ServiceNow, Inc. (NYSE:NOW – Get Rating) saw an uptick in trading volume on Thursday after Cowen raised their target price on the stock from $510.00 to $520.00. 82,712 shares were traded in mid-day trade, a drop of 96% from the previous session’s volume of 1,922,710 shares. The stock last traded at $417.41 and previously closed at $366.41.
NOW has been the subject of several other reports. Piper Sandler decreased their price objective on ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a research report on Thursday, July 28th. Credit Suisse Group decreased their price objective on ServiceNow from $650.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday. Barclays upped their price objective on ServiceNow from $495.00 to $501.00 and gave the company an “overweight” rating in a research report on Tuesday, October 18th. Cowen upped their price objective on ServiceNow from $510.00 to $520.00 in a research report on Thursday. Finally, BMO Capital Markets reduced their price target on ServiceNow from $497.00 to $430.00 and set an “outperform” rating on the stock in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and thirty-one have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $564.82.
Internal Activity
In other news, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction dated 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 sale, the director now owns 31,800 shares in the company, valued at $12,257,628. The transaction was disclosed in a legal filing with the SEC, available through this link. In other ServiceNow news, General Counsel Russell S. Elmer sold 4,812 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $438.99, for a total transaction of $2,112,419.88. Following the completion of the sale, the general counsel now owns 9,293 shares in the company, valued at approximately $4,079,534.07. The sale was disclosed in a legal filing with the SEC, which is available through the SEC’s website. Also, Director Frederic B. Luddy sold 6,600 shares of the firm’s stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $385.46, for a total value of $2,544,036.00. Following the sale, the director now owns 31,800 shares of the company’s stock, valued at approximately $12,257,628. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,393 shares of company stock worth $12,856,570. 0.28% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On The Service Now
A number of hedge funds have recently bought and sold shares of the business. Financial Architects Inc grew its position in shares of ServiceNow by 5.9% in the 1st quarter. Financial Architects Inc now owns 378 shares of the information technology services provider’s stock valued at $211,000 after acquiring an additional 21 shares during the last quarter. Sugarloaf Wealth Management LLC grew its position in shares of ServiceNow by 23.4% in the 1st quarter. Sugarloaf Wealth Management LLC now owns 116 shares of the information technology services provider’s stock valued at $65,000 after acquiring an additional 22 shares during the last quarter. Tortoise Investment Management LLC grew its position in shares of ServiceNow by 55.0% in the 2nd quarter. Tortoise Investment Management LLC now owns 62 shares of the information technology services provider’s stock valued at $29,000 after acquiring an additional 22 shares during the last quarter. Institute for Wealth Management LLC. grew its position in shares of ServiceNow by 0.7% in the 2nd quarter. Institute for Wealth Management LLC. now owns 3,484 shares of the information technology services provider’s stock worth $1,657,000 after acquiring an additional 23 shares in the last quarter. Finally, HHM Wealth Advisors LLC grew its position in shares of ServiceNow by 21.8% in the 2nd quarter. HHM Wealth Advisors LLC now owns 134 shares of the information technology services provider’s stock valued at $64,000 after acquiring an additional 24 shares during the last quarter. Institutional investors and hedge funds own 87.49% of the company’s stock.
ServiceNow Trading rose 13.4%
The company has a market cap of $83.97 billion, a price-to-earnings ratio of 456.78, a price-to-earnings-growth ratio of 7.52 and a beta of 0.98. The company has a 50-day moving average price of $409.78 and a 200-day moving average price of $448.85. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35.
ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, topping the consensus estimate of $0.12 by $0.08. The company had revenue of $1.75 billion in the quarter, compared to analyst estimates of $1.76 billion. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. Business revenue increased 24.3% on a year-over-year basis. In the same quarter last year, the company earned $0.38 EPS. As a group, sell-side analysts predict that ServiceNow, Inc. will post 1.71 EPS for the current year.
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.
Further Reading
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