Robert W. Baird Analysts Give ServiceNow, Inc. (NOW) a $120.00 Price Target
Robert W. Baird set a $120.00 price target on ServiceNow, Inc. (NYSE:NOW) in a research report released on Friday. The firm currently has a buy rating on the information technology services provider’s stock.
Other equities research analysts have also recently issued research reports about the stock. Canaccord Genuity reissued a buy rating and set a $130.00 target price (up previously from $110.00) on shares of ServiceNow in a research report on Thursday, July 27th. BidaskClub cut shares of ServiceNow from a strong-buy rating to a buy rating in a research report on Tuesday, July 25th. Citigroup Inc. reissued a buy rating and set a $135.00 target price (up previously from $109.00) on shares of ServiceNow in a research report on Saturday, July 22nd. Guggenheim reissued a buy rating and set a $120.00 target price (up previously from $108.00) on shares of ServiceNow in a research report on Thursday, July 27th. Finally, Moffett Nathanson started coverage on shares of ServiceNow in a research report on Wednesday, September 6th. They set a buy rating for the company. Eight research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $118.56.
ServiceNow (NYSE:NOW) opened at 121.75 on Friday. The stock’s market capitalization is $20.78 billion. ServiceNow has a one year low of $72.80 and a one year high of $121.76. The company has a 50-day moving average of $114.88 and a 200-day moving average of $103.90.
ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.02. ServiceNow had a negative net margin of 10.17% and a negative return on equity of 29.05%. The company had revenue of $471.70 million during the quarter, compared to analysts’ expectations of $462.11 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. ServiceNow’s revenue for the quarter was up 38.2% compared to the same quarter last year. On average, equities analysts forecast that ServiceNow will post $1.17 EPS for the current fiscal year.
In related news, insider Michael Scarpelli sold 75,000 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $107.68, for a total transaction of $8,076,000.00. Following the sale, the insider now owns 252,368 shares in the company, valued at $27,174,986.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CRO David Schneider sold 16,349 shares of the firm’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $107.25, for a total transaction of $1,753,430.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,176,353 shares of company stock worth $132,315,261. 3.30% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Swiss National Bank grew its position in shares of ServiceNow by 3.1% in the second quarter. Swiss National Bank now owns 606,600 shares of the information technology services provider’s stock valued at $64,300,000 after purchasing an additional 18,200 shares during the period. Allen Investment Management LLC acquired a new stake in shares of ServiceNow in the second quarter valued at about $45,372,000. Utah Retirement Systems grew its position in shares of ServiceNow by 6.3% in the second quarter. Utah Retirement Systems now owns 30,600 shares of the information technology services provider’s stock valued at $3,243,000 after purchasing an additional 1,800 shares during the period. Teachers Advisors LLC grew its position in shares of ServiceNow by 29.0% in the first quarter. Teachers Advisors LLC now owns 698,964 shares of the information technology services provider’s stock valued at $61,138,000 after purchasing an additional 157,079 shares during the period. Finally, Vista Equity Partners Management LLC grew its position in shares of ServiceNow by 27.4% in the first quarter. Vista Equity Partners Management LLC now owns 68,743 shares of the information technology services provider’s stock valued at $6,013,000 after purchasing an additional 14,772 shares during the period.
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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