ServiceNow, Inc. (NOW) Earns Buy Rating from Robert W. Baird
ServiceNow, Inc. (NYSE:NOW)‘s stock had its “buy” rating restated by equities researchers at Robert W. Baird in a research report issued on Friday. They currently have a $120.00 price target on the information technology services provider’s stock. Robert W. Baird’s price objective indicates a potential upside of 3.28% from the stock’s current price.
Several other analysts also recently commented on NOW. Stephens assumed coverage on shares of ServiceNow in a research report on Thursday, May 25th. They issued an “overweight” rating and a $120.00 target price for the company. Barclays PLC boosted their target price on shares of ServiceNow from $120.00 to $126.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Canaccord Genuity reissued a “buy” rating and issued a $130.00 target price (up from $110.00) on shares of ServiceNow in a research report on Thursday, July 27th. Raymond James Financial, Inc. boosted their target price on shares of ServiceNow from $110.00 to $126.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 27th. Finally, Royal Bank Of Canada boosted their target price on shares of ServiceNow from $110.00 to $126.00 and gave the stock a “top pick” rating in a research report on Monday, July 24th. Eight analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and three have assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $116.67.
ServiceNow (NYSE NOW) opened at 116.19 on Friday. ServiceNow has a one year low of $71.34 and a one year high of $116.54. The firm has a 50 day moving average of $109.47 and a 200-day moving average of $99.10. The firm’s market cap is $19.84 billion.
ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.02. The company had revenue of $471.70 million during the quarter, compared to the consensus estimate of $462.11 million. ServiceNow had a negative net margin of 10.17% and a negative return on equity of 29.05%. The company’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.15 earnings per share. Equities research analysts forecast that ServiceNow will post $1.17 EPS for the current fiscal year.
In related news, insider Michael Scarpelli sold 75,000 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $107.68, for a total transaction of $8,076,000.00. Following the completion of the sale, the insider now owns 252,368 shares in the company, valued at approximately $27,174,986.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO David Schneider sold 16,349 shares of the stock in a transaction dated 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. In the last 90 days, insiders sold 945,853 shares of company stock valued at $102,413,366. Corporate insiders own 3.30% of the company’s stock.
Large investors have recently made changes to their positions in the company. Cornerstone Advisors Inc. boosted its stake in shares of ServiceNow by 29.2% in the second quarter. Cornerstone Advisors Inc. now owns 1,085 shares of the information technology services provider’s stock worth $115,000 after buying an additional 245 shares during the period. Barrett Asset Management LLC purchased a new stake in shares of ServiceNow during the second quarter worth about $117,000. Crow Point Partners LLC boosted its stake 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 buying an additional 107 shares during the period. Global X Management Co. LLC boosted its stake 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 buying an additional 330 shares during the period. Finally, TLP Group LLC purchased a new stake in shares of ServiceNow during the first quarter worth about $131,000.
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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