ServiceNow, Inc. (NYSE:NOW)‘s stock had its “buy” rating restated by investment analysts at Argus in a research note issued on Friday, October 27th, The Fly reports. They presently have a $150.00 price objective on the information technology services provider’s stock, up from their previous price objective of $125.00. Argus’ target price points to a potential upside of 20.50% from the stock’s current price.
Other analysts have also issued research reports about the company. BidaskClub lowered ServiceNow from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Citigroup Inc. reiterated a “buy” rating and set a $135.00 target price (up previously from $109.00) on shares of ServiceNow in a research note on Saturday, July 22nd. Canaccord Genuity reiterated a “buy” rating and set a $130.00 target price (up previously from $110.00) on shares of ServiceNow in a research note on Thursday, July 27th. Guggenheim reiterated a “buy” rating and set a $120.00 target price (up previously from $108.00) on shares of ServiceNow in a research note on Thursday, July 27th. Finally, Robert W. Baird reiterated a “buy” rating and set a $120.00 target price on shares of ServiceNow in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-nine have assigned a buy rating and three have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $130.50.
ServiceNow (NYSE:NOW) opened at $124.48 on Friday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 2.10. ServiceNow has a 52-week low of $72.80 and a 52-week high of $129.56.
ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, October 25th. The information technology services provider reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.06. The firm had revenue of $498.20 million for the quarter, compared to analyst estimates of $491.62 million. ServiceNow had a negative return on equity of 22.11% and a negative net margin of 8.68%. The business’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.23 earnings per share. research analysts predict that ServiceNow will post -0.35 earnings per share for the current fiscal year.
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In other ServiceNow news, Director Frank Slootman sold 150,000 shares of ServiceNow stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $125.96, for a total transaction of $18,894,000.00. Following the completion of the transaction, the director now owns 216,535 shares in the company, valued at approximately $27,274,748.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frederic B. Luddy sold 100,000 shares of ServiceNow stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $110.17, for a total value of $11,017,000.00. Following the transaction, the director now owns 29,990 shares of the company’s stock, valued at approximately $3,303,998.30. The disclosure for this sale can be found here. Insiders sold a total of 963,849 shares of company stock valued at $113,641,884 over the last ninety days. 3.30% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in NOW. Capital World Investors purchased a new position in shares of ServiceNow in the 2nd quarter worth approximately $259,594,000. Coatue Management LLC purchased a new position in shares of ServiceNow in the 2nd quarter worth approximately $184,317,000. Capital Research Global Investors purchased a new position in shares of ServiceNow in the 2nd quarter worth approximately $93,763,000. Vanguard Group Inc. boosted its stake in shares of ServiceNow by 5.6% in the 2nd quarter. Vanguard Group Inc. now owns 13,985,997 shares of the information technology services provider’s stock worth $1,482,516,000 after buying an additional 741,341 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of ServiceNow by 59.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,708,100 shares of the information technology services provider’s stock worth $181,059,000 after buying an additional 635,500 shares during the last quarter. Hedge funds and other institutional investors own 98.78% of the company’s stock.
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.
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