Stock analysts at JPMorgan Chase & Co. the coverage on the shares of ServiceNow (NYSE:NOW – Get Rating) in a report released on Tuesday, reports The Fly. The brokerage set an “overweight” rating on the information technology services provider’s stock.
A number of other research analysts have also recently issued reports on the company. Morgan Stanley decreased their price objective on ServiceNow from $594.00 to $575.00 and set an “overweight” rating on the stock in a research note on Thursday, July 14th. Moffett Nathanson started coverage on ServiceNow in a research note on Thursday, September 22nd. They issued a “hold” rating and a $553.00 target price on the stock. UBS Group cut their price target on ServiceNow from $540.00 to $515.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Wells Fargo & Company dropped their price objective on shares of ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Finally, Citigroup dropped their price target on shares of ServiceNow from $600.00 to $575.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Two analysts have rated the stock with a sell rating, four have given a hold rating and twenty-eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $593.29.
ServiceNow Stock Drops 4.8%
NOW opened at $381.78 on Tuesday. The stock has a market cap of $77.12 billion, a PE ratio of 419.54, a P/E/G ratio of 8.15 and a beta of 0.98. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.35. ServiceNow has a 52 week low of $367.71 and a 52 week high of $707.60. The business’s fifty day simple moving average is $442.79 and its 200 day simple moving average is $464.86.
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 (EPS) 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 company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the company earned $0.38 earnings per share. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. As a group, research analysts anticipate that ServiceNow will post 1.73 earnings per share for the current fiscal year.
ServiceNow Insider Transactions
In related news, General Counsel Russell S. Elmer sold 2,666 shares of the stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $422.80, for a total value of $1,127,184.80. Following the sale, the general counsel now directly owns 6,627 shares of the company’s stock, valued at approximately $2,801,895.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other ServiceNow news, General Counsel Russell S. Elmer sold 2,666 shares of the company’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $422.80, for a total value of $1,127,184.80. Following the transaction, the general counsel now directly owns 6,627 shares in the company, valued at approximately $2,801,895.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Frederic B. Luddy sold 6,600 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $465.86, for a total transaction of $3,074,676.00. Following the completion of the transaction, the director now owns 33,000 shares in the company, valued at $15,373,380. The disclosure for this sale can be found here. Insiders have sold a total of 26,322 shares of company stock valued at $11,866,291 over the last ninety days. 0.28% of the stock is currently owned by company insiders.
Institutional Entry and Exit
A number of hedge funds have recently bought and sold shares of NOW. The Glenmede Trust Co. NA grew its position in ServiceNow by 1.9% in the fourth quarter. The Glenmede Trust Co. NA now owns 26,060 shares of the information technology services provider’s stock valued at $16,915,000 after acquiring an additional 478 shares in the last quarter. Crestwood Advisors Group LLC grew its position in shares of ServiceNow by 2.0% during the fourth quarter. Crestwood Advisors Group LLC now owns 11,373 shares of the information technology services provider’s stock valued at $7,382,000 after buying an additional 222 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its position in shares of ServiceNow by 15.3% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 56,419 shares of the information technology services provider’s stock valued at $36,622,000 after buying an additional 7,494 shares in the last quarter. Covington Capital Management grew its position in shares of ServiceNow by 5.5% during the fourth quarter. Covington Capital Management now owns 2,960 shares of the information technology services provider’s stock valued at $1,921,000 after buying an additional 155 shares in the last quarter. Finally, Parametric Portfolio Associates LLC boosted its position in shares of ServiceNow by 4.9% during the fourth quarter. Parametric Portfolio Associates LLC now owns 689,781 shares of the information technology services provider’s stock valued at $447,744,000 after purchasing an additional 32,010 shares during the last quarter. Hedge funds and other 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.
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