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Research analysts at Morgan Stanley assumed coverage on shares of ServiceNow (NYSE:NOW) in a report released on Wednesday. The firm set a “buy” rating and a $74.00 price target on the stock. Morgan Stanley’s price objective would suggest a potential upside of 23.89% from the stock’s previous close.

The analysts wrote, “Strong relationships with enterprise IT departments a differentiating factor. NOW’s products provide a way to improve an IT department’s standing within an organization by improving user experience. They also provide a mechanism for IT personnel to reassert some control away from other division managers in technology purchasing and enterprise IT roadmap decisions. As a result, IT personnel become advocates for the adoption of NOW’s platform across other business units.”

ServiceNow (NYSE:NOW) opened at 59.73 on Wednesday. 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 $57.91. The company’s market cap is $8.703 billion.

ServiceNow (NYSE:NOW) last released its earnings data on Wednesday, July 30th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting the 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 in the previous year, the company posted ($0.06) earnings per share. The company’s revenue for the quarter was up 62.9% on a year-over-year basis. On average, analysts predict that ServiceNow will post $-0.08 earnings per share for the current fiscal year.

In other ServiceNow news, CFO Michael Scarpelli sold 10,000 shares of ServiceNow stock on the open market in a transaction dated Friday, August 22nd. The stock was sold at an average price of $60.00, for a total value of $600,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

A number of other analysts have also recently weighed in on NOW. Analysts at DA Davidson initiated coverage on shares of ServiceNow in a research note on Tuesday. They set a “buy” rating and a $74.00 price target on the stock. Separately, 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. Finally, 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. Five investment 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 company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $66.71.

ServiceNow, Inc is a provider of cloud-based services to automate enterprise information technology (NYSE:NOW) operations.

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