ServiceNow (NYSE:NOW – Get Rating) equities research analysts at Morgan Stanley decreased their target price from $556.00 to $540.00 in a report issued on Wednesday, The Fly reports. The firm currently has an “overweight” rating on the information technology services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 51.57% from the company’s current price.
A number of other analysts have also weighed in on NOW. Credit Suisse Group cut their price target on shares of ServiceNow from $700.00 to $650.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Moffett Nathanson initiated coverage on shares of ServiceNow in a research note on Thursday, September 22nd. They set a “hold” rating and a $553.00 target price for the company. Truist Financial reduced their price target on shares of ServiceNow from $600.00 to $550.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Royal Bank of Canada reduced their price target on shares of ServiceNow from $550.00 to $500.00 and set an “outperform” rating for the company in a research report on Monday. Finally, JMP Securities reduced their price target on shares of ServiceNow from $705.00 to $553.00 and set a “market outperform” rating for the company in a research report on Thursday, July 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $571.91.
ServiceNow Trading rose 0.2%
Shares of NYSE:NOW opened at $356.26 on Wednesday. ServiceNow has a 52-week low of $337.00 and a 52-week high of $707.60. The company has a market capitalization of $71.96 billion, a P/E ratio of 391.49, a price-to-earnings-growth ratio of 7.11 and a beta of 0.98. The company has a 50-day simple moving average of $421.78 and a 200-day simple moving average of $454.51. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.12 and a current ratio of 1.12.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings results on Wednesday, July 27. The information technology services provider reported $0.20 earnings per share for the quarter, beating the consensus $0.12 of $0.08. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the company earned $0.38 EPS. Business revenue increased 24.3% on a year-over-year basis. sell-side analysts forecast that ServiceNow will post 1.72 earnings per share for the current year.
Internal Activity
In related news, insider Nicholas Tzitzon sold 2,822 shares of the company’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $438.75, for a total value of $1,238,152.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other ServiceNow news, insider Nicholas Tzitzon sold 2,822 shares of the 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 4,812 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $438.99, for a total transaction of $2,112,419.88. Following the sale, the general counsel now directly owns 9,293 shares of the company’s stock, valued at $4,079,534.07. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,922 shares of company stock valued at $14,410,327. 0.28% of the stock is currently owned by company insiders.
Hedge Fund Weighs In On Service Now
A number of hedge funds have recently modified their holdings of the stock. OLD Second National Bank of Aurora acquired a new position in ServiceNow in the 1st quarter valued at approximately $28,000. Tortoise Investment Management LLC boosted its position in 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 buying an additional 22 shares in the last quarter. High Net Worth Advisory Group LLC bought a new stake in ServiceNow in the 1st quarter valued at approximately $29,000. GoalVest Advisory LLC bought a new stake in ServiceNow in the 1st quarter valued at about $43,000. Finally, Core Alternative Capital boosted its position in ServiceNow by 310.5% in the 1st quarter. Core Alternative Capital now owns 78 shares of the information technology services provider’s stock valued at $43,000 after buying an additional 59 shares in the last quarter. Institutional investors and hedge funds own 87.49% of the company’s stock.
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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