Canaccord Genuity Reiterates “Buy” Rating for ServiceNow, Inc. (NYSE:NOW)
Canaccord Genuity reaffirmed their buy rating on shares of ServiceNow, Inc. (NYSE:NOW) in a research note published on Thursday, The Fly reports. They currently have a $130.00 target price on the information technology services provider’s stock, up from their previous target price of $110.00.
Other analysts have also recently issued research reports about the stock. Sanford C. Bernstein started coverage on shares of ServiceNow in a report on Wednesday, May 24th. They set an outperform rating and a $120.00 price objective on the stock. Zacks Investment Research raised shares of ServiceNow from a sell rating to a hold rating in a report on Tuesday, July 11th. BMO Capital Markets raised their price objective on shares of ServiceNow from $104.00 to $110.00 and gave the stock an outperform rating in a report on Thursday, April 27th. Royal Bank Of Canada reissued a buy rating and set a $110.00 price objective on shares of ServiceNow in a report on Monday, May 29th. Finally, ValuEngine raised shares of ServiceNow from a sell rating to a hold rating in a report on Friday, June 2nd. Eight investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $114.76.
ServiceNow (NYSE NOW) traded down 1.56% on Thursday, hitting $109.91. 578,382 shares of the company traded hands. ServiceNow has a 12 month low of $71.25 and a 12 month high of $115.85. The stock’s 50-day moving average is $106.94 and its 200 day moving average is $95.33. The firm’s market capitalization is $18.73 billion.
ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. ServiceNow had a negative net margin of 10.17% and a negative return on equity of 30.72%. The company had revenue of $471.70 million during the quarter, compared to the consensus estimate of $462.11 million. During the same quarter in the previous year, the firm earned $0.15 earnings per share. The firm’s quarterly revenue was up 38.2% on a year-over-year basis. Equities analysts forecast that ServiceNow will post $1.17 EPS for the current fiscal year.
In related news, insider John J. Donahoe acquired 11,236 shares of the company’s stock in a transaction dated Tuesday, May 9th. The stock was bought at an average price of $98.05 per share, with a total value of $1,101,689.80. Following the purchase, the insider now directly owns 5,618 shares in the company, valued at approximately $550,844.90. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Frederic B. Luddy sold 52,000 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $109.96, for a total transaction of $5,717,920.00. Following the transaction, the director now directly owns 11,190 shares of the company’s stock, valued at approximately $1,230,452.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 581,673 shares of company stock valued at $61,196,746. Corporate insiders own 3.30% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. FMR LLC increased its stake in ServiceNow by 91.1% in the first quarter. FMR LLC now owns 3,280,069 shares of the information technology services provider’s stock worth $286,908,000 after buying an additional 1,563,778 shares during the period. Vanguard Group Inc. increased its stake in ServiceNow by 8.1% in the first quarter. Vanguard Group Inc. now owns 13,244,656 shares of the information technology services provider’s stock worth $1,158,511,000 after buying an additional 994,461 shares during the period. Renaissance Technologies LLC increased its stake in ServiceNow by 770.6% in the first quarter. Renaissance Technologies LLC now owns 1,072,600 shares of the information technology services provider’s stock worth $93,820,000 after buying an additional 949,400 shares during the period. Russell Investments Group Ltd. increased its stake in ServiceNow by 71.1% in the first quarter. Russell Investments Group Ltd. now owns 743,260 shares of the information technology services provider’s stock worth $65,023,000 after buying an additional 308,965 shares during the period. Finally, Artisan Partners Limited Partnership acquired a new stake in ServiceNow during the first quarter worth about $24,431,000. 97.50% of the stock is owned by hedge funds and other institutional investors.
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.
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