Piper Jaffray Companies assumed coverage on shares of ServiceNow (NYSE:NOW) in a research note issued on Friday, Benzinga’s Daily Ratings Newsletter reports. The firm set an “overweight” rating and a $305.00 price target on the information technology services provider’s stock. Piper Jaffray Companies’ price objective points to a potential upside of 22.76% from the stock’s current price.
Other research analysts have also issued reports about the stock. Canaccord Genuity decreased their price target on shares of ServiceNow from $315.00 to $285.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Royal Bank of Canada decreased their price target on shares of ServiceNow to $286.00 and set a “top pick” rating on the stock in a research note on Thursday, October 24th. Jefferies Financial Group raised their price target on shares of ServiceNow from $285.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. SunTrust Banks initiated coverage on shares of ServiceNow in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $321.00 price target on the stock. Finally, Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $250.00 to $267.00 in a research note on Wednesday, October 16th. Six investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company’s stock. ServiceNow presently has an average rating of “Buy” and an average target price of $292.31.
ServiceNow stock traded up $7.56 during midday trading on Friday, reaching $248.45. The company had a trading volume of 1,825,086 shares, compared to its average volume of 1,975,001. The company has a market capitalization of $45.35 billion, a P/E ratio of 1,242.25, a P/E/G ratio of 17.96 and a beta of 1.28. ServiceNow has a 12-month low of $147.63 and a 12-month high of $303.17. The firm’s fifty day simple moving average is $253.22 and its 200-day simple moving average is $267.00. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.05 and a quick ratio of 1.05.
ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.81. The firm had revenue of $885.80 million for the quarter, compared to analyst estimates of $885.53 million. ServiceNow had a net margin of 1.09% and a return on equity of 6.62%. ServiceNow’s quarterly revenue was up 31.6% compared to the same quarter last year. During the same period last year, the company posted $0.68 EPS. On average, analysts expect that ServiceNow will post 0.48 EPS for the current fiscal year.
In other news, insider Chirantan Jitendra Desai sold 1,563 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $270.07, for a total transaction of $422,119.41. Following the completion of the sale, the insider now owns 35,666 shares in the company, valued at approximately $9,632,316.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Fay Sien Goon sold 408 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $258.36, for a total transaction of $105,410.88. Following the sale, the insider now owns 41,777 shares of the company’s stock, valued at approximately $10,793,505.72. The disclosure for this sale can be found here. Insiders sold a total of 84,854 shares of company stock worth $22,294,182 over the last three months. Corporate insiders own 1.00% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Arlington Capital Management Inc. acquired a new stake in ServiceNow in the 3rd quarter valued at approximately $755,000. First Allied Advisory Services Inc. acquired a new stake in ServiceNow in the 3rd quarter valued at approximately $678,000. Lyell Wealth Management LP increased its holdings in ServiceNow by 21.9% in the 3rd quarter. Lyell Wealth Management LP now owns 17,869 shares of the information technology services provider’s stock valued at $4,536,000 after purchasing an additional 3,210 shares during the last quarter. Cetera Advisor Networks LLC increased its holdings in ServiceNow by 5.2% in the 3rd quarter. Cetera Advisor Networks LLC now owns 907 shares of the information technology services provider’s stock valued at $232,000 after purchasing an additional 45 shares during the last quarter. Finally, Miracle Mile Advisors LLC acquired a new stake in ServiceNow in the 3rd quarter valued at approximately $3,941,000. Institutional investors and hedge funds own 90.97% of the company’s stock.
ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.
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