Summit Redstone reiterated their buy rating on shares of ServiceNow, Inc. (NYSE:NOW) in a research report sent to investors on Monday morning. The firm currently has a $135.00 price objective on the information technology services provider’s stock.

NOW has been the subject of several other research reports. Credit Suisse Group assumed coverage on ServiceNow in a report on Tuesday, September 5th. They issued an outperform rating and a $135.00 price target for the company. Piper Jaffray Companies reissued a hold rating on shares of ServiceNow in a report on Friday, July 28th. JMP Securities reissued an outperform rating on shares of ServiceNow in a report on Thursday, July 27th. BidaskClub downgraded ServiceNow from a strong-buy rating to a buy rating in a report on Tuesday, July 25th. Finally, Sanford C. Bernstein reaffirmed an outperform rating and set a $141.00 target price on shares of ServiceNow in a report on Wednesday, June 28th. Eight 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 stock. The company currently has an average rating of Buy and an average target price of $118.08.

ServiceNow (NYSE NOW) opened at 115.02 on Monday. The company’s market cap is $19.64 billion. The firm’s 50-day moving average is $111.66 and its 200 day moving average is $101.44. ServiceNow has a 1-year low of $72.80 and a 1-year high of $118.64.

ServiceNow (NYSE:NOW) last issued 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 business had revenue of $471.70 million during the quarter, compared to the consensus estimate of $462.11 million. ServiceNow had a negative return on equity of 29.05% and a negative net margin of 10.17%. The company’s quarterly revenue was up 38.2% on a year-over-year basis. During the same quarter last year, the company earned $0.15 earnings per share. Analysts predict that ServiceNow will post $1.17 earnings per share for the current fiscal year.

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In related news, Director Frank Slootman sold 252,211 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $109.19, for a total transaction of $27,538,919.09. Following the completion of the sale, the director now directly owns 356,287 shares in the company, valued at $38,902,977.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frederic B. Luddy sold 82,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $116.13, for a total value of $9,580,725.00. Following the sale, the director now owns 29,990 shares of the company’s stock, valued at $3,482,738.70. The disclosure for this sale can be found here. Insiders sold 1,176,353 shares of company stock valued at $130,353,261 over the last 90 days. Company insiders own 3.30% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Cornerstone Advisors Inc. increased its position in shares of 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 in the last quarter. Barrett Asset Management LLC purchased a new stake in shares of ServiceNow during the second quarter worth approximately $117,000. Crow Point Partners LLC increased its position in shares of ServiceNow by 8.8% during the second quarter. Crow Point Partners LLC now owns 1,320 shares of the information technology services provider’s stock worth $140,000 after purchasing an additional 107 shares in the last quarter. Global X Management Co. LLC increased its position in shares of ServiceNow by 30.6% during 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 purchasing an additional 330 shares in the last quarter. Finally, TLP Group LLC purchased a new stake in shares of ServiceNow during the first quarter worth approximately $131,000.

About ServiceNow

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.

Analyst Recommendations for ServiceNow (NYSE:NOW)

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