ServiceNow, Inc. (NOW) Sees Large Growth in Short Interest
ServiceNow, Inc. (NYSE:NOW) was the target of a significant growth in short interest in May. As of May 31st, there was short interest totalling 9,414,034 shares, a growth of 48.9% from the May 15th total of 6,322,361 shares. Based on an average daily trading volume, of 2,659,319 shares, the days-to-cover ratio is presently 3.5 days. Currently, 5.7% of the company’s stock are sold short.
Shares of ServiceNow (NYSE NOW) opened at 101.26 on Friday. The firm has a 50-day moving average of $100.94 and a 200 day moving average of $89.13. The company’s market capitalization is $17.19 billion. ServiceNow has a 12 month low of $63.51 and a 12 month high of $110.66.
ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, April 26th. The information technology services provider reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.16) by $0.02. The business had revenue of $416.80 million for the quarter, compared to the consensus estimate of $409.26 million. ServiceNow had a negative return on equity of 31.34% and a negative net margin of 10.60%. ServiceNow’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.09 EPS. On average, equities research analysts expect that ServiceNow will post $1.16 earnings per share for the current fiscal year.
NOW has been the subject of a number of research reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $108.00 price objective on shares of ServiceNow in a report on Wednesday, March 8th. Canaccord Genuity reaffirmed a “buy” rating and issued a $105.00 price objective on shares of ServiceNow in a report on Friday, April 21st. Zacks Investment Research raised shares of ServiceNow from a “hold” rating to a “buy” rating and set a $106.00 price objective for the company in a report on Friday, April 28th. BTIG Research reaffirmed a “buy” rating on shares of ServiceNow in a report on Monday, April 24th. Finally, Guggenheim reaffirmed a “buy” rating on shares of ServiceNow in a report on Monday, February 27th. Seven analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $103.55.
In other ServiceNow news, insider John J. Donahoe acquired 11,236 shares of the firm’s stock in a transaction on Tuesday, May 9th. The stock was purchased at an average price of $98.05 per share, with a total value of $1,101,689.80. Following the completion of the acquisition, the insider now directly owns 5,618 shares in the company, valued at approximately $550,844.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frederic B. Luddy sold 167,000 shares of ServiceNow stock in a transaction on Wednesday, March 22nd. The stock was sold at an average price of $85.02, for a total transaction of $14,198,340.00. The disclosure for this sale can be found here. Insiders have sold 696,673 shares of company stock valued at $64,476,246 in the last three months. Corporate insiders own 5.90% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. raised its position in shares of ServiceNow by 3.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,356 shares of the information technology services provider’s stock valued at $398,000 after buying an additional 178 shares during the period. Honeycomb Asset Management LP purchased a new position in shares of ServiceNow during the fourth quarter valued at about $1,859,000. Folger Hill Asset Management LP raised its position in shares of ServiceNow by 3,092.0% in the fourth quarter. Folger Hill Asset Management LP now owns 159,600 shares of the information technology services provider’s stock valued at $11,865,000 after buying an additional 154,600 shares during the period. Renaissance Technologies LLC purchased a new position in shares of ServiceNow during the fourth quarter valued at about $9,159,000. Finally, ARK Investment Management LLC purchased a new position in shares of ServiceNow during the fourth quarter valued at about $352,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.
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ServiceNow Company Profile
ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.
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