ServiceNow’s (NYSE:NOW) Outperform Rating Reaffirmed at Cowen and Company
ServiceNow, Inc. (NYSE:NOW)‘s stock had its “outperform” rating restated by analysts at Cowen and Company in a research report issued to clients and investors on Thursday. They currently have a $123.00 price target on the information technology services provider’s stock, up from their prior price target of $110.00. Cowen and Company’s target price suggests a potential upside of 11.27% from the stock’s previous close.
NOW has been the subject of a number of other reports. Royal Bank Of Canada lifted their price target on shares of ServiceNow from $108.00 to $110.00 and gave the company a “top pick” rating in a research report on Thursday, April 27th. JMP Securities reiterated an “outperform” rating on shares of ServiceNow in a research report on Thursday. Morgan Stanley lifted their price target on shares of ServiceNow from $108.00 to $114.00 and gave the company an “overweight” rating in a research report on Friday, April 28th. BidaskClub downgraded shares of ServiceNow from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Finally, Sanford C. Bernstein reiterated an “outperform” rating and issued a $141.00 price target on shares of ServiceNow in a research report on Wednesday, June 28th. Eight equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $113.42.
Shares of ServiceNow (NYSE NOW) traded up 0.75% during mid-day trading on Thursday, reaching $110.54. The company’s stock had a trading volume of 5,051,367 shares. The firm’s market capitalization is $18.76 billion. The company has a 50 day moving average of $106.89 and a 200-day moving average of $95.12. ServiceNow has a 12 month low of $70.76 and a 12 month high of $115.85.
ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. ServiceNow had a negative net margin of 10.60% and a negative return on equity of 31.34%. The company had revenue of $471.70 million during the quarter, compared to the consensus estimate of $462.11 million. During the same period in the previous year, the business earned $0.15 earnings per share. The firm’s quarterly revenue was up 38.2% on a year-over-year basis. Equities research analysts forecast that ServiceNow will post $1.17 EPS for the current year.
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In related news, Director Frederic B. Luddy sold 102,000 shares of the business’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $110.09, for a total value of $11,229,180.00. Following the transaction, the director now owns 11,190 shares in the company, valued at $1,231,907.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO John J. Donahoe bought 5,618 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The stock was purchased at an average price of $97.93 per share, for a total transaction of $550,170.74. Following the acquisition, the chief executive officer now owns 5,618 shares of the company’s stock, valued at $550,170.74. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 581,673 shares of company stock worth $61,196,746. 3.30% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the company. Comerica Bank acquired a new stake in ServiceNow during the fourth quarter worth $636,000. Dimensional Fund Advisors LP raised its stake in ServiceNow by 7.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 141,456 shares of the information technology services provider’s stock worth $10,517,000 after buying an additional 10,345 shares in the last quarter. Teachers Advisors LLC raised its stake in ServiceNow by 18.1% in the fourth quarter. Teachers Advisors LLC now owns 541,885 shares of the information technology services provider’s stock worth $40,284,000 after buying an additional 83,095 shares in the last quarter. Creative Planning raised its stake in ServiceNow by 4.2% in the first quarter. Creative Planning now owns 3,750 shares of the information technology services provider’s stock worth $328,000 after buying an additional 151 shares in the last quarter. Finally, Gulf International Bank UK Ltd raised its stake in ServiceNow by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 50,351 shares of the information technology services provider’s stock worth $4,404,000 after buying an additional 500 shares in the last quarter. Institutional investors own 97.71% of the company’s stock.
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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