ServiceNow Inc. (NOW) Now Covered by BMO Capital Markets
BMO Capital Markets started coverage on shares of ServiceNow Inc. (NYSE:NOW) in a research report report published on Monday morning. The firm issued a market perform rating and a $85.00 target price on the stock.
Several other analysts have also recently weighed in on the company. Guggenheim assumed coverage on ServiceNow in a report on Wednesday, September 14th. They set a buy rating and a $90.00 price target on the stock. Zacks Investment Research cut ServiceNow from a buy rating to a hold rating in a report on Tuesday, August 9th. Argus restated a buy rating and set a $86.00 price target on shares of ServiceNow in a report on Wednesday, August 3rd. Piper Jaffray Cos. restated an overweight rating and set a $90.00 price target on shares of ServiceNow in a report on Thursday, July 28th. Finally, Morgan Stanley upped their target price on ServiceNow from $76.00 to $82.00 and gave the company an overweight rating in a report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $84.47.
Shares of ServiceNow (NYSE:NOW) opened at 77.92 on Monday. The firm’s market capitalization is $12.82 billion. The firm’s 50-day moving average is $74.73 and its 200 day moving average is $69.97. ServiceNow has a one year low of $46.00 and a one year high of $91.28.
ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.05. The company had revenue of $341.30 million for the quarter, compared to analysts’ expectations of $334.07 million. ServiceNow had a negative return on equity of 36.56% and a negative net margin of 38.64%. The business’s quarterly revenue was up 38.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.05 earnings per share. Equities research analysts predict that ServiceNow will post $0.66 earnings per share for the current year.
In other news, CRO David Schneider sold 5,000 shares of ServiceNow 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 sale, the executive now directly owns 25,652 shares in the company, valued at approximately $1,776,657.52. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Frederic B. Luddy sold 154,000 shares of ServiceNow stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $75.67, for a total value of $11,653,180.00. Following the completion of the sale, the insider now owns 175,788 shares in the company, valued at $13,301,877.96. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. TIAA CREF Investment Management LLC raised its stake in shares of ServiceNow by 32.3% in the second quarter. TIAA CREF Investment Management LLC now owns 2,743,103 shares of the company’s stock worth $182,142,000 after buying an additional 668,994 shares in the last quarter. 1832 Asset Management L.P. acquired a new stake in shares of ServiceNow during the second quarter worth $42,700,000. Vanguard Group Inc. raised its stake in shares of ServiceNow by 5.3% in the second quarter. Vanguard Group Inc. now owns 11,348,960 shares of the company’s stock worth $753,572,000 after buying an additional 570,656 shares in the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of ServiceNow during the second quarter worth $30,979,000. Finally, Carmignac Gestion raised its stake in shares of ServiceNow by 9.3% in the second quarter. Carmignac Gestion now owns 4,773,861 shares of the company’s stock worth $316,984,000 after buying an additional 407,846 shares in the last quarter. Hedge funds and other institutional investors own 95.72% of the company’s stock.
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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