ServiceNow’s (NOW) “Outperform” Rating Reiterated at Credit Suisse Group
Credit Suisse Group restated their outperform rating on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Tuesday, The Fly reports. Credit Suisse Group currently has a $160.00 target price on the information technology services provider’s stock, up from their prior target price of $138.00.
NOW has been the topic of several other reports. Robert W. Baird set a $120.00 target price on ServiceNow and gave the stock a buy rating in a report on Friday, October 6th. Stifel Nicolaus raised their target price on ServiceNow from $110.00 to $120.00 and gave the stock a hold rating in a report on Thursday, October 26th. BMO Capital Markets reaffirmed a buy rating and set a $127.00 target price on shares of ServiceNow in a report on Friday, October 13th. OTR Global raised ServiceNow to a positive rating in a report on Wednesday, October 18th. Finally, Deutsche Bank raised their target price on ServiceNow from $115.00 to $135.00 and gave the stock a buy rating in a report on Wednesday, October 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-eight have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $133.73.
ServiceNow (NYSE:NOW) traded up $2.27 during trading on Tuesday, reaching $142.27. The company had a trading volume of 1,610,000 shares, compared to its average volume of 1,590,000. The firm has a market capitalization of $24,290.00, a price-to-earnings ratio of -156.34 and a beta of 1.06. ServiceNow has a 12-month low of $82.14 and a 12-month high of $142.52. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.66 and a current ratio of 1.66.
In other news, CRO David Schneider sold 16,349 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $124.21, for a total value of $2,030,709.29. Following the transaction, the executive now owns 67,185 shares in the company, valued at $8,345,048.85. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frederic B. Luddy sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $135.37, for a total value of $13,537,000.00. Following the completion of the transaction, the director now owns 240,000 shares in the company, valued at approximately $32,488,800. The disclosure for this sale can be found here. In the last 90 days, insiders sold 630,174 shares of company stock worth $80,823,650. Company insiders own 3.30% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. lifted its position in ServiceNow by 6.5% during the third quarter. Schwab Charles Investment Management Inc. now owns 305,581 shares of the information technology services provider’s stock worth $35,915,000 after buying an additional 18,537 shares in the last quarter. Investec Asset Management LTD increased its stake in ServiceNow by 42.9% during the third quarter. Investec Asset Management LTD now owns 66,635 shares of the information technology services provider’s stock worth $7,832,000 after acquiring an additional 20,014 shares during the last quarter. Jasper Ridge Partners L.P. acquired a new stake in shares of ServiceNow in the third quarter valued at $1,525,000. Rockefeller Financial Services Inc. acquired a new stake in shares of ServiceNow in the third quarter valued at $138,000. Finally, British Airways Pensions Investment Management Ltd grew its stake in shares of ServiceNow by 84.5% in the third quarter. British Airways Pensions Investment Management Ltd now owns 218,243 shares of the information technology services provider’s stock valued at $25,643,000 after buying an additional 99,938 shares in the last quarter.
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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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