ServiceNow, Inc. (NOW) Receives Consensus Rating of “Buy” from Analysts
Shares of ServiceNow, Inc. (NYSE:NOW) have been given an average rating of “Buy” by the thirty-six research firms that are covering the company, MarketBeat reports. Eight investment analysts have rated the stock with a hold recommendation, twenty-four have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $119.75.
NOW has been the topic of a number of recent analyst reports. BidaskClub cut shares of ServiceNow from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Stifel Nicolaus began coverage on shares of ServiceNow in a research report on Tuesday, June 6th. They issued a “buy” rating for the company. Citigroup Inc. reiterated a “buy” rating and issued a $135.00 price target (up from $109.00) on shares of ServiceNow in a research report on Saturday, July 22nd. Canaccord Genuity reissued a “buy” rating and issued a $130.00 price objective (up from $110.00) on shares of ServiceNow in a research note on Thursday, July 27th. Finally, Guggenheim reissued a “buy” rating and issued a $120.00 price objective (up from $108.00) on shares of ServiceNow in a research note on Thursday, July 27th.
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Shares of ServiceNow (NOW) traded up 0.21% during midday trading on Wednesday, hitting $118.08. 362,904 shares of the stock were exchanged. ServiceNow has a 52-week low of $72.80 and a 52-week high of $118.64. The stock’s market cap is $20.16 billion. The firm’s 50 day moving average price is $113.86 and its 200-day moving average price is $103.44.
ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.02. The company had revenue of $471.70 million during the quarter, compared to the consensus estimate of $462.11 million. ServiceNow had a negative return on equity of 29.05% and a negative net margin of 10.17%. The firm’s revenue was up 38.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.15 EPS. On average, equities research analysts expect that ServiceNow will post $1.17 earnings per share for the current fiscal year.
In related news, Director Frank Slootman sold 150,000 shares of ServiceNow stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $117.17, for a total transaction of $17,575,500.00. Following the completion of the transaction, the director now directly owns 216,535 shares of the company’s stock, valued at approximately $25,371,405.95. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO David Schneider sold 16,349 shares of ServiceNow stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $107.25, for a total transaction of $1,753,430.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,176,353 shares of company stock valued at $132,315,261. 3.30% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the stock. Swiss National Bank lifted its stake in ServiceNow by 3.1% in the second quarter. Swiss National Bank now owns 606,600 shares of the information technology services provider’s stock worth $64,300,000 after purchasing an additional 18,200 shares during the last quarter. Allen Investment Management LLC purchased a new position in shares of ServiceNow during the second quarter valued at approximately $45,372,000. Utah Retirement Systems grew its stake in shares of ServiceNow by 6.3% during the second quarter. Utah Retirement Systems now owns 30,600 shares of the information technology services provider’s stock valued at $3,243,000 after buying an additional 1,800 shares during the last quarter. Teachers Advisors LLC grew its stake in shares of ServiceNow by 29.0% during the first quarter. Teachers Advisors LLC now owns 698,964 shares of the information technology services provider’s stock valued at $61,138,000 after buying an additional 157,079 shares during the last quarter. Finally, Vista Equity Partners Management LLC grew its stake in shares of ServiceNow by 27.4% during the first quarter. Vista Equity Partners Management LLC now owns 68,743 shares of the information technology services provider’s stock valued at $6,013,000 after buying an additional 14,772 shares during the last quarter.
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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