Mizuho Reiterates “Buy” Rating for ServiceNow, Inc. (NOW)
ServiceNow, Inc. (NYSE:NOW)‘s stock had its “buy” rating restated by investment analysts at Mizuho in a research note issued on Monday.
Several other research analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of ServiceNow from a “sell” rating to a “hold” rating in a research report on Tuesday, July 11th. BidaskClub upgraded shares of ServiceNow from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 27th. Morgan Stanley restated an “overweight” rating and set a $134.00 target price (up from $124.00) on shares of ServiceNow in a research report on Thursday, July 20th. Moffett Nathanson initiated coverage on shares of ServiceNow in a research report on Wednesday, September 6th. They set a “buy” rating on the stock. Finally, Citigroup Inc. restated a “buy” rating and set a $135.00 target price (up from $109.00) on shares of ServiceNow in a research report on Saturday, July 22nd. Eight equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $118.56.
ServiceNow (NOW) traded down 0.73% during midday trading on Monday, hitting $121.40. 834,751 shares of the stock traded hands. The company’s 50 day moving average is $116.78 and its 200-day moving average is $105.48. ServiceNow has a one year low of $72.80 and a one year high of $123.13. The company’s market cap is $20.62 billion.
ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.02. ServiceNow had a negative net margin of 10.17% and a negative return on equity of 29.05%. The company had revenue of $471.70 million for the quarter, compared to analyst estimates of $462.11 million. During the same period in the prior year, the business posted $0.15 earnings per share. The firm’s revenue for the quarter was up 38.2% compared to the same quarter last year. On average, equities research analysts forecast that ServiceNow will post $1.17 EPS for the current fiscal year.
In related news, Director Frederic B. Luddy sold 102,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $110.09, for a total transaction of $11,229,180.00. Following the completion of the transaction, the director now owns 11,190 shares of the company’s stock, valued at $1,231,907.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO David Schneider sold 16,349 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $107.25, for a total transaction of $1,753,430.25. The disclosure for this sale can be found here. Insiders have sold 1,274,353 shares of company stock valued at $144,689,341 in the last ninety days. 3.30% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Cornerstone Advisors Inc. increased its position in ServiceNow by 29.2% during the second quarter. Cornerstone Advisors Inc. now owns 1,085 shares of the information technology services provider’s stock worth $115,000 after purchasing an additional 245 shares during the last quarter. Barrett Asset Management LLC acquired a new stake in shares of ServiceNow in the second quarter worth $117,000. Crow Point Partners LLC increased its position in shares of ServiceNow by 8.8% in the second quarter. Crow Point Partners LLC now owns 1,320 shares of the information technology services provider’s stock worth $140,000 after acquiring an additional 107 shares in the last quarter. Global X Management Co. LLC increased its position in shares of ServiceNow by 30.6% in the first quarter. Global X Management Co. LLC now owns 1,407 shares of the information technology services provider’s stock worth $123,000 after acquiring an additional 330 shares in the last quarter. Finally, Commonwealth Bank of Australia increased its position in shares of ServiceNow by 5.8% in the second quarter. Commonwealth Bank of Australia now owns 1,518 shares of the information technology services provider’s stock worth $159,000 after acquiring an additional 83 shares in the last quarter. 99.88% of the stock is owned by hedge funds and other institutional investors.
ServiceNow Company Profile
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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