OTR Global Lowers ServiceNow Inc. (NOW) to Positive
ServiceNow Inc. (NYSE:NOW) was downgraded by OTR Global to a “positive” rating in a research report issued on Wednesday, The Fly reports.
Several other research analysts have also recently commented on the stock. Zacks Investment Research cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, August 9th. Mizuho upgraded shares of ServiceNow from a “neutral” rating to a “buy” rating and upped their target price for the stock from $70.00 to $85.00 in a research report on Friday, July 15th. MKM Partners upped their target price on shares of ServiceNow from $60.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, July 28th. Oppenheimer Holdings Inc. assumed coverage on shares of ServiceNow in a research report on Thursday, June 16th. They issued a “market perform” rating for the company. Finally, Morgan Stanley increased their price objective on shares of ServiceNow from $76.00 to $82.00 and gave the company an “overweight” rating in a report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the company’s stock. ServiceNow has a consensus rating of “Buy” and a consensus price target of $84.47.
Shares of ServiceNow (NYSE:NOW) traded down 5.43% during trading on Wednesday, hitting $74.52. The company’s stock had a trading volume of 1,544,840 shares. The company has a 50-day moving average price of $76.31 and a 200-day moving average price of $71.67. ServiceNow has a one year low of $46.00 and a one year high of $91.28. The stock’s market cap is $12.26 billion.
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ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 27th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.10 by $0.05. ServiceNow had a negative net margin of 38.64% and a negative return on equity of 36.56%. The firm earned $341.30 million during the quarter, compared to analysts’ expectations of $334.07 million. During the same quarter in the prior year, the firm earned $0.05 EPS. ServiceNow’s quarterly revenue was up 38.3% on a year-over-year basis. Equities analysts predict that ServiceNow will post $0.66 EPS for the current fiscal year.
In related news, Director William L. Strauss sold 5,000 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $74.54, for a total value of $372,700.00. Following the transaction, the director now directly owns 10,061 shares in the company, valued at approximately $749,946.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Frederic B. Luddy sold 150,000 shares of the firm’s stock in a transaction on Wednesday, July 20th. The shares were sold at an average price of $71.20, for a total transaction of $10,680,000.00. Following the completion of the transaction, the insider now owns 155,249 shares in the company, valued at $11,053,728.80. The disclosure for this sale can be found here. Insiders own 5.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Mizuho Asset Management Co. Ltd. raised its position in ServiceNow by 162.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,272 shares of the company’s stock worth $151,000 after buying an additional 1,406 shares during the last quarter. Tower Research Capital LLC TRC raised its position in ServiceNow by 343.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,379 shares of the company’s stock worth $158,000 after buying an additional 1,843 shares during the last quarter. BlueMountain Capital Management LLC purchased a new position in ServiceNow during the second quarter worth about $177,000. Quadrature Capital Ltd purchased a new position in ServiceNow during the first quarter worth about $214,000. Finally, Capstone Asset Management Co. purchased a new position in ServiceNow during the second quarter worth about $231,000. Institutional investors and hedge funds own 95.72% of the company’s stock.
ServiceNow Company Profile
ServiceNow, Inc is a provider of cloud-based solutions that define, structure, manage and automate services across the global enterprise. The Company provides cloud-based service management and business management solutions that address the needs of various departments within an enterprise, including information technology (IT), human resources (HR), facilities, field service, marketing, customer service, security, legal and finance.
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