Several other research firms have also recently commented on NOW. Oppenheimer Holdings Inc. assumed coverage on ServiceNow in a research note on Thursday, June 16th. They set a market perform rating for the company. Cowen and Company assumed coverage on ServiceNow in a research note on Friday, June 24th. They set an outperform rating and a $95.00 target price for the company. Mizuho raised ServiceNow from a neutral rating to a buy rating and raised their target price for the stock from $70.00 to $85.00 in a research note on Friday, July 15th. Piper Jaffray Cos. reaffirmed an overweight rating and set a $90.00 target price on shares of ServiceNow in a research note on Friday, July 15th. Finally, Vetr raised ServiceNow from a buy rating to a strong-buy rating and set a $90.24 target price for the company in a research note on Monday, July 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of Buy and an average price target of $84.47.
Shares of ServiceNow (NYSE:NOW) opened at 74.64 on Wednesday. The stock’s 50 day moving average price is $76.55 and its 200-day moving average price is $72.09. ServiceNow has a 52 week low of $46.00 and a 52 week high of $91.28. The company’s market cap is $12.28 billion.
ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. The company earned $341.30 million during the quarter, compared to analysts’ expectations of $334.07 million. ServiceNow had a negative return on equity of 36.56% and a negative net margin of 38.64%. The business’s quarterly revenue was up 38.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.05 earnings per share. Analysts expect that ServiceNow will post $0.66 EPS for the current year.
In related news, insider Frederic B. Luddy sold 150,000 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 155,249 shares in the company, valued at $11,053,728.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CRO David Schneider sold 3,627 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $75.00, for a total value of $272,025.00. The disclosure for this sale can be found here. 5.90% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of NOW. State Street Corp boosted its position in ServiceNow by 3.9% in the first quarter. State Street Corp now owns 2,817,471 shares of the company’s stock valued at $172,380,000 after buying an additional 106,720 shares during the last quarter. Geode Capital Management LLC boosted its position in ServiceNow by 4.4% in the first quarter. Geode Capital Management LLC now owns 877,926 shares of the company’s stock valued at $53,680,000 after buying an additional 36,634 shares during the last quarter. Glynn Capital Management LLC boosted its position in ServiceNow by 5.8% in the second quarter. Glynn Capital Management LLC now owns 186,493 shares of the company’s stock valued at $12,383,000 after buying an additional 10,237 shares during the last quarter. Strs Ohio boosted its position in ServiceNow by 51.0% in the second quarter. Strs Ohio now owns 589,514 shares of the company’s stock valued at $39,143,000 after buying an additional 199,190 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in ServiceNow during the first quarter valued at approximately $214,000. Institutional investors and hedge funds own 95.70% 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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