DA Davidson Initiates Coverage on ServiceNow (NOW)
Analysts at DA Davidson initiated coverage on shares of ServiceNow (NYSE:NOW) in a research report issued to clients and investors on Tuesday. The firm set a “buy” rating and a $74.00 price target on the stock. DA Davidson’s price target points to a potential upside of 23.89% from the company’s current price.
ServiceNow (NYSE:NOW) traded up 1.55% on Tuesday, hitting $59.73. The stock had a trading volume of 1,012,072 shares. ServiceNow has a one year low of $44.17 and a one year high of $71.80. The stock’s 50-day moving average is $57.33 and its 200-day moving average is $57.95. The company’s market cap is $8.703 billion.
ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 30th. The company reported ($0.07) earnings per share for the quarter, meeting the analysts’ consensus estimate of ($0.07). The company had revenue of $166.48 million for the quarter, compared to the consensus estimate of $161.53 million. During the same quarter last year, the company posted ($0.06) earnings per share. ServiceNow’s revenue was up 62.9% compared to the same quarter last year. On average, analysts predict that ServiceNow will post $-0.09 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Credit Suisse reiterated a “neutral” rating on shares of ServiceNow in a research note on Thursday, July 31st. They now have a $50.00 price target on the stock, up previously from $40.00. Separately, analysts at RBC Capital raised their price target on shares of ServiceNow from $65.00 to $70.00 in a research note on Thursday, July 31st. They now have an “outperform” rating on the stock. Finally, analysts at Susquehanna raised their price target on shares of ServiceNow from $75.00 to $78.00 in a research note on Thursday, July 31st. They now have a “positive” rating on the stock. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $66.11.
In other ServiceNow news, COO Daniel Mcgee unloaded 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $54.77, for a total transaction of $547,700.00. The transaction was disclosed in a document filed with the SEC, 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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