ServiceNow, Inc. (NYSE:NOW) Receives Outperform Rating from Cowen and Company
Cowen and Company reissued their outperform rating on shares of ServiceNow, Inc. (NYSE:NOW) in a report released on Thursday morning. Cowen and Company currently has a $123.00 target price on the information technology services provider’s stock, up from their previous target price of $110.00.
Several other research firms also recently weighed in on NOW. OTR Global downgraded ServiceNow to a positive rating in a research note on Friday, July 14th. Barclays PLC upped their price target on ServiceNow from $120.00 to $126.00 and gave the stock an overweight rating in a research note on Thursday. Raymond James Financial, Inc. upped their price target on ServiceNow from $110.00 to $126.00 and gave the stock a strong-buy rating in a research note on Thursday. Guggenheim restated a buy rating and issued a $120.00 price target (up previously from $108.00) on shares of ServiceNow in a research note on Thursday. Finally, Morgan Stanley restated an overweight rating and issued a $134.00 price target (up previously from $124.00) on shares of ServiceNow in a research note on Thursday, July 20th. Eight equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the stock. ServiceNow currently has a consensus rating of Buy and a consensus target price of $114.76.
Shares of ServiceNow (NOW) traded down 1.33% during midday trading on Thursday, reaching $110.17. The company’s stock had a trading volume of 1,312,380 shares. ServiceNow has a 52-week low of $71.25 and a 52-week high of $115.85. The stock’s market cap is $18.78 billion. The stock has a 50-day moving average price of $106.94 and a 200-day moving average price of $95.33.
ServiceNow (NYSE:NOW) last posted its quarterly 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. The company had revenue of $471.70 million for the quarter, compared to the consensus estimate of $462.11 million. ServiceNow had a negative return on equity of 30.72% and a negative net margin of 10.17%. The firm’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.15 EPS. Equities research analysts anticipate that ServiceNow will post $1.17 earnings per share for the current fiscal year.
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In related news, Director Frederic B. Luddy sold 52,000 shares of the firm’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $109.96, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Frederic B. Luddy sold 102,000 shares of the firm’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $94.96, for a total value of $9,685,920.00. Following the completion of the transaction, the director now directly owns 6,232 shares in the company, valued at $591,790.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 581,673 shares of company stock worth $61,196,746. 3.30% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in the company. Cornerstone Advisors Inc. boosted its position 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 in the last quarter. Crow Point Partners LLC boosted 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 buying an additional 107 shares in the last quarter. Global X Management Co. LLC boosted 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 buying an additional 330 shares in the last quarter. Hartford Financial Management Inc. bought a new position in shares of ServiceNow during the first quarter worth approximately $125,000. Finally, TLP Group LLC bought a new position in shares of ServiceNow during the first quarter worth approximately $131,000. 97.50% of the stock is currently owned by 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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