Cowen Reaffirms “Buy” Rating for ServiceNow (NOW)

Cowen restated their buy rating on shares of ServiceNow (NYSE:NOW) in a research report report published on Monday morning. They currently have a $160.00 target price on the information technology services provider’s stock.

A number of other analysts have also recently weighed in on the stock. J P Morgan Chase & Co cut 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. UBS boosted their target price on shares of ServiceNow from $128.00 to $168.00 and gave the stock a buy rating in a research note on Thursday, November 9th. Piper Jaffray Companies reaffirmed a buy rating and set a $150.00 target price on shares of ServiceNow in a research note on Monday, November 6th. Zacks Investment Research lowered shares of ServiceNow from a hold rating to a sell rating in a report on Monday, October 30th. Finally, Argus reiterated a buy rating and set a $150.00 price target (up previously from $125.00) on shares of ServiceNow in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-eight have issued a buy rating and three have assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $132.17.

Shares of ServiceNow (NYSE NOW) opened at $123.37 on Monday. ServiceNow has a one year low of $73.66 and a one year high of $130.05. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.66 and a current ratio of 1.66.

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

In related news, insider Michael Scarpelli sold 95,035 shares of the business’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $126.52, for a total value of $12,023,828.20. Following the transaction, the insider now owns 194,664 shares in the company, valued at $24,628,889.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Frank Slootman sold 150,000 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $117.17, for a total transaction of $17,575,500.00. Following the completion of the transaction, the director now owns 216,535 shares in the company, valued at approximately $25,371,405.95. The disclosure for this sale can be found here. In the last 90 days, insiders sold 660,174 shares of company stock worth $80,951,050. 3.30% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in NOW. SeaBridge Investment Advisors LLC acquired a new position in shares of ServiceNow during the third quarter valued at about $118,000. Rockefeller Financial Services Inc. acquired a new position in shares of ServiceNow during the third quarter valued at about $138,000. Commonwealth Bank of Australia raised its holdings in shares of ServiceNow by 5.8% during 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 period. Zweig DiMenna Associates LLC acquired a new position in shares of ServiceNow during the second quarter valued at about $212,000. Finally, IFP Advisors Inc raised its holdings in shares of ServiceNow by 14.5% during the second quarter. IFP Advisors Inc now owns 2,030 shares of the information technology services provider’s stock valued at $215,000 after purchasing an additional 257 shares during the period.

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About ServiceNow

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.

Analyst Recommendations for ServiceNow (NYSE:NOW)

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