Service Now (NYSE: NOW – Get a rating) had its target price reduced by Morgan Stanley from $594.00 to $575.00 in a research note released Thursday morning, Fly reports. The company currently has an overweight rating on shares of the information technology service provider.
Several other research companies have also recently weighed in on NOW. Wells Fargo & Company launched coverage on ServiceNow shares in a Wednesday, May 18 research report. They issued an overweight rating and a price target of $600.00 on the stock. KeyCorp cut its price target on ServiceNow shares from $692.00 to $613.00 and set an overweight rating on the stock in a Monday, April 25 research report. Jefferies Financial Group reduced its target price on ServiceNow from $700.00 to $550.00 in a Monday, May 23 research note. Truist Financial reduced its target price on ServiceNow from $700.00 to $600.00 in a Tuesday, May 10 research note. To finish, StockNews.com launched coverage on ServiceNow in a research note on Thursday, March 31. They issued a holding note for the company. Two research analysts rated the stock with a sell rating, two gave the stock a hold rating and twenty-six gave the stock a buy rating. According to MarketBeat.com, the company has a Moderate Buy consensus rating and an average price target of $638.40.
ServiceNow up 3.5%
Shares of NOW opened at $435.62 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a leverage ratio of 0.37. The company’s 50-day moving average price is $461.23 and its 200-day moving average price is $516.30. The stock has a market capitalization of $87.32 billion, a PE ratio of 396.02, a P/E/G ratio of 8.60 and a beta of 1.03. ServiceNow has a 12-month low of $406.47 and a 12-month high of $707.60.
Service Now (NYSE: NOW – Get a rating) last released its quarterly earnings data on Wednesday, April 27. The information technology service provider reported earnings per share of $0.47 for the quarter, beating the consensus estimate of $0.34 by $0.13. The company posted revenue of $1.72 billion for the quarter, versus $1.70 billion for analysts. ServiceNow had a net margin of 3.56% and a return on equity of 8.66%. ServiceNow revenue for the quarter increased 26.6% compared to the same quarter last year. In the same period of the previous year, the company had earned earnings per share of $0.50. On average, stock analysts expect ServiceNow to post 1.71 EPS for the current fiscal year.
Insider buying and selling
In related news, COO Chirantan Jitendra Desai sold 7,000 shares of the company in a trade on Friday, May 27. The stock was sold at an average price of $477.52, for a total value of $3,342,640.00. Following the completion of the sale, the COO now owns 38,980 shares of the company, valued at $18,613,729.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. In other ServiceNow news, Director Frederic B. Luddy sold 707 shares in a trade on Wednesday, June 8. The stock was sold at an average price of $501.92, for a total value of $354,857.44. Following completion of the transaction, the administrator now owns 660 shares of the company, valued at $331,267.20. The transaction was disclosed in an SEC filing, which is available via the SEC website. Also, COO Chirantan Jitendra Desai sold 7,000 shares in a trade on Friday, May 27. The stock was sold at an average price of $477.52, for a total value of $3,342,640.00. Following the completion of the transaction, the COO now owns 38,980 shares of the company, valued at approximately $18,613,729.60. Disclosure of this sale can be found here. Insiders sold 17,577 shares of the company valued at $8,503,327 during the last quarter. 0.28% of the shares are held by insiders of the company.
Hedge funds weigh on ServiceNow
Institutional investors have recently increased or reduced their stake in the company. Bell Bank increased its equity stake in ServiceNow by 13.5% during the second quarter. Bell Bank now owns 2,817 shares of the information technology service provider valued at $1,340,000 after acquiring 334 additional shares last quarter. Valley National Advisers Inc. increased its equity stake in ServiceNow by 4.8% during the second quarter. Valley National Advisers Inc. now owns 550 shares of the information technology services provider valued at $273,000 after acquiring 25 additional shares last quarter. CMH Wealth Management LLC purchased a new stock position in ServiceNow during the second quarter worth $3,419,000. HB Wealth Management LLC increased its holdings of ServiceNow shares by 82.3% during the second quarter. HB Wealth Management LLC now owns 935 shares of the information technology service provider valued at $445,000 after acquiring an additional 422 shares last quarter. Finally, Ritholtz Wealth Management increased its equity stake in ServiceNow by 36.4% during the second quarter. Ritholtz Wealth Management now owns 1,371 shares of the information technology service provider valued at $652,000 after acquiring 366 additional shares last quarter. Institutional investors hold 87.20% of the company’s shares.
About Service Now
ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, consolidate, manage and automate services for businesses worldwide. It operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management, data benchmarking, encryption, and collaboration and development tools.
Receive news and reviews for ServiceNow daily – Enter your email address below to receive a concise daily summary of breaking news and analyst ratings for ServiceNow and related companies with MarketBeat.com’s free daily email newsletter.