Piper Jaffray Companies Reaffirms “Overweight” Rating for ServiceNow (NOW)

Piper Jaffray Companies restated their overweight rating on shares of ServiceNow (NYSE:NOW) in a report issued on Tuesday, The Fly reports. The firm currently has a $160.00 price target on the information technology services provider’s stock.

A number of other research firms have also issued reports on NOW. Mizuho reiterated a buy rating on shares of ServiceNow in a research note on Monday, October 16th. JPMorgan Chase & Co. lowered shares of ServiceNow from an overweight rating to a neutral rating and set a $138.00 target price on the stock. in a research note on Tuesday, December 12th. Canaccord Genuity reiterated a buy rating and issued a $150.00 target price (up from $130.00) on shares of ServiceNow in a research note on Thursday, October 26th. Cowen reiterated a buy rating and issued a $160.00 target price on shares of ServiceNow in a research note on Monday, December 11th. Finally, Argus reiterated a buy rating and issued a $150.00 target price (up from $125.00) on shares of ServiceNow in a research note on Friday, October 27th. One equities research 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 given a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $133.73.

ServiceNow (NOW) traded up $1.60 during trading hours on Tuesday, reaching $139.79. 3,150,200 shares of the company were exchanged, compared to its average volume of 1,582,070. ServiceNow has a 1-year low of $81.29 and a 1-year high of $141.66. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 2.10. The firm has a market cap of $23,950.00, a price-to-earnings ratio of -153.62 and a beta of 1.06.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 25th. The information technology services provider reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.06. ServiceNow had a negative net margin of 8.68% and a negative return on equity of 22.11%. The business had revenue of $498.20 million for the quarter, compared to analyst estimates of $491.62 million. During the same period last year, the business posted $0.23 EPS. ServiceNow’s revenue was up 39.3% compared to the same quarter last year. equities analysts anticipate that ServiceNow will post -0.35 EPS for the current fiscal year.

In other news, insider Michael Scarpelli sold 95,035 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $126.52, for a total transaction of $12,023,828.20. Following the completion of the transaction, the insider now directly owns 194,664 shares of the company’s stock, valued at approximately $24,628,889.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frederic B. Luddy sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $135.37, for a total transaction of $13,537,000.00. Following the transaction, the director now directly owns 240,000 shares of the company’s stock, valued at $32,488,800. The disclosure for this sale can be found here. Insiders have sold a total of 630,174 shares of company stock valued at $80,823,650 over the last ninety days. 3.30% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the stock. Comerica Bank lifted its holdings in shares of ServiceNow by 2.6% in the second quarter. Comerica Bank now owns 7,959 shares of the information technology services provider’s stock worth $859,000 after acquiring an additional 205 shares during the last quarter. Principal Financial Group Inc. lifted its position in ServiceNow by 124.4% in the second quarter. Principal Financial Group Inc. now owns 38,144 shares of the information technology services provider’s stock valued at $4,044,000 after purchasing an additional 21,147 shares during the last quarter. Commonwealth Bank of Australia lifted its position in ServiceNow by 5.8% in the second quarter. Commonwealth Bank of Australia now owns 1,518 shares of the information technology services provider’s stock valued at $159,000 after purchasing an additional 83 shares during the last quarter. Amalgamated Bank lifted its position in ServiceNow by 81.5% in the second quarter. Amalgamated Bank now owns 17,114 shares of the information technology services provider’s stock valued at $1,814,000 after purchasing an additional 7,684 shares during the last quarter. Finally, BT Investment Management Ltd bought a new position in shares of ServiceNow during the second quarter valued at approximately $333,000.

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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.

The Fly

Analyst Recommendations for ServiceNow (NYSE:NOW)

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