ServiceNow Inc. (NOW) Lowered to Positive at OTR Global
Other research analysts also recently issued research reports about the company. Zacks Investment Research upgraded ServiceNow from a hold rating to a buy rating and set a $82.00 price target on the stock in a research note on Wednesday, August 3rd. Argus restated a buy rating and set a $86.00 price target on shares of ServiceNow in a research note on Wednesday, August 3rd. Mizuho upgraded ServiceNow from a neutral rating to a buy rating and lifted their target price for the company from $70.00 to $85.00 in a research note on Friday, July 15th. Citigroup Inc. lifted their target price on ServiceNow from $77.00 to $87.00 and gave the company a buy rating in a research note on Wednesday, July 20th. Finally, Guggenheim initiated coverage on ServiceNow in a research note on Wednesday, September 14th. They issued a buy rating and a $90.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $84.47.
Shares of ServiceNow (NYSE:NOW) traded down 0.64% on Wednesday, hitting $74.79. The stock had a trading volume of 548,322 shares. The company’s market cap is $12.30 billion. ServiceNow has a one year low of $45.99 and a one year high of $91.28. The firm’s 50-day moving average is $76.38 and its 200-day moving average is $71.70.
ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $341.30 million for the quarter, compared to the consensus estimate of $334.07 million. ServiceNow had a negative return on equity of 36.56% and a negative net margin of 38.64%. The firm’s quarterly revenue was up 38.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 EPS. On average, analysts expect that ServiceNow will post $0.66 EPS for the current fiscal year.
In other news, insider Frederic B. Luddy sold 150,000 shares of the stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $71.20, for a total transaction of $10,680,000.00. Following the completion of the sale, the insider now owns 155,249 shares in the company, valued at approximately $11,053,728.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO David Schneider sold 4,500 shares of the stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $79.01, for a total value of $355,545.00. Following the sale, the executive now owns 29,694 shares of the company’s stock, valued at approximately $2,346,122.94. The disclosure for this sale can be found here. Company insiders own 5.90% of the company’s stock.
Several large investors have recently made changes to their positions in NOW. Mizuho Asset Management Co. Ltd. increased its stake in shares of ServiceNow by 162.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,272 shares of the company’s stock worth $151,000 after buying an additional 1,406 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of ServiceNow by 343.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,379 shares of the company’s stock worth $158,000 after buying an additional 1,843 shares during the period. BlueMountain Capital Management LLC bought a new stake in shares of ServiceNow during the second quarter worth approximately $177,000. Quadrature Capital Ltd bought a new stake in shares of ServiceNow during the first quarter worth approximately $214,000. Finally, Capstone Asset Management Co. bought a new stake in shares of ServiceNow during the second quarter worth approximately $231,000. Institutional investors own 95.72% of the company’s stock.
ServiceNow, Inc is a provider of cloud-based solutions that define, structure, manage and automate services across the global enterprise. The Company provides cloud-based service management and business management solutions that address the needs of various departments within an enterprise, including information technology (IT), human resources (HR), facilities, field service, marketing, customer service, security, legal and finance.
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