ServiceNow (NOW) Sets New 1-Year High Following Strong Earnings

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ServiceNow Inc (NYSE:NOW) shares reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $228.41 and last traded at $220.88, with a volume of 7368514 shares changing hands. The stock had previously closed at $194.00.

The information technology services provider reported $0.77 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.14. The company had revenue of $715.44 million during the quarter, compared to the consensus estimate of $717.73 million. ServiceNow had a negative net margin of 2.52% and a negative return on equity of 2.93%. ServiceNow’s quarterly revenue was up 30.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 EPS.

A number of analysts have commented on the stock. Bank of America reiterated a “buy” rating and issued a $235.00 price objective (up previously from $217.00) on shares of ServiceNow in a report on Thursday. Citigroup reiterated a “buy” rating and issued a $240.00 price objective (up previously from $200.00) on shares of ServiceNow in a report on Thursday. Cowen reiterated an “outperform” rating and issued a $235.00 price objective (up previously from $210.00) on shares of ServiceNow in a report on Thursday. Credit Suisse Group reiterated an “outperform” rating and issued a $225.00 price objective (up previously from $215.00) on shares of ServiceNow in a report on Thursday. Finally, Jefferies Financial Group increased their price objective on shares of ServiceNow to $242.00 and gave the company a “buy” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and three have assigned a strong buy rating to the company. ServiceNow currently has an average rating of “Buy” and a consensus price target of $219.45.

In related news, Director Ronald E. F. Codd sold 12,030 shares of the stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $170.90, for a total transaction of $2,055,927.00. Following the completion of the transaction, the director now owns 35,458 shares of the company’s stock, valued at approximately $6,059,772.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Chirantan Jitendra Desai sold 2,031 shares of the stock in a transaction that occurred on Monday, November 12th. The stock was sold at an average price of $175.20, for a total transaction of $355,831.20. Following the transaction, the insider now directly owns 7,174 shares of the company’s stock, valued at approximately $1,256,884.80. The disclosure for this sale can be found here. Insiders have sold a total of 212,718 shares of company stock valued at $37,068,921 in the last 90 days. Insiders own 1.60% of the company’s stock.

Several large investors have recently bought and sold shares of NOW. We Are One Seven LLC purchased a new position in shares of ServiceNow during the 4th quarter worth approximately $27,000. Financial Management Professionals Inc. purchased a new position in shares of ServiceNow during the 4th quarter worth approximately $30,000. Shine Investment Advisory Services Inc. boosted its position in shares of ServiceNow by 50.5% during the 4th quarter. Shine Investment Advisory Services Inc. now owns 167 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 56 shares during the period. North Star Investment Management Corp. purchased a new position in shares of ServiceNow during the 4th quarter worth approximately $31,000. Finally, Evolution Wealth Advisors LLC purchased a new position in shares of ServiceNow during the 4th quarter worth approximately $71,000. 94.25% of the stock is owned by hedge funds and other institutional investors.

The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $33.14 billion, a price-to-earnings ratio of -209.54, a P/E/G ratio of 11.11 and a beta of 1.17.

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ServiceNow Company Profile (NYSE:NOW)

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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