ServiceNow (NYSE:NOW) Stock Rating Reaffirmed by Macquarie


Macquarie reiterated their outperform rating on shares of ServiceNow (NYSE:NOW – Get Rating) in a report released on Wednesday, reports Stock Target Advisor. The firm currently has a $500.00 target price on the information technology services provider’s stock.

Several other equities research analysts also recently weighed in on NOW. Cowen boosted their target price on shares of ServiceNow from $510.00 to $520.00 in a research note on Thursday, October 27th. Mizuho upped their target price on shares of ServiceNow from $480.00 to $500.00 and gave the stock a buy rating in a research note on Thursday, October 27th. Barclays reduced their target price on shares of ServiceNow to $496.00 in a research note on Thursday, October 27th. Piper Sandler reduced their price target on shares of ServiceNow from $600.00 to $550.00 and set an overweight rating for the company in a research note on Thursday, July 28th. Finally, Canaccord Genuity Group reduced their price target on shares of ServiceNow from $615.00 to $510.00 and set a buy rating for the company in a research note on Thursday, July 28th. Two research 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 stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of Moderate Buy and a consensus price target of $537.26.

ServiceNow Price Performance

Shares of NOW opened at $361.75 on Wednesday. ServiceNow has a fifty-two week low of $337.00 and a fifty-two week high of $702.74. The company has a market capitalization of $73.07 billion, a price-to-earnings ratio of 365.40, a price-to-earnings-growth ratio of 7.94 and a beta of 0.99. The firm has a 50-day simple moving average of $402.49 and a 200-day simple moving average of $443.77. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.24 and a current ratio of 1.24.

Internal Activity

In other news, Director Frederic B. Luddy sold 6,600 shares of the firm’s stock in a transaction 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 transaction, the director now owns 31,800 shares of the company’s stock, valued at approximately $12,257,628. The sale was disclosed in a legal filing with the SEC, which is accessible via this hyperlink. In other news, Director Frederic B. Luddy sold 6,600 shares of the firm’s stock in a transaction 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 transaction, the director now owns 31,800 shares of the company’s stock, valued at approximately $12,257,628. The sale was disclosed in a legal filing with the SEC, which is accessible via this hyperlink. Also, insider Jacqueline P. Canney sold 478 shares of the firm’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $418.56, for a total transaction of $200,071.68. Following the completion of the transaction, the insider now directly owns 1,327 shares in the company, valued at approximately $555,429.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,660 shares of company stock worth $9,888,017. Company insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On The Service Now

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Chevy Chase Trust Holdings LLC increased its stake in ServiceNow by 1.8% in the 3rd quarter. Chevy Chase Trust Holdings LLC now owns 123,344 shares of the information technology services provider’s stock valued at $46,576,000 after purchasing an additional 2,192 shares during the period. Commerce Bank increased its stake in ServiceNow by 0.5% in the 3rd quarter. Commerce Bank now owns 41,875 shares of the information technology services provider’s stock valued at $15,812,000 after purchasing an additional 215 shares during the period. TRUE Private Wealth Advisors increased its stake in ServiceNow by 26.8% in the 3rd quarter. TRUE Private Wealth Advisors now owns 720 shares of the information technology services provider’s stock valued at $271,000 after purchasing an additional 152 shares during the period. George Kaiser Family Foundation increased its position in shares of ServiceNow by 8.8% in the 3rd quarter. George Kaiser Family Foundation now owns 15,363 shares of the information technology services provider’s stock valued at $5,801,000 after buying an additional 1,241 shares during the last quarter. Finally, AIA Group Ltd increased its position in shares of ServiceNow by 18.3% in the 3rd quarter. AIA Group Ltd now owns 1,661 shares of the information technology services provider’s stock valued at $627,000 after buying an additional 257 shares during 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.

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