DA Davidson assumed coverage on shares of ServiceNow (NYSE:NOW – Free Report) in a research note released on Wednesday, Marketbeat.com reports. The brokerage issued a buy rating and a $1,150.00 price target on the information technology services provider’s stock.
A number of other analysts have also recently commented on the stock. Canaccord Genuity Group lowered their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Citigroup increased their price target on ServiceNow from $1,128.00 to $1,160.00 and gave the stock a “buy” rating in a report on Wednesday, May 7th. Royal Bank Of Canada raised their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 6th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Finally, Bank of America lowered their target price on ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $1,065.32.
Read Our Latest Report on ServiceNow
ServiceNow Stock Performance
ServiceNow (NYSE:NOW – Get Free Report) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The business’s quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.41 earnings per share. As a group, sell-side analysts forecast that ServiceNow will post 8.93 earnings per share for the current year.
Insider Buying and Selling
In other ServiceNow news, Director Anita M. Sands sold 248 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $1,009.14, for a total transaction of $250,266.72. Following the sale, the director now directly owns 10,643 shares of the company’s stock, valued at approximately $10,740,277.02. This represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,435,554.47. This represents a 10.47% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,716 shares of company stock worth $6,611,245. Corporate insiders own 0.38% of the company’s stock.
Hedge Funds Weigh In On ServiceNow
A number of hedge funds and other institutional investors have recently bought and sold shares of NOW. Brighton Jones LLC increased its holdings in shares of ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after acquiring an additional 30 shares during the last quarter. IFP Advisors Inc boosted its position in ServiceNow by 11.8% during the fourth quarter. IFP Advisors Inc now owns 1,949 shares of the information technology services provider’s stock worth $2,065,000 after purchasing an additional 206 shares during the period. Rothschild Investment LLC boosted its position in ServiceNow by 7.1% during the fourth quarter. Rothschild Investment LLC now owns 348 shares of the information technology services provider’s stock worth $369,000 after purchasing an additional 23 shares during the period. Pine Valley Investments Ltd Liability Co bought a new position in shares of ServiceNow in the fourth quarter valued at about $219,000. Finally, FFT Wealth Management LLC raised its position in shares of ServiceNow by 10.1% in the fourth quarter. FFT Wealth Management LLC now owns 1,109 shares of the information technology services provider’s stock valued at $1,176,000 after purchasing an additional 102 shares during the period. Institutional investors own 87.18% of the company’s stock.
About ServiceNow
ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.
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