ServiceNow Price Target Raised to $70.00 at Canaccord Genuity (NOW)
Equities researchers at Canaccord Genuity lifted their target price on shares of ServiceNow (NYSE:NOW) from $60.00 to $70.00 in a research report issued on Friday, StockRatingsNetwork reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s price objective suggests a potential upside of 13.10% from the company’s current price.
ServiceNow (NYSE:NOW) opened at 61.89 on Friday. ServiceNow has a one year low of $25.71 and a one year high of $62.23. The stock’s 50-day moving average is $54.41 and its 200-day moving average is $50.07. The company’s market cap is $8.586 billion.
ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 23rd. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.03. The company had revenue of $111.30 million for the quarter, compared to the consensus estimate of $105.33 million. During the same quarter in the previous year, the company posted ($0.06) earnings per share. The company’s revenue for the quarter was up 73.1% on a year-over-year basis. On average, analysts predict that ServiceNow will post $-0.07 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at RBC Capital initiated coverage on shares of ServiceNow in a research note to investors on Monday. They set an “outperform” rating and a $70.00 price target on the stock. Separately, analysts at Barclays raised their price target on shares of ServiceNow from $60.00 to $65.00 in a research note to investors on Friday, January 10th. They now have an “overweight” rating on the stock. Finally, analysts at FBN Securities raised their price target on shares of ServiceNow from $55.00 to $65.00 in a research note to investors on Friday, October 25th. They now have an “outperform” rating on the stock. Five investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. ServiceNow presently has an average rating of “Buy” and an average target price of $58.78.
In other ServiceNow news, CFO Michael Scarpelli sold 20,000 shares of the company’s stock on the open market in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $59.14, for a total value of $1,182,800.00. Following the completion of the sale, the chief financial officer now directly owns 150,889 shares of the company’s stock, valued at approximately $8,923,575. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
ServiceNow, Inc is a provider of cloud-based services to automate enterprise information technology (NYSE:NOW) operations.
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