ServiceNow, Inc. (NYSE:NOW) Price Target Raised to $127.00 at BMO Capital Markets

ServiceNow, Inc. (NYSE:NOW) had its price target raised by BMO Capital Markets from $110.00 to $127.00 in a research note released on Thursday morning. They currently have an outperform rating on the information technology services provider’s stock.

Several other brokerages also recently commented on NOW. Sanford C. Bernstein started coverage on ServiceNow in a research note on Wednesday, May 24th. They issued an outperform rating and a $120.00 target price for the company. Zacks Investment Research upgraded ServiceNow from a sell rating to a hold rating in a research note on Tuesday, July 11th. Royal Bank Of Canada restated a buy rating and issued a $110.00 target price on shares of ServiceNow in a research note on Monday, May 29th. ValuEngine upgraded ServiceNow from a sell rating to a hold rating in a research note on Friday, June 2nd. Finally, MKM Partners restated a neutral rating and issued a $100.00 target price (up from $95.00) on shares of ServiceNow in a research note on Monday, May 1st. Eight analysts have rated the stock with a hold rating, twenty-three 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 $114.76.

Shares of ServiceNow (NOW) traded up 1.00% during mid-day trading on Thursday, hitting $111.65. The stock had a trading volume of 2,083,417 shares. The company’s market cap is $19.03 billion. ServiceNow has a 1-year low of $71.25 and a 1-year high of $115.85. The firm’s 50 day moving average price is $106.94 and its 200 day moving average price is $95.33.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 EPS for the quarter, beating the Thomson Reuters’ 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 return on equity of 30.72% and a negative net margin of 10.17%. The firm’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same period last year, the business posted $0.15 EPS. Analysts predict that ServiceNow will post $1.17 earnings per share for the current fiscal year.

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In related news, insider John J. Donahoe purchased 11,236 shares of the stock in a transaction that occurred on Tuesday, May 9th. The shares were bought at an average price of $98.05 per share, with a total value of $1,101,689.80. Following the acquisition, the insider now owns 5,618 shares of the company’s stock, valued at approximately $550,844.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frederic B. Luddy sold 52,000 shares of ServiceNow stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $109.96, for a total transaction of $5,717,920.00. Following the completion of the sale, the director now directly owns 11,190 shares in the company, valued at approximately $1,230,452.40. The disclosure for this sale can be found here. Insiders sold a total of 581,673 shares of company stock worth $61,196,746 in the last ninety days. 3.30% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of the company. Cornerstone Advisors Inc. boosted its stake in ServiceNow by 29.2% in the second quarter. Cornerstone Advisors Inc. now owns 1,085 shares of the information technology services provider’s stock worth $115,000 after buying an additional 245 shares during the period. Global X Management Co. LLC raised its position in ServiceNow by 30.6% in the first quarter. Global X Management Co. LLC now owns 1,407 shares of the information technology services provider’s stock worth $123,000 after buying an additional 330 shares in the last quarter. Hartford Financial Management Inc. acquired a new position in ServiceNow during the first quarter worth $125,000. TLP Group LLC acquired a new position in ServiceNow during the first quarter worth $131,000. Finally, Crow Point Partners LLC raised its position in ServiceNow by 8.8% in the second quarter. Crow Point Partners LLC now owns 1,320 shares of the information technology services provider’s stock worth $140,000 after buying an additional 107 shares in the last quarter. 97.71% of the stock is currently owned by institutional investors.

About ServiceNow

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.

Analyst Recommendations for ServiceNow (NYSE:NOW)




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