ServiceNow (NOW) Shares Gap Up to $190.83

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ServiceNow Inc (NYSE:NOW) gapped up prior to trading on Thursday . The stock had previously closed at $199.31, but opened at $190.83. ServiceNow shares last traded at $187.44, with a volume of 31182 shares trading hands.

Several research firms have recently weighed in on NOW. Jefferies Financial Group began coverage on ServiceNow in a research report on Monday, October 1st. They issued a “buy” rating and a $240.00 price objective for the company. Morgan Stanley increased their price objective on ServiceNow from $172.00 to $198.00 and gave the company an “overweight” rating in a research report on Thursday, July 26th. JMP Securities increased their price objective on ServiceNow to $220.00 and gave the company an “outperform” rating in a research report on Thursday, July 26th. Credit Suisse Group increased their price objective on ServiceNow from $180.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, July 26th. Finally, Barclays increased their price objective on ServiceNow from $198.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, September 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. ServiceNow presently has a consensus rating of “Buy” and an average price target of $203.44.

The stock has a market capitalization of $33.96 billion, a P/E ratio of -169.13, a price-to-earnings-growth ratio of 35.40 and a beta of 1.25. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.72.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 24th. The information technology services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.07 by $0.61. The firm had revenue of $673.10 million during the quarter, compared to analysts’ expectations of $659.41 million. ServiceNow had a negative return on equity of 3.15% and a negative net margin of 2.52%. As a group, equities analysts predict that ServiceNow Inc will post 0.16 EPS for the current fiscal year.

In other ServiceNow news, Director Frederic B. Luddy sold 32,500 shares of ServiceNow stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $174.56, for a total transaction of $5,673,200.00. Following the completion of the transaction, the director now directly owns 282,383 shares of the company’s stock, valued at $49,292,776.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Chirantan Jitendra Desai sold 6,962 shares of ServiceNow stock in a transaction on Monday, August 20th. The shares were sold at an average price of $180.17, for a total value of $1,254,343.54. Following the transaction, the insider now directly owns 3,460 shares of the company’s stock, valued at $623,388.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 150,844 shares of company stock valued at $27,759,604. 1.60% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of NOW. Advisors Asset Management Inc. lifted its holdings in shares of ServiceNow by 3,565.4% during the second quarter. Advisors Asset Management Inc. now owns 599,661 shares of the information technology services provider’s stock valued at $3,051,000 after acquiring an additional 583,301 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of ServiceNow by 44.3% during the second quarter. Janus Henderson Group PLC now owns 1,652,619 shares of the information technology services provider’s stock valued at $285,058,000 after acquiring an additional 507,435 shares during the period. PointState Capital LP bought a new position in shares of ServiceNow during the second quarter valued at $71,482,000. FIL Ltd lifted its holdings in shares of ServiceNow by 74.4% during the third quarter. FIL Ltd now owns 836,814 shares of the information technology services provider’s stock valued at $163,706,000 after acquiring an additional 356,917 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of ServiceNow by 105.6% in the third quarter. Victory Capital Management Inc. now owns 653,981 shares of the information technology services provider’s stock valued at $127,939,000 after buying an additional 335,921 shares in the last quarter. 95.25% of the stock is owned by institutional investors.

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About ServiceNow (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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