638.40.
ServiceNow Trading rose 3.5%
Shares of NOW stock opened at $ 435.62 on Thursday. ServiceNow has a 1 year low of $ 406.47 and a year high of $ 707.60. The company has a debt-to-equity ratio of 0.37, current ratio of 1.12 and quick ratio of 1.12. The stock’s 50-day simple moving average is $ 461.23 and its two-hundred-day simple moving average is $ 515.32. The company has a market cap of $ 87.32 billion, a PE ratio of 396.02, a price-to-earnings-growth ratio of 8.90 and a beta of 1.03.
ServiceNow (NYSE: NOW-Get Rating) last released its quarterly earnings data on Wednesday, April 27th. The information technology service provider reported $ 0.47 earnings per share (EPS) for the quarter, beating analysts ’consensus estimates of $ 0.34 by $ 0.13. ServiceNow had a return on equity of 8.66% and a net margin of 3.56%. The business had revenue of $ 1.72 billion for the quarter, compared to the consensus estimate of $ 1.70 billion. At the same time last year, the business posted $ 0.50 revenue per share. The company’s quarterly revenue rose 26.6% compared to the same quarter last year. Research analysts predict that ServiceNow will post 1.71 revenue per share for the current year.
Insider Buying and Selling on ServiceNow
In other ServiceNow news, insider Christopher Bedi sold 495 shares of ServiceNow stock in a transaction dated Friday, April 29th. The stock was sold at an average price of $ 489.18, for a total transaction of $ 242,144.10. Following the completion of the transaction, the insider now owns 12,977 shares in the company, valued at approximately $ 6,348,088.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via 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 stock was sold at an average price of $ 477.52, for a total transaction of $ 3,342,640.00. Following the sale, the chief operating officer now directly owns 38,980 shares in the company, valued at approximately $ 18,613,729.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, available through this hyperlink. Also, insider Christopher Bedi sold 495 shares of the company’s stock in a transaction dated Friday, April 29th. The shares were sold at an average price of $ 489.18, for a total value of $ 242,144.10. Following the sale, the insider now owns 12,977 shares in the company, valued at $ 6,348,088.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,577 shares of the company’s stock worth $ 8,503,327. Insiders own 0.28% of the company’s stock.
Institutional Investors Are Weighing In Service Today
Institutional investors have recently changed their holdings in the business. Walleye Capital LLC grew its position in ServiceNow shares by 54.8% in the 4th quarter. Walleye Capital LLC now owns 7,084 shares of the information technology services provider’s stock worth $ 4,598,000 after acquiring an additional 2,507 shares during the period. Lloyd Advisory Services LLC. strengthened its holdings in ServiceNow by 22.5% in the 4th quarter. Lloyd Advisory Services LLC. now owns 125 shares of the information technology services provider’s stock worth $ 81,000 after buying an additional 23 shares last quarter. Exane Derivatives strengthened its holdings in ServiceNow by 7.0% in the 1st quarter. Exane Derivatives now owns 1,447 shares of the information technology services provider’s stock worth $ 806,000 after buying an additional 95 shares last quarter. The New York State Teachers Retirement System strengthened its holdings on ServiceNow by 0.3% in the 4th quarter. The New York State Teachers Retirement System now owns 225,098 shares of the information technology services provider’s stock worth $ 146,113,000 after buying an additional 767 shares last quarter. Finally, Amalgamated Bank boosted its holdings in ServiceNow by 13.9% in the 4th quarter. Amalgamated Bank now owns 50,259 shares of the information technology services provider’s stock worth $ 32,624,000 after buying an additional 6,128 shares last quarter. 87.20% of the stock is currently owned by institutional investors and hedge funds.
About ServiceNow
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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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