Guggenheim assumed coverage in parts of ServiceNow (NYSE:NOW – Get Rating) in a research report sent to investors on Friday, MarketBeat.com reports. The brokerage issued a neutral rating and a $510.00 target price on the information technology services provider’s stock.
Several other analysts have recently commented on the stock. Credit Suisse Group dropped their price target on shares of ServiceNow from $700.00 to $650.00 and set an outperform rating for the company in a research note on Thursday, July 28th. KeyCorp cut their price target on ServiceNow from $567.00 to $520.00 and set an overweight rating on the stock in a research report on Thursday, July 28th. UBS Group dropped their price target on ServiceNow from $540.00 to $515.00 and set a buy rating for the company in a report 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 research note on Monday, July 25th. Finally, Barclays reduced their price target on shares of ServiceNow from $560.00 to $495.00 and set an overweight rating on the stock in a research 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 stock currently has an average rating of Moderate Buy and an average target price of $598.84.
ServiceNow Stock Performance
NYSE NOW opened at $506.51 on Friday. 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 fifty-two week low of $406.47 and a fifty-two week high of $707.60. The business has a fifty-day moving average of $468.07 and a 200-day moving average of $503.28. The stock has a market cap of $102.32 billion, a price-to-earnings ratio of 556.60, a price-to-earnings-growth ratio of 10.28 and a beta of 0.94.
ServiceNow (NYSE:NOW – Get Rating) last announced its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.08. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The firm had revenue of $1.75 billion in the quarter, compared to the consensus estimate of $1.76 billion. In the same quarter last year, the company posted $0.38 EPS. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. As a group, analysts predict that ServiceNow will post 1.73 earnings per share for the current fiscal year.
Insider Buying and Selling
In other ServiceNow news, COO Chirantan Jitendra Desai sold 7,000 shares of ServiceNow stock in a transaction that occurred on 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 completion of the transaction, the chief operating officer now directly owns 38,980 shares in the company, valued at $18,613,729.60. The sale was disclosed in a legal filing with the SEC, which is accessible via this hyperlink. In other ServiceNow news, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s stock in a transaction on 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 directly owns 38,980 shares in the company, valued at $18,613,729.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible through this link. Also, Director Frederic B. Luddy sold 707 shares of the business’s stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $501.92, for a total transaction of $354,857.44. Following the transaction, the director now directly owns 660 shares of the company’s stock, valued at approximately $331,267.20. The disclosure for this sale can be found here. Insiders sold a total of 33,362 shares of company stock worth $15,644,017 in the last quarter. 0.28% of the stock is owned by company insiders.
Institutional Investors Weigh In On The Service Now
A number of hedge funds have recently made changes to their business positions. Raised by Advisor Group Holdings Inc. its stake in shares of ServiceNow by 5.5% in the fourth quarter. Advisor Group Holdings Inc. now owns 62,078 shares of the information technology services provider’s stock worth $40,205,000 after buying an additional 3,260 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in ServiceNow by 2.8% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 19,223 shares of the information technology services provider’s stock valued at $12,478,000 after buying an additional 523 shares during the period. Frontier Wealth Management LLC lifted its stake in shares of ServiceNow by 26.7% in the 4th quarter. Frontier Wealth Management LLC now owns 1,591 shares of the information technology services provider’s stock valued at $1,033,000 after acquiring an additional 335 shares during the period. Atria Investments LLC boosted its holdings in shares of ServiceNow by 5.6% in the fourth quarter. Atria Investments LLC now owns 15,238 shares of the information technology services provider’s stock valued at $9,891,000 after acquiring an additional 813 shares in the last quarter. Finally, Congress Wealth Management LLC DE acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $299,000. Institutional investors own 87.20% 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.
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