ServiceNow Inc (NOW) Receives $203.44 Consensus Target Price from Analysts
ServiceNow Inc (NYSE:NOW) has been given an average rating of “Buy” by the thirty-one analysts that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $203.44.
NOW has been the topic of several analyst reports. Barclays upped their target price on shares of ServiceNow from $198.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, September 7th. Jefferies Financial Group initiated coverage on shares of ServiceNow in a report on Monday, October 1st. They issued a “buy” rating and a $240.00 target price on the stock. Morgan Stanley lowered their target price on shares of ServiceNow from $198.00 to $188.00 and set an “overweight” rating on the stock in a report on Tuesday, October 23rd. Macquarie set a $210.00 target price on shares of ServiceNow and gave the stock a “buy” rating in a report on Friday, October 12th. Finally, Argus upped their target price on shares of ServiceNow to $215.00 and gave the stock a “buy” rating in a report on Wednesday, August 15th. They noted that the move was a valuation call.
Shares of NOW traded up $5.59 during trading hours on Thursday, hitting $172.97. The stock had a trading volume of 1,592,000 shares, compared to its average volume of 1,954,060. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.26 and a current ratio of 1.26. ServiceNow has a 52 week low of $112.84 and a 52 week high of $206.29. The firm has a market cap of $30.91 billion, a price-to-earnings ratio of -164.73, a PEG ratio of 31.98 and a beta of 1.25.
In other news, insider Chirantan Jitendra Desai sold 2,031 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $199.84, for a total value of $405,875.04. Following the transaction, the insider now owns 7,174 shares of the company’s stock, valued at approximately $1,433,652.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frederic B. Luddy sold 32,500 shares of the firm’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $196.45, for a total transaction of $6,384,625.00. Following the completion of the transaction, the director now directly owns 282,383 shares in the company, valued at approximately $55,474,140.35. The disclosure for this sale can be found here. In the last three months, insiders have sold 183,344 shares of company stock worth $33,247,293. Insiders own 1.60% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of NOW. Capital International Investors bought a new position in shares of ServiceNow in the 3rd quarter valued at about $480,663,000. Capital Research Global Investors boosted its stake in shares of ServiceNow by 75.0% in the 3rd quarter. Capital Research Global Investors now owns 5,257,914 shares of the information technology services provider’s stock valued at $1,028,606,000 after purchasing an additional 2,254,082 shares during the last quarter. PointState Capital LP boosted its stake in shares of ServiceNow by 167.3% in the 3rd quarter. PointState Capital LP now owns 1,107,880 shares of the information technology services provider’s stock valued at $216,735,000 after purchasing an additional 693,419 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of ServiceNow by 3,565.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 599,661 shares of the information technology services provider’s stock valued at $3,051,000 after purchasing an additional 583,301 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of ServiceNow by 44.3% in the 2nd quarter. Janus Henderson Group PLC now owns 1,652,619 shares of the information technology services provider’s stock valued at $285,058,000 after purchasing an additional 507,435 shares during the last quarter. 95.50% of the stock is currently owned by institutional investors.
ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.
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