ServiceNow’s (NOW) Buy Rating Reaffirmed at Northland Securities
ServiceNow, Inc. (NYSE:NOW)‘s stock had its “buy” rating restated by analysts at Northland Securities in a research note issued to investors on Thursday. They currently have a $135.00 price target on the information technology services provider’s stock. Northland Securities’ price target indicates a potential upside of 11.78% from the stock’s previous close.
A number of other equities analysts have also recently commented on the company. Deutsche Bank AG lifted their price target on ServiceNow from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday. OTR Global raised ServiceNow to a “positive” rating in a research note on Wednesday. Mizuho reaffirmed a “buy” rating on shares of ServiceNow in a research note on Monday. BMO Capital Markets reaffirmed a “buy” rating and issued a $127.00 price target on shares of ServiceNow in a research note on Friday, October 13th. Finally, Robert W. Baird set a $120.00 price target on ServiceNow and gave the stock a “buy” rating in a research note on Friday, October 6th. Eight investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and three have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $120.35.
ServiceNow (NOW) traded down 0.50% during mid-day trading on Thursday, reaching $120.17. 193,633 shares of the company’s stock were exchanged. The stock’s market cap is $20.51 billion. The stock has a 50-day moving average of $117.48 and a 200-day moving average of $106.09. ServiceNow has a one year low of $72.80 and a one year high of $123.58.
ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.02. The business had revenue of $471.70 million for the quarter, compared to analysts’ expectations of $462.11 million. ServiceNow had a negative return on equity of 29.05% and a negative net margin of 10.17%. The business’s quarterly revenue was up 38.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.15 EPS. On average, equities research analysts anticipate that ServiceNow will post $1.17 earnings per share for the current year.
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In other ServiceNow news, CRO David Schneider sold 16,349 shares of the business’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $107.25, for a total value of $1,753,430.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frederic B. Luddy sold 50,000 shares of the business’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $120.82, for a total value of $6,041,000.00. Following the completion of the sale, the director now directly owns 29,990 shares in the company, valued at $3,623,391.80. The disclosure for this sale can be found here. Insiders sold 1,172,353 shares of company stock worth $133,460,161 over the last three months. Corporate insiders own 3.30% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in NOW. Manning & Napier Advisors LLC bought a new stake in ServiceNow in the first quarter worth $330,114,000. Sands Capital Management LLC boosted its holdings in ServiceNow by 2,208.1% in the fourth quarter. Sands Capital Management LLC now owns 3,981,417 shares of the information technology services provider’s stock worth $295,979,000 after acquiring an additional 3,808,917 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in ServiceNow by 16.0% in the third quarter. Price T Rowe Associates Inc. MD now owns 24,810,116 shares of the information technology services provider’s stock worth $1,963,721,000 after acquiring an additional 3,427,033 shares in the last quarter. Capital World Investors bought a new stake in ServiceNow in the second quarter worth $259,594,000. Finally, Coatue Management LLC bought a new stake in ServiceNow in the second quarter worth $184,317,000. 99.88% of the stock is currently owned by institutional investors and hedge funds.
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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