ServiceNow, Inc. (NOW) Upgraded to Positive by OTR Global
OTR Global upgraded shares of ServiceNow, Inc. (NYSE:NOW) to a positive rating in a report released on Wednesday morning, The Fly reports.
Several other research firms have also recently weighed in on NOW. Seaport Global Securities cut shares of ServiceNow from a buy rating to a neutral rating in a report on Wednesday, June 21st. J P Morgan Chase & Co started coverage on shares of ServiceNow in a report on Friday, June 23rd. They set an overweight rating and a $125.00 price target on the stock. BidaskClub upgraded shares of ServiceNow from a buy rating to a strong-buy rating in a report on Tuesday, June 27th. Sanford C. Bernstein restated an outperform rating and set a $141.00 price target on shares of ServiceNow in a report on Wednesday, June 28th. Finally, Zacks Investment Research upgraded shares of ServiceNow from a sell rating to a hold rating in a report on Tuesday, July 11th. Eight analysts have rated the stock with a hold rating, twenty-five have given a buy rating and three have given a strong buy rating to the company’s stock. ServiceNow currently has an average rating of Buy and a consensus price target of $120.35.
ServiceNow (NOW) traded up 3.32% during trading on Wednesday, hitting $124.82. 1,792,967 shares of the stock were exchanged. The firm’s market cap is $21.31 billion. ServiceNow has a 52 week low of $72.80 and a 52 week high of $124.87. The firm’s 50-day moving average is $117.91 and its 200 day moving average is $106.47.
ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 EPS for the quarter, topping the consensus estimate of $0.20 by $0.02. The company had revenue of $471.70 million during the quarter, compared to the consensus estimate of $462.11 million. ServiceNow had a negative net margin of 10.17% and a negative return on equity of 29.05%. The firm’s revenue for the quarter was up 38.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.15 earnings per share. Analysts expect that ServiceNow will post $1.17 earnings per share for the current fiscal year.
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In related news, Director Frederic B. Luddy sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $120.82, for a total transaction of $6,041,000.00. Following the sale, the director now owns 29,990 shares of the company’s stock, valued at approximately $3,623,391.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Scarpelli sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $107.68, for a total transaction of $8,076,000.00. Following the sale, the insider now directly owns 252,368 shares in the company, valued at approximately $27,174,986.24. The disclosure for this sale can be found here. Insiders have sold a total of 1,172,353 shares of company stock worth $133,460,161 in the last ninety days. 3.30% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of NOW. Capital World Investors bought a new position in shares of ServiceNow in the 2nd quarter worth $259,594,000. Coatue Management LLC bought a new position in shares of ServiceNow in the 2nd quarter worth $184,317,000. Capital Research Global Investors bought a new position in shares of ServiceNow in the 2nd quarter worth $93,763,000. Vanguard Group Inc. increased its holdings in shares of ServiceNow by 5.6% in the 2nd quarter. Vanguard Group Inc. now owns 13,985,997 shares of the information technology services provider’s stock worth $1,482,516,000 after buying an additional 741,341 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of ServiceNow by 59.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,708,100 shares of the information technology services provider’s stock worth $181,059,000 after buying an additional 635,500 shares during the last quarter. 99.88% of the stock is currently owned by institutional investors and hedge funds.
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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