ServiceNow (NYSE:NOW) Lifted to “Outperform” at Oppenheimer


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ServiceNow (NYSE:NOW) was upgraded by Oppenheimer from a “market perform” rating to an “outperform” rating in a report issued on Thursday, The Fly reports.

Several other analysts have also recently weighed in on the stock. Truist increased their price target on shares of ServiceNow from $450.00 to $575.00 in a research note on Thursday, October 29th. Argus lifted their price objective on shares of ServiceNow from $509.00 to $600.00 in a research note on Friday, October 30th. Piper Sandler boosted their price objective on shares of ServiceNow from $500.00 to $550.00 and gave the stock a “neutral” rating in a report on Tuesday, January 5th. JMP Securities boosted their price objective on shares of ServiceNow from $460.00 to $534.00 and gave the company an “outperform” rating in a research report on Friday, October 2nd. Finally, Wells Fargo & Company upped their target price on shares of ServiceNow from $565.00 to $625.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. Four equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $537.56.

ServiceNow stock opened at $521.71 on Thursday. The company has a market capitalization of $101.79 billion, a P/E ratio of 147.79, a PEG ratio of 17.14 and a beta of 1.15. ServiceNow has a twelve month low of $238.93 and a twelve month high of $566.74. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.64. The stock’s 50 day moving average is $536.72 and its 200 day moving average is $484.27.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 28th. The information technology services provider reported $1.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.18. ServiceNow had a return on equity of 9.79% and a net margin of 16.60%. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.11 billion. As a group, equities analysts expect that ServiceNow will post 1.11 EPS for the current year.

In other news, insider Chirantan Jitendra Desai sold 1,562 shares of the business’s stock in a transaction that occurred on Thursday, November 12th. The stock was sold at an average price of $520.45, for a total transaction of $812,942.90. Following the transaction, the insider now directly owns 30,642 shares in the company, valued at approximately $15,947,628.90. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Frederic B. Luddy sold 38,600 shares of the business’s stock in a transaction that occurred on Wednesday, December 2nd. The stock was sold at an average price of $526.23, for a total value of $20,312,478.00. Following the transaction, the director now owns 811 shares in the company, valued at $426,772.53. The disclosure for this sale can be found here. Insiders have sold a total of 61,175 shares of company stock valued at $31,883,815 in the last quarter. Company insiders own 0.72% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Nuveen Asset Management LLC boosted its stake in ServiceNow by 0.9% in the third quarter. Nuveen Asset Management LLC now owns 2,378,892 shares of the information technology services provider’s stock valued at $1,153,763,000 after acquiring an additional 21,588 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in ServiceNow by 17.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,876,174 shares of the information technology services provider’s stock valued at $909,944,000 after buying an additional 278,285 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in ServiceNow by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 905,164 shares of the information technology services provider’s stock valued at $439,005,000 after buying an additional 5,957 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in shares of ServiceNow by 351.1% during the 3rd quarter. Great West Life Assurance Co. Can now owns 806,439 shares of the information technology services provider’s stock worth $86,765,000 after purchasing an additional 627,663 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in ServiceNow by 0.5% during the third quarter. Federated Hermes Inc. now owns 623,562 shares of the information technology services provider’s stock worth $302,427,000 after acquiring an additional 3,179 shares during the last quarter. 80.15% of the stock is currently owned by hedge funds and other institutional investors.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company offers information technology (IT) service management applications; and digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

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