ServiceNow Inc. (NOW) Trading 6.1% Higher
Shares of ServiceNow Inc. (NYSE:NOW) traded up 6.1% on Friday . The stock traded as high as $69.10 and last traded at $69.00, with a volume of 926,413 shares. The stock had previously closed at $65.01.
Several analysts have recently weighed in on the stock. Credit Suisse Group AG reaffirmed a “hold” rating on shares of ServiceNow in a report on Saturday, April 23rd. Pacific Crest reaffirmed a “buy” rating on shares of ServiceNow in a report on Sunday, May 22nd. Macquarie assumed coverage on shares of ServiceNow in a report on Tuesday, April 26th. They set an “outperform” rating and a $81.00 price objective for the company. Deutsche Bank AG reaffirmed a “buy” rating on shares of ServiceNow in a report on Wednesday, May 18th. Finally, MKM Partners reaffirmed a “hold” rating and set a $60.00 price objective on shares of ServiceNow in a report on Tuesday, May 17th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $81.83.
The stock’s 50 day moving average is $71.03 and its 200 day moving average is $67.65. The firm’s market cap is $11.26 billion.
ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 20th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.02. The business earned $305.90 million during the quarter, compared to analyst estimates of $300.87 million. The company’s revenue was up 44.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.02 earnings per share. Equities research analysts anticipate that ServiceNow Inc. will post $0.63 earnings per share for the current fiscal year.
In other news, insider Frederic B. Luddy sold 150,000 shares of the company’s stock in a transaction on Thursday, April 14th. The shares were sold at an average price of $62.92, for a total value of $9,438,000.00. Following the sale, the insider now directly owns 269,994 shares of the company’s stock, valued at approximately $16,988,022.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CRO David Schneider sold 2,400 shares of the company’s stock in a transaction on Monday, April 11th. The shares were sold at an average price of $65.01, for a total transaction of $156,024.00. Following the completion of the sale, the executive now directly owns 32,596 shares in the company, valued at $2,119,065.96. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of ServiceNow by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 123,308 shares of the company’s stock valued at $10,675,000 after buying an additional 8,900 shares in the last quarter. I.G. Investment Management LTD. raised its position in shares of ServiceNow by 244.1% in the fourth quarter. I.G. Investment Management LTD. now owns 75,539 shares of the company’s stock valued at $6,539,000 after buying an additional 53,589 shares in the last quarter. US Bancorp DE raised its position in shares of ServiceNow by 10.7% in the fourth quarter. US Bancorp DE now owns 34,030 shares of the company’s stock valued at $2,945,000 after buying an additional 3,303 shares in the last quarter. Advisors Asset Management Inc. increased its position in ServiceNow by 963.6% in the fourth quarter. Advisors Asset Management Inc. now owns 31,109 shares of the company’s stock valued at $2,693,000 after buying an additional 28,184 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in ServiceNow during the fourth quarter valued at $1,408,000.
ServiceNow, Inc is a provider of cloud-based solutions that define, structure, manage and automate services across the global enterprise. The Company provides cloud-based service management and business management solutions that address the needs of various departments within an enterprise, including information technology (IT), human resources (HR), facilities, field service, marketing, customer service, security, legal and finance.
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