ServiceNow, Inc. (NOW) Price Target Increased to $135.00 by Analysts at Deutsche Bank AG
ServiceNow, Inc. (NYSE:NOW) had its price objective boosted by Deutsche Bank AG from $115.00 to $135.00 in a research note published on Wednesday. The firm currently has a buy rating on the information technology services provider’s stock.
A number of other equities research analysts have also weighed in on the stock. OTR Global upgraded shares of ServiceNow to a positive rating in a report on Wednesday. Mizuho restated a buy rating on shares of ServiceNow in a report on Monday. BMO Capital Markets restated a buy rating and issued a $127.00 price objective on shares of ServiceNow in a report on Friday, October 13th. Robert W. Baird set a $120.00 price objective on shares of ServiceNow and gave the stock a buy rating in a report on Friday, October 6th. Finally, Summit Redstone restated a buy rating and issued a $135.00 price objective on shares of ServiceNow in a report on Monday, September 18th. Eight research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and three have given a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $120.35.
Shares of ServiceNow (NYSE NOW) traded down 0.49% during trading on Wednesday, reaching $120.18. 703,582 shares of the company’s stock traded hands. The company’s market cap is $20.52 billion. ServiceNow has a 52-week low of $72.80 and a 52-week high of $123.58. The company’s 50-day moving average is $117.48 and its 200 day moving average is $106.09.
ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share (EPS) for the quarter, beating 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 business had revenue of $471.70 million during the quarter, compared to analyst estimates of $462.11 million. During the same period in the previous year, the business posted $0.15 earnings per share. ServiceNow’s revenue for the quarter was up 38.2% on a year-over-year basis. Equities analysts forecast that ServiceNow will post $1.17 EPS for the current year.
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In other news, Director Frederic B. Luddy sold 50,000 shares of the business’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $120.82, for a total transaction of $6,041,000.00. Following the sale, the director now owns 29,990 shares in the company, valued at approximately $3,623,391.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Frank Slootman sold 252,211 shares of the business’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $109.19, for a total transaction of $27,538,919.09. Following the sale, the director now owns 356,287 shares in the company, valued at approximately $38,902,977.53. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,172,353 shares of company stock worth $133,460,161. Company insiders own 3.30% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Cornerstone Advisors Inc. boosted its holdings in shares of ServiceNow by 29.2% during the 2nd quarter. Cornerstone Advisors Inc. now owns 1,085 shares of the information technology services provider’s stock valued at $115,000 after buying an additional 245 shares in the last quarter. Barrett Asset Management LLC bought a new stake in shares of ServiceNow during the 2nd quarter valued at $117,000. Global X Management Co. LLC boosted its holdings in shares of ServiceNow by 30.6% during the 1st quarter. Global X Management Co. LLC now owns 1,407 shares of the information technology services provider’s stock valued at $123,000 after buying an additional 330 shares in the last quarter. Crow Point Partners LLC boosted its holdings in shares of ServiceNow by 8.8% during the 2nd quarter. Crow Point Partners LLC now owns 1,320 shares of the information technology services provider’s stock valued at $140,000 after buying an additional 107 shares in the last quarter. Finally, Commonwealth Bank of Australia boosted its holdings in shares of ServiceNow by 5.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 1,518 shares of the information technology services provider’s stock valued at $159,000 after buying an additional 83 shares in the last quarter. Hedge funds and other institutional investors own 99.88% of the company’s stock.
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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