ServiceNow (NOW) Given New $200.00 Price Target at Citigroup

ServiceNow (NYSE:NOW) had its price objective lifted by Citigroup to $200.00 in a report released on Tuesday morning. They currently have a buy rating on the information technology services provider’s stock.

Several other analysts have also issued reports on NOW. William Blair reissued an outperform rating on shares of ServiceNow in a research report on Friday, March 9th. Argus boosted their price target on shares of ServiceNow to $201.00 and gave the company a buy rating in a research report on Tuesday, March 13th. Mizuho reissued a buy rating and issued a $190.00 price target on shares of ServiceNow in a research report on Thursday, March 15th. Robert W. Baird reissued a buy rating and issued a $190.00 price target on shares of ServiceNow in a research report on Friday, March 16th. Finally, KeyCorp boosted their price target on shares of ServiceNow from $165.00 to $194.00 and gave the company an overweight rating in a research report on Monday, March 19th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $176.85.

Shares of NOW stock opened at $179.43 on Tuesday. ServiceNow has a 52 week low of $103.00 and a 52 week high of $188.59. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.19 and a current ratio of 1.19. The stock has a market capitalization of $31.31 billion, a price-to-earnings ratio of -170.89, a P/E/G ratio of 53.10 and a beta of 1.17.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 25th. The information technology services provider reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.19. ServiceNow had a negative net margin of 4.65% and a negative return on equity of 10.63%. The company had revenue of $589.20 million for the quarter, compared to analyst estimates of $570.63 million. During the same quarter in the previous year, the firm posted $0.25 earnings per share. The company’s quarterly revenue was up 37.4% compared to the same quarter last year. research analysts predict that ServiceNow will post 0.13 earnings per share for the current year.

In other ServiceNow news, Director Anita M. Sands sold 3,179 shares of the business’s stock in a transaction that occurred on Thursday, June 14th. The shares were sold at an average price of $182.87, for a total value of $581,343.73. Following the completion of the transaction, the director now owns 9,105 shares of the company’s stock, valued at approximately $1,665,031.35. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Frederic B. Luddy sold 32,500 shares of the business’s stock in a transaction that occurred on Monday, June 18th. The stock was sold at an average price of $185.22, for a total transaction of $6,019,650.00. Following the completion of the transaction, the director now directly owns 282,383 shares of the company’s stock, valued at approximately $52,302,979.26. The disclosure for this sale can be found here. In the last three months, insiders sold 413,156 shares of company stock valued at $72,042,087. Corporate insiders own 1.60% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Mn Services Vermogensbeheer B.V. grew its stake in ServiceNow by 2.6% in the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 27,151 shares of the information technology services provider’s stock worth $4,492,000 after buying an additional 700 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its stake in ServiceNow by 64.4% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 291,672 shares of the information technology services provider’s stock worth $38,030,000 after buying an additional 114,232 shares in the last quarter. AMP Capital Investors Ltd grew its stake in ServiceNow by 75.7% in the 4th quarter. AMP Capital Investors Ltd now owns 82,222 shares of the information technology services provider’s stock worth $10,723,000 after buying an additional 35,430 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in ServiceNow by 39.0% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 71,221 shares of the information technology services provider’s stock worth $9,287,000 after buying an additional 19,999 shares in the last quarter. Finally, Cowen Inc. purchased a new position in ServiceNow in the 4th quarter worth approximately $3,861,000. 97.12% of the stock is owned by institutional investors and hedge funds.

ServiceNow Company Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.

Analyst Recommendations for ServiceNow (NYSE:NOW)

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