ServiceNow (NYSE:NOW – Get Rating) Cowen cut their target price from $695.00 to $590.00 in a research note published on Friday, The Fly reports.
Several other equities research analysts have recently weighed in on NOW. Piper Sandler dropped their price target on ServiceNow from $650.00 to $600.00 and set an overweight rating for the company in a report on Wednesday, May 25th. Wells Fargo & Company began coverage on ServiceNow in a report on Wednesday, May 18th. They issued an overweight rating and a $600.00 price target for the company. Morgan Stanley dropped their price target on ServiceNow from $594.00 to $575.00 and set an overweight rating for the company in a report on Thursday, July 14th. Truist Financial cut their price target on ServiceNow from $700.00 to $600.00 in a research report on Tuesday, May 10th. Finally, Exane BNP Paribas lowered ServiceNow from a neutral rating to an underperform rating in a research report on Tuesday, March 29th. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow has a consensus rating of Moderate Buy and an average price target of $624.81.
ServiceNow Price Performance
NOW opened at $446.77 on Friday. The business has a fifty day moving average of $462.48 and a 200 day moving average of $509.66. ServiceNow has a 52-week low of $406.47 and a 52-week high of $707.60. 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 stock has a market cap of $89.56 billion, a P/E ratio of 406.15, a PEG ratio of 9.08 and a beta of 1.03.
ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, April 27th. The information technology services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the business earned $0.50 EPS. Business revenue for the quarter was up 26.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceNow will post 1.71 EPS for the current year.
Insider Buying and Selling at ServiceNow
In other ServiceNow news, Director Teresa Briggs sold 932 shares of the business’s stock in a transaction dated Friday, April 29th. The stock was sold at an average price of $490.26, for a total transaction of $456,922.32. Following the sale, the director now owns 707 shares in the company, valued at approximately $346,613.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC’s website. 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 value of $3,342,640.00. Following the sale, the chief operating officer now owns 38,980 shares in the company, valued at $18,613,729.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Teresa Briggs sold 932 shares of the company’s stock in a transaction dated Friday, April 29th. The stock was sold at an average price of $490.26, for a total value of $456,922.32. Following the completion of the sale, the director now owns 707 shares in the company, valued at approximately $346,613.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,577 shares of company stock valued at $8,503,327. 0.28% of the stock is currently owned by insiders.
Institutional Trading Services Today
A number of hedge funds have recently modified their holdings of the stock. Chilton Capital Management LLC bought a new position in ServiceNow during the fourth quarter valued at approximately $25,000. OLD Second National Bank of Aurora purchased a new position in ServiceNow during the first quarter valued at approximately $28,000. High Net Worth Advisory Group LLC purchased a new position in ServiceNow during the first quarter valued at approximately $29,000. AHL Investment Management Inc. purchased a new position in ServiceNow during the fourth quarter valued at approximately $35,000. Finally, Lee Financial Co boosted its position in ServiceNow by 671.4% during the fourth quarter. Lee Financial Co now owns 54 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 47 shares in the last quarter. Hedge funds and other institutional investors own 87.20% 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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