Moffett Nathanson began coverage in parts of the ServiceNow (NYSE:NOW – Get Rating) in a research note released on Thursday morning, The Fly reports. The brokerage issued a hold rating and a $553.00 price target on the information technology services provider’s stock.
A number of other research analysts have also recently weighed in on NOW. Credit Suisse Group cut their price objective on ServiceNow from $700.00 to $650.00 and set an outperform rating on the stock in a research note on Thursday, July 28th. Barclays dropped their price target on ServiceNow from $560.00 to $495.00 and set an overweight rating on the stock in a report on Thursday, July 28th. Citigroup dropped their price target on ServiceNow from $600.00 to $575.00 and set a buy rating on the stock in a report on Thursday, July 28th. Royal Bank of Canada dropped their price target on ServiceNow from $670.00 to $610.00 in a report on Monday, July 18th. Finally, BMO Capital Markets lowered their price target on ServiceNow from $595.00 to $520.00 in a report on Friday, July 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $593.29.
ServiceNow Stock Drops 2.6%
Shares of NOW stock opened at $377.04 on Thursday. The stock’s 50 day simple moving average is $453.76 and its 200 day simple moving average is $477.37. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow has a twelve month low of $374.36 and a twelve month high of $707.60. The company has a market capitalization of $76.16 billion, a price-to-earnings ratio of 414.33, a PEG ratio of 7.67 and a beta of 0.94.
ServiceNow (NYSE:NOW – Get Rating) last released 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. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the business earned $0.38 EPS. The company’s revenue increased by 24.3% compared to the same quarter last year. As a group, research analysts predict that ServiceNow will post 1.72 EPS for the current year.
ServiceNow Insider Activity
In other ServiceNow news, Director Frederic B. Luddy sold 6,600 shares of ServiceNow stock in a transaction on 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 completion of the transaction, the director now owns 33,600 shares in the company, valued at approximately $16,699,536. The sale was disclosed in a filing with the SEC, which is available on the SEC website. In other ServiceNow news, General Counsel Russell S. Elmer sold 2,666 shares of ServiceNow stock in a transaction on Monday, September 19th. The stock was sold at an average price of $422.80, for a total value of $1,127,184.80. Following the completion of the transaction, the general counsel now owns 6,627 shares in the company, valued at approximately $2,801,895.60. The sale was disclosed in a filing with the SEC, which is available on the SEC website. Also, Director Frederic B. Luddy sold 6,600 shares of ServiceNow stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the transaction, the director now owns 33,600 shares of the company’s stock, valued at approximately $16,699,536. The disclosure for this sale can be found here. Insiders have sold a total of 32,922 shares of company stock valued at $15,146,557 over the last 90 days. 0.28% of the stock is owned by corporate insiders.
Institutional Investors Are Weighing In On The Service Today
Institutional investors and hedge funds have recently made changes to their positions in the company. Chilton Capital Management LLC purchased a new stake in shares of ServiceNow during the fourth quarter valued at $25,000. OLD Second National Bank of Aurora bought a new stake in shares of ServiceNow during the first quarter valued at $28,000. Tortoise Investment Management LLC raised its position in shares of ServiceNow by 55.0% in the second quarter. Tortoise Investment Management LLC now owns 62 shares of the information technology services provider’s stock valued at $29,000 after acquiring an additional 22 shares during the last quarter. High Net Worth Advisory Group LLC bought a new stake in shares of ServiceNow in the first quarter valued at $29,000. Finally, Delos Wealth Advisors LLC bought a new stake in shares of ServiceNow during the fourth quarter valued at $40,000. Institutional investors own 87.49% of the company’s stock.
ServiceNow Company Profile
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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.
Further Reading
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