Research analysts at Guggenheim began coverage on shares of ServiceNow (NYSE:NOW – Get Rating) in a report released on Friday, Marketbeat Ratings reports. The firm set a “neutral” rating and a $510.00 target price on the information technology services provider’s stock. Guggenheim’s price target suggests a potential upside of 0.69% from the stock’s current price.
Other analysts have recently issued research reports about the company. Royal Bank of Canada dropped their price target on ServiceNow from $670.00 to $610.00 in a research note on Monday, July 18th. Canaccord Genuity Group dropped their price target on ServiceNow from $615.00 to $510.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Jefferies Financial Group dropped their price target on ServiceNow from $700.00 to $550.00 in a research note on Monday, May 23rd. Deutsche Bank Aktiengesellschaft dropped their price target on ServiceNow from $700.00 to $680.00 in a research report on Thursday, April 28th. Finally, Citigroup dropped their target price on ServiceNow from $600.00 to $575.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twenty-nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $598.84.
ServiceNow Stock Up 1.4 %
Shares of NOW stock opened at $506.51 on Friday. The stock’s 50-day simple moving average is $468.07 and its 200-day simple moving average is $503.32. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market capitalization of $102.32 billion, a PE ratio of 556.60, a P/E/G ratio of 10.13 and a beta of 0.94. ServiceNow has a fifty-two week low of $406.47 and a fifty-two week high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last announced its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. ServiceNow has a return on equity of 7.22% and a net margin of 2.79%. The company’s revenue rose 24.3% on a year-over-year basis. During the same period last year, the company earned $0.38 earnings per share. equities analysts anticipate that ServiceNow will post 1.73 earnings per share for the current year.
ServiceNow Insider Activity
In other ServiceNow news, insider Lara Caimi sold 977 shares of ServiceNow stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $514.96, for a total transaction of $503,115.92. Following the completion of the sale, the insider now directly owns 43 shares of the company’s stock, valued at approximately $22,143.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Frederic B. Luddy sold 6,600 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $465.86, for a total value of $3,074,676.00. Following the transaction, the director now owns 33,000 shares in the company, valued at approximately $15,373,380. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Also, insider Lara Caimi sold 977 shares of the business’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $514.96, for a total amount of $503,115.92. Following the completion of the transaction, the insider now owns 43 shares in the company, valued at approximately $22,143.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,362 shares of company stock valued at $15,644,017. Company insiders own 0.28% of the company’s stock.
Institutional Entry and Exit
Several large investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA grew its holdings in ServiceNow by 5.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,869,796 shares of the information technology services provider’s stock valued at $889,126,000 after purchasing an additional 89,642 shares during the last quarter. Nordea Investment Management AB grew its position in shares of ServiceNow by 4.7% in the 2nd quarter. Nordea Investment Management AB now owns 424,993 shares of the information technology services provider’s stock valued at $196,253,000 after acquiring an additional 18,906 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of ServiceNow by 10.3% in the 2nd quarter. NewEdge Advisors LLC now owns 12,876 shares of the information technology services provider’s stock valued at $6,123,000 after acquiring an additional 1,205 shares in the last quarter. NewEdge Wealth LLC grew its position in shares of ServiceNow by 105.1% in the 2nd quarter. NewEdge Wealth LLC now owns 10,401 shares of the information technology services provider’s stock valued at $4,946,000 after acquiring an additional 5,329 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its position in shares of ServiceNow by 9.9% in the 2nd quarter. Quadrant Capital Group LLC now owns 1,323 shares of the information technology services provider’s stock valued at $629,000 after acquiring an additional 119 shares in the last quarter. Hedge funds and other institutional investors 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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