Investors Buy ServiceNow Inc. (NOW) on Weakness
Traders bought shares of ServiceNow Inc. (NYSE:NOW) on weakness during trading on Tuesday. $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 14th highest net in-flow for the day. ServiceNow traded down ($0.11) for the day and closed at $73.39
A number of equities research analysts have weighed in on NOW shares. Cowen and Company started coverage on ServiceNow in a research note on Friday, June 24th. They set an “outperform” rating and a $95.00 price objective for the company. Vetr upgraded ServiceNow from a “buy” rating to a “strong-buy” rating and set a $90.24 price objective for the company in a research note on Monday, July 18th. Piper Jaffray Cos. restated an “overweight” rating and set a $90.00 price objective on shares of ServiceNow in a research note on Thursday, May 19th. MKM Partners restated a “hold” rating and set a $60.00 price objective on shares of ServiceNow in a research note on Tuesday, May 17th. Finally, Morgan Stanley restated a “buy” rating and set a $76.00 price objective on shares of ServiceNow in a research note on Tuesday, May 17th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the company’s stock. ServiceNow currently has a consensus rating of “Buy” and a consensus price target of $84.22.
The company’s market cap is $12.08 billion. The stock has a 50-day moving average price of $73.35 and a 200 day moving average price of $67.84.
ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 27th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.10 by $0.05. The business earned $341.30 million during the quarter, compared to analyst estimates of $334.07 million. During the same period in the previous year, the firm earned $0.05 earnings per share. The firm’s revenue was up 38.3% compared to the same quarter last year. On average, equities analysts anticipate that ServiceNow Inc. will post $0.65 earnings per share for the current fiscal year.
In other news, CRO David Schneider sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $69.26, for a total value of $346,300.00. Following the transaction, the executive now directly owns 25,652 shares of the company’s stock, valued at approximately $1,776,657.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Frederic B. Luddy sold 195,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 155,249 shares in the company, valued at $11,800,476.49. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in ServiceNow stock. I.G. Investment Management LTD. raised its stake in ServiceNow Inc. (NYSE:NOW) by 244.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,539 shares of the company’s stock after buying an additional 53,589 shares during the period. I.G. Investment Management LTD.’s holdings in ServiceNow were worth $6,539,000 at the end of the most recent quarter.
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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