ServiceNow’s (NOW) “Outperform” Rating Reiterated at Credit Suisse Group
ServiceNow (NYSE:NOW)‘s stock had its “outperform” rating reiterated by research analysts at Credit Suisse Group in a note issued to investors on Tuesday, The Fly reports. They presently have a $160.00 target price on the information technology services provider’s stock, up from their previous target price of $138.00. Credit Suisse Group’s price objective suggests a potential upside of 15.78% from the company’s previous close.
A number of other equities analysts have also recently weighed in on NOW. Barclays reaffirmed a “buy” rating and set a $150.00 price target on shares of ServiceNow in a research note on Monday. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $160.00 price target on shares of ServiceNow in a research note on Tuesday. Argus reaffirmed a “buy” rating and set a $150.00 price target (up from $125.00) on shares of ServiceNow in a research note on Friday, October 27th. Bank of America upped their price target on shares of ServiceNow from $136.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Finally, Zacks Investment Research cut shares of ServiceNow from a “hold” rating to a “sell” rating in a research note on Monday, October 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-eight have given a buy rating and three have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $133.73.
ServiceNow (NYSE NOW) opened at $138.19 on Tuesday. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.66 and a quick ratio of 1.66. The stock has a market cap of $23,865.41, a price-to-earnings ratio of -151.86 and a beta of 1.06. ServiceNow has a 12 month low of $81.29 and a 12 month high of $139.06.
In related news, Director Frank Slootman sold 150,000 shares of the business’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $125.96, for a total value of $18,894,000.00. Following the sale, the director now directly owns 216,535 shares in the company, valued at approximately $27,274,748.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Frederic B. Luddy sold 170,000 shares of the company’s stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $129.43, for a total transaction of $22,003,100.00. The disclosure for this sale can be found here. Insiders sold a total of 630,174 shares of company stock worth $80,823,650 over the last quarter. Insiders own 3.30% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in NOW. Price T Rowe Associates Inc. MD increased its stake in shares of ServiceNow by 16.0% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 24,810,116 shares of the information technology services provider’s stock valued at $1,963,721,000 after acquiring an additional 3,427,033 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of ServiceNow by 5.6% during the 2nd quarter. Vanguard Group Inc. now owns 13,985,997 shares of the information technology services provider’s stock valued at $1,482,516,000 after acquiring an additional 741,341 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of ServiceNow during the 1st quarter valued at about $330,114,000. Carmignac Gestion increased its stake in shares of ServiceNow by 1.1% during the 3rd quarter. Carmignac Gestion now owns 4,825,661 shares of the information technology services provider’s stock valued at $381,951,000 after acquiring an additional 51,800 shares during the last quarter. Finally, Sands Capital Management LLC increased its stake in shares of ServiceNow by 2,208.1% during the 4th quarter. Sands Capital Management LLC now owns 3,981,417 shares of the information technology services provider’s stock valued at $295,979,000 after acquiring an additional 3,808,917 shares during the last quarter.
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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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