ServiceNow (NYSE:NOW – Get Rating) was upgraded by Guggenheim from a “neutral” rating to a “buy” rating in a note issued to investors on Monday, The Fly reports.
NOW has been the subject of several other research reports. Mizuho reduced their price objective on shares of ServiceNow from $500.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, October 17th. Royal Bank of Canada reduced their price target on shares of ServiceNow from $550.00 to $500.00 and set an “outperform” rating on the stock in a research report on Monday, October 17th. Moffett Nathanson assumed coverage on shares of ServiceNow in a research report on Thursday, September 22nd. They set a “hold” rating and a $553.00 target price on the stock. StockNews.com assumed coverage on shares of ServiceNow in a report on Wednesday, October 12th. They gave the stock a “hold” rating. Finally, Truist Financial cut their price objective on shares of ServiceNow from $600.00 to $550.00 and set a “buy” rating on the stock in a report on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-nine have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $569.09.
ServiceNow Stock Performance
ServiceNow stock opened at $356.48 on Monday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $72.01 billion, a PE ratio of 391.74, a P/E/G ratio of 7.35 and a beta of 0.98. The firm has a fifty day simple moving average of $418.86 and a two hundred day simple moving average of $451.79. ServiceNow has a twelve month low of $337.00 and a twelve month high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.08. The business had revenue of $1.75 billion in the quarter, compared to the consensus estimate of $1.76 billion. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. During the same period last year, the company posted $0.38 earnings per share. research analysts anticipate that ServiceNow will post 1.72 EPS for the current year.
ServiceNow Insider Activity
In related news, insider Paul John Smith sold 130 shares of ServiceNow stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $502.81, for a total transaction of $65,365.30. Following the completion of the sale, the insider now owns 2,157 shares in the company, valued at approximately $1,084,561.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, available at this link. In other ServiceNow news, insider Paul John Smith sold 130 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $502.81, for a total transaction of $65,365.30. Following the transaction, the insider now owns 2,157 shares of the company’s stock, valued at approximately $1,084,561.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC website. Also, insider Nicholas Tzitzon sold 2,822 shares of the firm’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $438.75, for a total transaction of $1,238,152.50. The disclosure for this sale can be found here. Insiders have sold 32,922 shares of company stock valued at $14,410,327 over the last 90 days. 0.28% of the stock is owned by corporate insiders.
Institutional Entry and Exit
A number of institutional investors and hedge funds have recently modified their holdings of the company. Raised by Ronald Blue Trust Inc. its position in shares of ServiceNow by 136.7% in the 3rd quarter. The Ronald Blue Trust Inc. now owns 232 shares of the information technology services provider’s stock valued at $110,000 after buying an additional 134 shares in the last quarter. Bridges Investment Management Inc. grew its position in shares of ServiceNow by 48.5% in the 3rd quarter. Bridges Investment Management Inc. now owns 26,857 shares of the information technology services provider’s stock valued at $10,141,000 after purchasing an additional 8,773 shares during the last quarter. The Whittier Trust Co. grew its position in shares of ServiceNow by 4.2% in the 3rd quarter. The Whittier Trust Co. now owns 31,719 shares of the information technology services provider’s stock valued at $11,976,000 after buying an additional 1,275 shares during the last quarter. Hanson & Doremus Investment Management grew its position in ServiceNow by 13.7% during the 3rd quarter. Hanson & Doremus Investment Management now owns 960 shares of the information technology services provider’s stock valued at $363,000 after buying an additional 116 shares during the last quarter. Finally, Xcel Wealth Management LLC grew its position in ServiceNow by 202.0% during the 3rd quarter. Xcel Wealth Management LLC now owns 3,020 shares of the information technology services provider’s stock valued at $1,140,000 after buying an additional 2,020 shares in the last quarter. Hedge funds and other institutional investors own 87.49% of the company’s stock.
About ServiceNow
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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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