Traders Buy ServiceNow Inc. (NOW) on Weakness
Traders purchased shares of ServiceNow Inc. (NYSE:NOW) on weakness during trading hours on Monday. $37.86 million flowed into the stock on the tick-up and $8.25 million flowed out of the stock on the tick-down, for a money net flow of $29.61 million into the stock. Of all equities tracked, ServiceNow had the 2nd highest net in-flow for the day. ServiceNow traded down ($0.11) for the day and closed at $73.39
NOW has been the subject of a number of research analyst reports. Cowen and Company initiated coverage on ServiceNow in a report on Friday, June 24th. They issued an “outperform” rating and a $95.00 price target for the company. Vetr upgraded ServiceNow from a “buy” rating to a “strong-buy” rating and set a $90.24 price target for the company in a report on Monday, July 18th. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $90.00 price target on shares of ServiceNow in a report on Thursday, May 19th. MKM Partners reiterated a “hold” rating and issued a $60.00 price target on shares of ServiceNow in a report on Tuesday, May 17th. Finally, Morgan Stanley reiterated a “buy” rating and issued a $76.00 price target on shares of ServiceNow in a report on Tuesday, May 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and two have given a strong buy rating to the company. ServiceNow currently has an average rating of “Buy” and an average price target of $84.22.
The stock has a 50 day moving average price of $73.22 and a 200 day moving average price of $67.68. The company’s market cap is $12.07 billion.
ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.15 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.05. During the same period in the prior year, the business earned $0.05 earnings per share. The business had revenue of $341.30 million for the quarter, compared to analyst estimates of $334.07 million. The company’s revenue for the quarter was up 38.3% on a year-over-year basis. On average, equities research analysts anticipate that ServiceNow Inc. will post $0.65 EPS for the current fiscal year.
In other news, insider Frederic B. Luddy sold 195,000 shares of the firm’s stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $76.01, for a total value of $14,821,950.00. Following the transaction, the insider now directly owns 155,249 shares in the company, valued at approximately $11,800,476.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William L. Strauss sold 5,000 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $74.54, for a total value of $372,700.00. Following the completion of the transaction, the director now owns 10,061 shares in the company, valued at $749,946.94. The disclosure for this sale can be found here.
An institutional investor recently raised its position in ServiceNow stock. BlackRock Advisors LLC increased its stake in ServiceNow Inc. (NYSE:NOW) by 6.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 358,046 shares of the company’s stock after buying an additional 21,477 shares during the period. BlackRock Advisors LLC owned 0.22% of ServiceNow worth $30,992,000 as of its most recent filing with the SEC.
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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