Summit Redstone Reiterates “Buy” Rating for ServiceNow, Inc. (NOW)
ServiceNow, Inc. (NYSE:NOW)‘s stock had its “buy” rating reissued by equities research analysts at Summit Redstone in a report issued on Monday. They currently have a $135.00 price target on the information technology services provider’s stock. Summit Redstone’s price objective suggests a potential upside of 16.27% from the stock’s previous close.
Several other equities research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of ServiceNow from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. BidaskClub upgraded shares of ServiceNow from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 27th. Morgan Stanley reiterated an “overweight” rating and issued a $134.00 target price (up from $124.00) on shares of ServiceNow in a research note on Thursday, July 20th. Barclays PLC reiterated an “overweight” rating and issued a $115.00 target price (up from $107.00) on shares of ServiceNow in a research note on Monday, June 5th. Finally, J P Morgan Chase & Co started coverage on shares of ServiceNow in a research note on Friday, June 23rd. They issued an “overweight” rating and a $125.00 target price for the company. Eight investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company’s stock. ServiceNow has a consensus rating of “Buy” and an average price target of $118.08.
ServiceNow (NYSE:NOW) traded up 0.33% during trading on Monday, hitting $116.49. The stock had a trading volume of 857,555 shares. The stock has a 50 day moving average price of $111.34 and a 200 day moving average price of $100.82. ServiceNow has a 12-month low of $72.80 and a 12-month high of $118.64. The company’s market capitalization is $19.89 billion.
ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.02. ServiceNow had a negative net margin of 10.17% and a negative return on equity of 29.05%. The business had revenue of $471.70 million during the quarter, compared to the consensus estimate of $462.11 million. During the same period last year, the business posted $0.15 EPS. ServiceNow’s revenue was up 38.2% on a year-over-year basis. Equities research analysts forecast that ServiceNow will post $1.17 earnings per share for the current year.
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In related news, Director Frank Slootman sold 150,000 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $104.09, for a total value of $15,613,500.00. Following the transaction, the director now owns 356,287 shares in the company, valued at $37,085,913.83. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Frederic B. Luddy sold 82,500 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $116.13, for a total transaction of $9,580,725.00. Following the completion of the transaction, the director now owns 29,990 shares in the company, valued at approximately $3,482,738.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,176,353 shares of company stock worth $130,353,261. 3.30% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Allen Investment Management LLC acquired a new position in ServiceNow in the second quarter valued at $45,372,000. Swiss National Bank lifted its holdings in ServiceNow by 3.1% in the second quarter. Swiss National Bank now owns 606,600 shares of the information technology services provider’s stock valued at $64,300,000 after buying an additional 18,200 shares during the period. Teachers Advisors LLC lifted its holdings in ServiceNow by 29.0% in the first quarter. Teachers Advisors LLC now owns 698,964 shares of the information technology services provider’s stock valued at $61,138,000 after buying an additional 157,079 shares during the period. Vista Equity Partners Management LLC lifted its holdings in ServiceNow by 27.4% in the first quarter. Vista Equity Partners Management LLC now owns 68,743 shares of the information technology services provider’s stock valued at $6,013,000 after buying an additional 14,772 shares during the period. Finally, Utah Retirement Systems lifted its holdings in ServiceNow by 6.3% in the second quarter. Utah Retirement Systems now owns 30,600 shares of the information technology services provider’s stock valued at $3,243,000 after buying an additional 1,800 shares during the period.
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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