Piper Jaffray Companies initiated coverage on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Friday morning, Benzinga’s Daily Ratings Newsletter reports. The brokerage issued an overweight rating and a $305.00 price objective on the information technology services provider’s stock.
A number of other brokerages have also recently commented on NOW. Deutsche Bank cut their target price on shares of ServiceNow from $305.00 to $260.00 and set a buy rating on the stock in a report on Wednesday, October 23rd. BTIG Research lifted their target price on shares of ServiceNow to $320.00 and gave the company a buy rating in a report on Thursday, October 24th. KeyCorp boosted their price objective on shares of ServiceNow from $270.00 to $320.00 and gave the company an overweight rating in a research note on Thursday, July 25th. Credit Suisse Group reissued a buy rating and issued a $300.00 price objective on shares of ServiceNow in a research note on Monday, October 28th. Finally, Morgan Stanley cut shares of ServiceNow from an overweight rating to an equal weight rating and boosted their price objective for the company from $250.00 to $267.00 in a research note on Wednesday, October 16th. Six equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. ServiceNow presently has an average rating of Buy and a consensus price target of $292.31.
Shares of ServiceNow stock traded up $7.56 during trading on Friday, reaching $248.45. The company’s stock had a trading volume of 1,825,086 shares, compared to its average volume of 1,975,001. The company has a 50-day moving average price of $253.22 and a two-hundred day moving average price of $267.00. The firm has a market cap of $45.35 billion, a PE ratio of 1,242.25, a P/E/G ratio of 17.96 and a beta of 1.28. ServiceNow has a fifty-two week low of $147.63 and a fifty-two week high of $303.17. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.75.
ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 23rd. The information technology services provider reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.81. The business had revenue of $885.80 million for the quarter, compared to analysts’ expectations of $885.53 million. ServiceNow had a net margin of 1.09% and a return on equity of 6.62%. The company’s quarterly revenue was up 31.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 EPS. On average, analysts predict that ServiceNow will post 0.48 earnings per share for the current fiscal year.
In other news, CFO Michael Scarpelli sold 31,183 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $260.22, for a total transaction of $8,114,440.26. Following the transaction, the chief financial officer now directly owns 36,200 shares of the company’s stock, valued at approximately $9,419,964. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Frederic B. Luddy sold 22,000 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $269.37, for a total transaction of $5,926,140.00. Following the transaction, the director now directly owns 1,213 shares in the company, valued at $326,745.81. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,854 shares of company stock worth $22,294,182. Corporate insiders own 1.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of ServiceNow by 4.2% in the 2nd quarter. Vanguard Group Inc. now owns 11,185,853 shares of the information technology services provider’s stock worth $3,071,300,000 after buying an additional 446,564 shares in the last quarter. Jennison Associates LLC lifted its holdings in ServiceNow by 47.8% in the 2nd quarter. Jennison Associates LLC now owns 4,489,468 shares of the information technology services provider’s stock valued at $1,232,673,000 after purchasing an additional 1,452,900 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in ServiceNow by 6,404.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,408,996 shares of the information technology services provider’s stock valued at $936,008,000 after purchasing an additional 3,356,585 shares in the last quarter. Coatue Management LLC lifted its holdings in ServiceNow by 0.9% in the 2nd quarter. Coatue Management LLC now owns 2,743,722 shares of the information technology services provider’s stock valued at $753,343,000 after purchasing an additional 25,617 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in ServiceNow by 4.0% in the 2nd quarter. Northern Trust Corp now owns 1,136,213 shares of the information technology services provider’s stock valued at $311,971,000 after purchasing an additional 44,195 shares in the last quarter. Institutional investors and hedge funds own 90.97% of the company’s stock.
ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.
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