ServiceNow (NYSE:NOW – Get Rating) Credit Suisse Group cut their price objective from $700.00 to $650.00 in a research report sent to investors on Thursday morning, The Fly reports. They currently have an outperform rating on the information technology services provider’s stock.
A number of other research analysts have also recently weighed in on the company. Wells Fargo & Company dropped their price target on ServiceNow from $600.00 to $550.00 and set an overweight rating on the stock in a report on Monday, July 25th. 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. Stifel Nicolaus dropped their target price on ServiceNow from $650.00 to $550.00 in a report on Wednesday, May 25th. Morgan Stanley dropped their price target on ServiceNow from $594.00 to $575.00 and set an overweight rating on the stock in a report on Thursday, July 14th. Finally, StockNews.com assumed coverage on ServiceNow in a research report on Thursday, March 31st. They set a hold rating for the company. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $589.90.
ServiceNow Stock Performance
Shares of NYSE NOW opened at $446.66 on Thursday. 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 capitalization of $89.54 billion, a price-to-earnings ratio of 406.05, a PEG ratio of 8.94 and a beta of 1.03. The stock’s fifty day simple moving average is $463.62 and its 200 day simple moving average is $505.32. ServiceNow has a 52-week low of $406.47 and a 52-week high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology services provider reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.09. The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.76 billion. ServiceNow had a return on equity of 8.66% and a net margin of 3.56%. The company’s quarterly revenue was up 24.3% on a year-over-year basis. During the same period last year, the company posted $0.38 EPS. As a group, sell-side analysts predict that ServiceNow will post 1.71 earnings per share for the current fiscal year.
ServiceNow Insider Activity
In related news, insider Jacqueline P. Canney sold 580 shares of the business’s stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $431.51, for a total transaction of $250,275.80. Following the transaction, the insider now directly owns 189 shares in the company, valued at $81,555.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Paul John Smith sold 125 shares of the business’s stock in a transaction dated Friday, May 13th. The stock was traded at an average price of $446.04, for a total transaction of $55,755.00. Following the transaction, the insider now directly owns 1,446 shares in the company, valued at $644,973.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 580 shares of the company’s stock in a transaction that occurred on Monday, May 9th. The shares were sold at an average price of $431.51, for a total value of $250,275.80. Following the completion of the sale, the insider now owns 189 shares in the company, valued at $81,555.39. The disclosure for this sale can be found here. Insiders have sold 16,150 shares of company stock valued at $7,804,261 over the last three months. Company insiders own 0.28% of the company’s stock.
Institutional Investors Weigh In On The Service Now
A number of large investors have recently modified their holdings of the stock. Raised by Vanguard Group Inc. its stake in shares of ServiceNow by 1.9% in the 1st quarter. The Vanguard Group Inc. now owns 16,295,607 shares of the information technology services provider’s stock valued at $9,074,862,000 after buying an additional 306,106 shares during the period. Raised by BlackRock Inc. its stake in shares of ServiceNow by 0.4% in the 4th quarter. BlackRock Inc. now owns 16,190,700 shares of the information technology services provider’s stock valued at $10,509,544,000 after buying an additional 65,623 shares during the period. State Street Corp grew its stake in shares of ServiceNow by 3.2% in the 4th quarter. State Street Corp now owns 7,870,165 shares of the information technology services provider’s stock valued at $5,108,603,000 after buying an additional 241,296 shares during the period. Polen Capital Management LLC grew its stake in shares of ServiceNow by 2.1% in the 1st quarter. Polen Capital Management LLC now owns 3,219,600 shares of the information technology services provider’s stock valued at $1,792,963,000 after purchasing an additional 67,385 shares during the period. Finally, Capital International Investors grew its stake in shares of ServiceNow by 18.1% in the 1st quarter. Capital International Investors now owns 3,207,748 shares of the information technology services provider’s stock valued at $1,786,783,000 after buying an additional 491,835 shares during the period. 87.20% of the stock is currently owned by institutional investors.
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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