ServiceNow’s (NOW) “Outperform” Rating Reiterated at Credit Suisse Group
Credit Suisse Group reissued their outperform rating on shares of ServiceNow (NYSE:NOW) in a report released on Tuesday morning, The Fly reports. They currently have a $160.00 target price on the information technology services provider’s stock, up from their previous target price of $138.00.
A number of other research analysts have also recently issued reports on the stock. Piper Jaffray Companies restated an overweight rating and set a $160.00 price objective on shares of ServiceNow in a report on Tuesday. Barclays restated a buy rating and set a $150.00 price objective on shares of ServiceNow in a report on Monday. Cowen restated a buy rating and set a $160.00 price objective on shares of ServiceNow in a report on Monday, December 11th. JPMorgan Chase & Co. cut shares of ServiceNow from an overweight rating to a neutral rating and set a $138.00 price objective for the company. in a report on Tuesday, December 12th. Finally, UBS Group boosted their price objective on shares of ServiceNow from $128.00 to $168.00 and gave the company a buy rating in a report on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-eight have given a buy rating and three have given a strong buy rating to the company. The company has an average rating of Buy and a consensus target price of $133.73.
Shares of ServiceNow (NYSE:NOW) traded up $1.60 during midday trading on Tuesday, reaching $139.79. 3,150,200 shares of the company were exchanged, compared to its average volume of 1,582,070. The firm has a market capitalization of $23,950.00, a PE ratio of -153.62 and a beta of 1.06. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.66 and a current ratio of 1.66. ServiceNow has a 52-week low of $81.29 and a 52-week high of $141.66.
ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, October 25th. The information technology services provider reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.06. The firm had revenue of $498.20 million during the quarter, compared to analysts’ expectations of $491.62 million. ServiceNow had a negative net margin of 8.68% and a negative return on equity of 22.11%. The business’s revenue for the quarter was up 39.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.23 earnings per share. analysts forecast that ServiceNow will post -0.35 EPS for the current year.
In other ServiceNow news, Director Frederic B. Luddy sold 100,000 shares of the company’s stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $135.37, for a total transaction of $13,537,000.00. Following the sale, the director now directly owns 240,000 shares of the company’s stock, valued at $32,488,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO David Schneider sold 16,349 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $124.21, for a total transaction of $2,030,709.29. Following the sale, the executive now directly owns 67,185 shares in the company, valued at $8,345,048.85. The disclosure for this sale can be found here. In the last three months, insiders sold 630,174 shares of company stock worth $80,823,650. 3.30% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in ServiceNow by 5.6% during the second quarter. Vanguard Group Inc. now owns 13,985,997 shares of the information technology services provider’s stock worth $1,482,516,000 after acquiring an additional 741,341 shares in the last quarter. FMR LLC raised its position in ServiceNow by 3.2% during the second quarter. FMR LLC now owns 3,383,647 shares of the information technology services provider’s stock worth $358,666,000 after acquiring an additional 103,578 shares in the last quarter. Capital World Investors bought a new stake in ServiceNow during the second quarter worth $259,594,000. Coatue Management LLC acquired a new position in shares of ServiceNow in the second quarter valued at $184,317,000. Finally, Renaissance Technologies LLC increased its holdings in shares of ServiceNow by 59.2% in the second quarter. Renaissance Technologies LLC now owns 1,708,100 shares of the information technology services provider’s stock valued at $181,059,000 after purchasing an additional 635,500 shares during the last quarter.
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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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