ServiceNow Inc. (NOW) Stock Rating Lowered by OTR Global
ServiceNow Inc. (NYSE:NOW) was downgraded by investment analysts at OTR Global to a “positive” rating in a research note issued to investors on Wednesday, The Fly reports.
Several other brokerages have also issued reports on NOW. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $90.00 price target on shares of ServiceNow in a research note on Thursday, July 28th. BMO Capital Markets assumed coverage on ServiceNow in a report on Monday, September 19th. They issued a “market perform” rating and a $85.00 price objective on the stock. Cowen and Company assumed coverage on ServiceNow in a report on Friday, June 24th. They issued an “outperform” rating and a $95.00 price objective on the stock. Zacks Investment Research downgraded ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, August 9th. Finally, Argus reiterated a “buy” rating and issued a $86.00 price objective on shares of ServiceNow in a report on Wednesday, August 3rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $84.47.
Shares of ServiceNow (NYSE:NOW) traded down 4.48% on Wednesday, reaching $75.27. The company’s stock had a trading volume of 3,202,088 shares. The company’s 50 day moving average price is $76.31 and its 200 day moving average price is $71.67. The company’s market cap is $12.38 billion. ServiceNow has a 12-month low of $45.99 and a 12-month high of $91.28.
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ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.05. ServiceNow had a negative return on equity of 36.56% and a negative net margin of 38.64%. The firm earned $341.30 million during the quarter, compared to analyst estimates of $334.07 million. During the same quarter in the previous year, the company posted $0.05 earnings per share. The company’s revenue was up 38.3% compared to the same quarter last year. Analysts forecast that ServiceNow will post $0.66 EPS for the current fiscal year.
In other news, CRO David Schneider sold 4,500 shares of the company’s stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $79.01, for a total value of $355,545.00. Following the completion of the sale, the executive now directly owns 29,694 shares in the company, valued at approximately $2,346,122.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William L. Strauss sold 5,000 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $74.54, for a total value of $372,700.00. Following the completion of the sale, the director now owns 10,061 shares of the company’s stock, valued at $749,946.94. The disclosure for this sale can be found here. Insiders own 5.90% of the company’s stock.
Several large investors have recently bought and sold shares of NOW. Vanguard Group Inc. raised its stake in ServiceNow by 5.3% in the second quarter. Vanguard Group Inc. now owns 11,348,960 shares of the company’s stock valued at $753,572,000 after buying an additional 570,656 shares during the period. Carmignac Gestion raised its stake in ServiceNow by 9.3% in the second quarter. Carmignac Gestion now owns 4,773,861 shares of the company’s stock valued at $316,984,000 after buying an additional 407,846 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in ServiceNow by 4.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,730,652 shares of the company’s stock valued at $247,715,000 after buying an additional 161,792 shares during the period. State Street Corp raised its stake in ServiceNow by 3.9% in the first quarter. State Street Corp now owns 2,817,471 shares of the company’s stock valued at $172,380,000 after buying an additional 106,720 shares during the period. Finally, TIAA CREF Investment Management LLC raised its stake in ServiceNow by 32.3% in the second quarter. TIAA CREF Investment Management LLC now owns 2,743,103 shares of the company’s stock valued at $182,142,000 after buying an additional 668,994 shares during the period. Hedge funds and other institutional investors 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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