ServiceNow (NYSE:NOW – Get Rating) had its price objective lowered by research analysts at Credit Suisse Group from $650.00 to $600.00 in a report issued on Thursday, The Fly reports. The brokerage currently has an “outperform” rating on the information technology services provider’s stock. Credit Suisse Group’s price target indicates a potential upside of 42.72% from the stock’s previous close.
A number of other equities research analysts have also issued reports on NOW. JPMorgan Chase & Co. started coverage on ServiceNow in a research note on Tuesday, October 11th. They set an “overweight” rating and a $460.00 target price for the company. Canaccord Genuity Group reduced their price target on ServiceNow from $615.00 to $510.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Truist Financial reduced their price target on ServiceNow from $600.00 to $550.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. BMO Capital Markets reduced their price target on ServiceNow from $497.00 to $430.00 and set an “outperform” rating for the company in a research report on Monday, October 24th. Finally, Barclays lifted their price target on ServiceNow from $495.00 to $501.00 and gave the company an “overweight” rating in a research report on Tuesday, October 18th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $555.61.
ServiceNow Price Performance
Shares of NOW stock opened at $420.40 on Thursday. ServiceNow has a 52-week low of $337.00 and a 52-week high of $707.60. 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 $84.92 billion, a P/E ratio of 424.65, a P/E/G ratio of 7.74 and a beta of 0.98. The stock has a 50 day moving average price of $408.66 and a 200 day moving average price of $448.22.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share (EPS) for the quarter, topping 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 in the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the company earned $0.38 EPS. ServiceNow’s quarterly revenue was up 24.3% compared to the same quarter last year. As a group, sell-side analysts predict that ServiceNow will post 1.71 earnings per share for the current year.
Insider Buying and Selling
In other ServiceNow news, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction that occurred on Monday, October 10th. The stock was sold at an average price of $385.46, for a total transaction of $2,544,036.00. Following the completion of the transaction, the director now owns 31,800 shares of the company’s stock, valued at $12,257,628. The sale was disclosed in a legal filing with the Securities & Exchange Commission, available through this hyperlink. In related news, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction that occurred on Monday, October 10th. The stock was sold at an average price of $385.46, for a total value of $2,544,036.00. Following the completion of the transaction, the director now directly owns 31,800 shares in the company, valued at $12,257,628. The sale was disclosed in a document filed with the Securities & Exchange Commission, available at this hyperlink. Also, insider Jacqueline P. Canney sold 999 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $451.69, for a total value of $451,238.31. Following the completion of the transaction, the insider now owns 728 shares of the company’s stock, valued at $328,830.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,393 shares of company stock valued at $12,856,570. 0.28% of the stock is owned by company insiders.
Institutional Entry and Exit
A number of hedge funds and other institutional investors have recently modified their holdings of NOW. RB Capital Management LLC boosted its position in shares of ServiceNow by 25.2% in the first quarter. RB Capital Management LLC now owns 954 shares of the information technology services provider’s stock valued at $531,000 after purchasing an additional 192 shares during the period. AdvisorNet Financial Inc lifted its stake in shares of ServiceNow by 419.2% in the first quarter. AdvisorNet Financial Inc now owns 379 shares of the information technology services provider’s stock valued at $211,000 after acquiring an additional 306 shares in the last quarter. IFM Investors Pty Ltd lifted its stake in shares of ServiceNow by 20.0% in the first quarter. IFM Investors Pty Ltd now owns 31,670 shares of the information technology services provider’s stock valued at $17,637,000 after acquiring an additional 5,288 shares during the last quarter. PFG Advisors raised its stake in shares of ServiceNow by 8.8% in the first quarter. PFG Advisors now owns 397 shares of the information technology services provider’s stock valued at $221,000 after acquiring an additional 32 shares in the last quarter. Finally, Graypoint LLC lifted its stake in shares of ServiceNow by 24.8% in the first quarter. Graypoint LLC now owns 1,138 shares of the information technology services provider’s stock valued at $634,000 after acquiring an additional 226 shares during the last quarter. 87.49% of the stock is currently owned by hedge funds and other institutional investors.
About ServiceNow
(Get Rating)
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.
Read more
Receive News and Ratings for ServiceNow Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for ServiceNow and related companies with our FREE daily email newsletter of MarketBeat.com.