ServiceNow (NOW) Shares Gap Up to $190.83

ServiceNow Inc (NYSE:NOW)’s share price gapped up before the market opened 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 traded.

NOW has been the subject of several analyst reports. Morgan Stanley decreased their target price on ServiceNow from $198.00 to $188.00 and set an “overweight” rating for the company in a research report on Tuesday, October 23rd. Piper Jaffray Companies restated an “overweight” rating and set a $210.00 target price on shares of ServiceNow in a research report on Friday, July 20th. Barclays boosted their target price on ServiceNow from $198.00 to $235.00 and gave the stock an “overweight” rating in a research report on Friday, September 7th. JMP Securities boosted their target price on ServiceNow to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, July 26th. Finally, Macquarie set a $210.00 target price on ServiceNow and gave the stock a “buy” rating in a research report on Friday, October 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. ServiceNow currently has an average rating of “Buy” and a consensus target price of $203.44.

The company has a market cap of $33.96 billion, a P/E ratio of -169.13, a P/E/G 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 released its earnings results on Wednesday, October 24th. The information technology services provider reported $0.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.61. The firm had revenue of $673.10 million for 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 forecast that ServiceNow Inc will post 0.16 earnings per share for the current year.

In other ServiceNow news, Director Frederic B. Luddy sold 32,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $174.56, for a total value of $5,673,200.00. Following the sale, the director now owns 282,383 shares in the company, valued at approximately $49,292,776.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chirantan Jitendra Desai sold 2,031 shares of the business’s stock in a transaction that occurred on Friday, October 12th. The shares were sold at an average price of $183.80, for a total value of $373,297.80. Following the completion of the sale, the insider now owns 7,174 shares in the company, valued at approximately $1,318,581.20. The disclosure for this sale can be found here. Insiders sold a total of 150,844 shares of company stock worth $27,759,604 in the last 90 days. Company insiders own 1.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOW. Janus Henderson Group PLC increased its position in shares of ServiceNow by 5.7% during the 3rd quarter. Janus Henderson Group PLC now owns 1,746,627 shares of the information technology services provider’s stock worth $341,701,000 after purchasing an additional 94,008 shares during the last quarter. Northern Trust Corp increased its position in shares of ServiceNow by 1.0% during the 2nd quarter. Northern Trust Corp now owns 990,521 shares of the information technology services provider’s stock worth $170,835,000 after purchasing an additional 9,950 shares during the last quarter. FIL Ltd increased its position in shares of ServiceNow by 74.4% during the 3rd quarter. FIL Ltd now owns 836,814 shares of the information technology services provider’s stock worth $163,706,000 after purchasing an additional 356,917 shares during the last quarter. Bessemer Group Inc. increased its position in shares of ServiceNow by 1.0% during the 3rd quarter. Bessemer Group Inc. now owns 836,571 shares of the information technology services provider’s stock worth $163,658,000 after purchasing an additional 8,617 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of ServiceNow by 105.6% during the 3rd quarter. Victory Capital Management Inc. now owns 653,981 shares of the information technology services provider’s stock worth $127,939,000 after purchasing an additional 335,921 shares during the last quarter. Hedge funds and other institutional investors own 95.25% of the company’s stock.

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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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