Stephens Initiates Coverage on ServiceNow (NOW)
Research analysts at Stephens initiated coverage on shares of ServiceNow (NYSE:NOW) in a report released on Wednesday, TheFlyOnTheWall.com reports. The firm set an “overweight” rating and a $60.00 price target on the stock. Stephens’ price target points to a potential upside of 30.21% from the company’s current price.
The analysts wrote, “We view ServiceNow as a technology and share leader in the Cloud Computing and IT Operations Management market. Driven by market leading product capabilities, strong market trends and a growing platform play, we believe the company is well positioned for superior organic growth. We are initiating coverage with an Overweight/Vol rating and $60 price target.”
A number of other firms have also recently commented on NOW. Analysts at Deutsche Bank reiterated a “buy” rating on shares of ServiceNow in a research note to investors on Thursday, August 1st. They now have a $47.00 price target on the stock, up previously from $42.00. Separately, analysts at JG Capital downgraded shares of ServiceNow from an “overweight” rating to a “neutral” rating in a research note to investors on Thursday, August 1st. They now have a $44.00 price target on the stock. Finally, analysts at Susquehanna initiated coverage on shares of ServiceNow in a research note to investors on Tuesday, July 16th. They set a “positive” rating and a $56.00 price target on the stock.
Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. ServiceNow presently has an average rating of “Buy” and an average price target of $45.57.
ServiceNow (NYSE:NOW) traded up 0.91% during mid-day trading on Wednesday, hitting $46.50. The stock had a trading volume of 377,415 shares. ServiceNow has a one year low of $25.54 and a one year high of $47.83. The stock’s 50-day moving average is $44.14 and its 200-day moving average is $38.97. The company’s market cap is $6.361 billion.
ServiceNow (NYSE:NOW) last released its earnings data on Wednesday, July 31st. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by $0.01. The company had revenue of $102.20 million for the quarter, compared to the consensus estimate of $95.52 million. During the same quarter in the previous year, the company posted ($0.12) earnings per share. The company’s revenue for the quarter was up 79.9% on a year-over-year basis. On average, analysts predict that ServiceNow will post $-0.09 earnings per share for the current fiscal year.
In other ServiceNow news, SVP David Schneider sold 30,468 shares of the stock in a transaction that occured on Monday, August 26th. The shares were sold at an average price of $47.06, for a total value of $1,433,824.08. Following the transaction, the senior vice president now directly owns 730 shares of the company’s stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
ServiceNow, Inc is a provider of cloud-based services to automate enterprise information technology (NYSE:NOW) operations.
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