OTR Global cut shares of ServiceNow Inc. (NYSE:NOW) to a positive rating in a research note published on Wednesday morning, The Fly reports.
A number of other analysts have also commented on the stock. BMO Capital Markets began coverage on shares of ServiceNow in a report on Monday, September 19th. They set a market perform rating and a $85.00 target price for the company. Guggenheim began coverage on shares of ServiceNow in a report on Wednesday, September 14th. They set a buy rating and a $90.00 target price for the company. Zacks Investment Research lowered shares of ServiceNow from a buy rating to a hold rating in a report on Tuesday, August 9th. Argus reaffirmed a buy rating and set a $86.00 target price on shares of ServiceNow in a report on Wednesday, August 3rd. Finally, Piper Jaffray Cos. reaffirmed an overweight rating and set a $90.00 target price on shares of ServiceNow in a report on Thursday, July 28th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $84.47.
Shares of ServiceNow (NYSE:NOW) traded down 0.64% during midday trading on Wednesday, hitting $74.79. The stock had a trading volume of 548,322 shares. The stock’s market cap is $12.30 billion. The stock has a 50-day moving average of $76.38 and a 200 day moving average of $71.70. ServiceNow has a 52 week low of $45.99 and a 52 week high of $91.28.
ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.05. ServiceNow had a negative net margin of 38.64% and a negative return on equity of 36.56%. The firm earned $341.30 million during the quarter, compared to analysts’ expectations of $334.07 million. During the same quarter in the previous year, the company posted $0.05 EPS. ServiceNow’s revenue was up 38.3% on a year-over-year basis. Analysts anticipate that ServiceNow will post $0.66 EPS for the current fiscal year.
In other ServiceNow news, insider Frederic B. Luddy sold 150,000 shares of the stock in a transaction that occurred on Wednesday, July 20th. The shares were sold at an average price of $71.20, for a total transaction of $10,680,000.00. Following the transaction, the insider now owns 155,249 shares in the company, valued at approximately $11,053,728.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William L. Strauss sold 5,000 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $74.54, for a total transaction of $372,700.00. Following the transaction, the director now owns 10,061 shares in the company, valued at approximately $749,946.94. The disclosure for this sale can be found here. Company insiders own 5.90% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp raised its stake 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 in the last quarter. Geode Capital Management LLC raised its stake 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 in the last quarter. Strs Ohio raised its stake 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 in the last quarter. Quadrature Capital Ltd purchased a new stake in ServiceNow during the first quarter valued at about $214,000. Finally, Canada Pension Plan Investment Board raised its stake in ServiceNow by 8,434.4% in the first quarter. Canada Pension Plan Investment Board now owns 35,930 shares of the company’s stock valued at $2,198,000 after buying an additional 35,509 shares in the last quarter. Hedge funds and other institutional investors own 95.72% of the company’s stock.
ServiceNow Company Profile
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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