ServiceNow Inc. (NOW) Coverage Initiated by Analysts at Guggenheim
A number of other research firms have also commented on NOW. Piper Jaffray Cos. reaffirmed an overweight rating and set a $90.00 price objective on shares of ServiceNow in a research note on Thursday, July 28th. Cowen and Company began coverage on ServiceNow in a research note on Friday, June 24th. They set an outperform rating and a $95.00 price objective on the stock. Vetr lowered ServiceNow from a strong-buy rating to a buy rating and set a $83.80 price objective on the stock. in a research note on Monday, June 6th. BTIG Research reaffirmed a buy rating and set a $85.00 price objective on shares of ServiceNow in a research note on Monday, June 6th. Finally, Zacks Investment Research lowered ServiceNow from a buy rating to a hold rating in a research note on Tuesday, August 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the company’s stock. ServiceNow currently has a consensus rating of Buy and an average price target of $84.45.
Shares of ServiceNow (NYSE:NOW) opened at 75.99 on Wednesday. ServiceNow has a 52 week low of $46.00 and a 52 week high of $91.28. The stock’s market capitalization is $12.50 billion. The firm’s 50-day moving average is $74.52 and its 200-day moving average is $69.74.
ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $341.30 million for the quarter, compared to analyst estimates of $334.07 million. ServiceNow had a negative return on equity of 36.56% and a negative net margin of 38.64%. The business’s revenue for the quarter was up 38.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.05 earnings per share. On average, equities research analysts anticipate that ServiceNow will post $0.65 EPS for the current fiscal year.
In other ServiceNow news, CRO David Schneider sold 5,000 shares of the business’s stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $69.26, for a total value of $346,300.00. Following the transaction, the executive now owns 25,652 shares in the company, valued at $1,776,657.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Frederic B. Luddy sold 154,000 shares of the business’s stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $75.67, for a total value of $11,653,180.00. Following the completion of the transaction, the insider now owns 175,788 shares in the company, valued at approximately $13,301,877.96. The disclosure for this sale can be found here. Insiders own 5.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Manning & Napier Advisors LLC purchased a new position in shares of ServiceNow during the first quarter worth approximately $330,114,000. TIAA CREF Investment Management LLC increased its position in shares of ServiceNow by 32.3% in the second quarter. TIAA CREF Investment Management LLC now owns 2,743,103 shares of the company’s stock worth $182,142,000 after buying an additional 668,994 shares during the period. 1832 Asset Management L.P. purchased a new position in shares of ServiceNow during the second quarter worth approximately $42,700,000. Vanguard Group Inc. increased its position in shares of ServiceNow by 5.3% in the second quarter. Vanguard Group Inc. now owns 11,348,960 shares of the company’s stock worth $753,572,000 after buying an additional 570,656 shares during the period. Finally, Emerald Acquisition Ltd. purchased a new position in shares of ServiceNow during the second quarter worth approximately $30,979,000. Hedge funds and other institutional investors own 95.82% of the company’s stock.
ServiceNow, Inc is a provider of cloud-based solutions that define, structure, manage and automate services across the global enterprise. The Company provides cloud-based service management and business management solutions that address the needs of various departments within an enterprise, including information technology (IT), human resources (HR), facilities, field service, marketing, customer service, security, legal and finance.
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