ServiceNow, Inc. (NOW) Receives Consensus Recommendation of “Buy” from Brokerages
ServiceNow, Inc. (NYSE:NOW) has been assigned an average rating of “Buy” from the thirty-three analysts that are presently covering the firm, Marketbeat.com reports. Eight research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and three have assigned a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $117.59.
NOW has been the topic of several analyst reports. Sanford C. Bernstein initiated coverage on ServiceNow in a research report on Wednesday, May 24th. They set an “outperform” rating and a $120.00 price target on the stock. Zacks Investment Research upgraded ServiceNow from a “sell” rating to a “hold” rating in a research report on Tuesday, July 11th. Guggenheim reiterated a “buy” rating and set a $120.00 price target (up from $108.00) on shares of ServiceNow in a research report on Thursday, July 27th. BMO Capital Markets upped their price target on ServiceNow from $104.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, April 27th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $110.00 price target on shares of ServiceNow in a research report on Monday, May 29th.
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ServiceNow (NYSE NOW) traded up 0.35% during trading on Tuesday, reaching $107.23. 979,784 shares of the company’s stock traded hands. ServiceNow has a 52-week low of $71.25 and a 52-week high of $115.85. The company’s 50 day moving average is $108.33 and its 200-day moving average is $97.74. The stock’s market cap is $18.31 billion.
ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 26th. The information technology services provider reported $0.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.02. The business had revenue of $471.70 million for the quarter, compared to the consensus estimate of $462.11 million. ServiceNow had a negative net margin of 10.17% and a negative return on equity of 29.05%. The company’s revenue was up 38.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.15 earnings per share. On average, analysts anticipate that ServiceNow will post $1.17 earnings per share for the current fiscal year.
In other news, Director Frederic B. Luddy sold 102,000 shares of the stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $110.09, for a total transaction of $11,229,180.00. Following the completion of the sale, the director now owns 11,190 shares of the company’s stock, valued at $1,231,907.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Frederic B. Luddy sold 167,000 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $108.34, for a total value of $18,092,780.00. Following the sale, the director now directly owns 11,190 shares of the company’s stock, valued at approximately $1,212,324.60. The disclosure for this sale can be found here. Insiders have sold 845,853 shares of company stock worth $91,396,366 over the last quarter. Company insiders own 3.30% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in NOW. Candriam Luxembourg S.C.A. raised its stake in ServiceNow by 30.5% in the first quarter. Candriam Luxembourg S.C.A. now owns 11,221 shares of the information technology services provider’s stock worth $982,000 after buying an additional 2,624 shares during the period. Nippon Life Insurance Co. bought a new stake in ServiceNow during the first quarter worth $700,000. State of Alaska Department of Revenue bought a new stake in ServiceNow during the first quarter worth $257,000. Hartford Financial Management Inc. bought a new stake in ServiceNow during the first quarter worth $125,000. Finally, Nisa Investment Advisors LLC bought a new stake in ServiceNow during the first quarter worth $175,000. 98.25% of the stock is owned by hedge funds and other institutional investors.
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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