ServiceNow (NYSE:NOW) PT Raised to $562.00 at BMO Capital Markets

ServiceNow (NYSE:NOW) had its price target hoisted by BMO Capital Markets from $475.00 to $562.00 in a research report report published on Thursday, The Fly reports. BMO Capital Markets currently has an outperform rating on the information technology services provider’s stock.

Other analysts have also recently issued research reports about the company. Stifel Nicolaus lifted their price objective on ServiceNow from $460.00 to $500.00 and gave the stock a buy rating in a research report on Friday, September 25th. OTR Global cut ServiceNow to a positive rating in a research report on Thursday, July 16th. SunTrust Banks lifted their price objective on ServiceNow from $385.00 to $450.00 and gave the stock a buy rating in a research report on Wednesday, June 24th. Goldman Sachs Group lifted their price objective on ServiceNow from $403.00 to $538.00 in a research report on Monday, June 29th. Finally, Mizuho lifted their price objective on ServiceNow from $500.00 to $560.00 and gave the stock a buy rating in a research report on Thursday. Seven analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $465.42.

Shares of NOW stock opened at $524.87 on Thursday. ServiceNow has a fifty-two week low of $213.99 and a fifty-two week high of $530.73. The stock has a market cap of $100.67 billion, a P/E ratio of 142.63, a P/E/G ratio of 17.81 and a beta of 1.27. The business has a fifty day simple moving average of $477.78 and a 200-day simple moving average of $405.20. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.28.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 29th. The information technology services provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $1.03. ServiceNow had a return on equity of 11.09% and a net margin of 18.42%. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter last year, the business posted $0.71 earnings per share. The business’s revenue for the quarter was up 28.4% on a year-over-year basis. On average, sell-side analysts anticipate that ServiceNow will post 0.99 earnings per share for the current year.

In related news, insider Chirantan Jitendra Desai sold 1,563 shares of the business’s stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $513.55, for a total transaction of $802,678.65. Following the transaction, the insider now directly owns 29,603 shares of the company’s stock, valued at approximately $15,202,620.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jonathan Chadwick sold 3,601 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $430.44, for a total value of $1,550,014.44. Following the transaction, the director now directly owns 5,973 shares in the company, valued at $2,571,018.12. The disclosure for this sale can be found here. Insiders have sold a total of 74,187 shares of company stock worth $33,294,276 over the last three months. 1.00% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of NOW. Public Employees Retirement Association of Colorado increased its holdings in ServiceNow by 5.3% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 35,905 shares of the information technology services provider’s stock worth $10,290,000 after purchasing an additional 1,817 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in ServiceNow by 30.0% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,600 shares of the information technology services provider’s stock worth $745,000 after buying an additional 600 shares during the last quarter. APG Asset Management N.V. grew its stake in ServiceNow by 66.9% during the 1st quarter. APG Asset Management N.V. now owns 179,895 shares of the information technology services provider’s stock worth $51,554,000 after buying an additional 72,100 shares during the last quarter. Sunbelt Securities Inc. grew its stake in ServiceNow by 5.8% during the 1st quarter. Sunbelt Securities Inc. now owns 1,797 shares of the information technology services provider’s stock worth $515,000 after buying an additional 99 shares during the last quarter. Finally, CIBC World Markets Inc. grew its stake in ServiceNow by 100.3% during the 1st quarter. CIBC World Markets Inc. now owns 21,511 shares of the information technology services provider’s stock worth $6,165,000 after buying an additional 10,772 shares during the last quarter. Institutional investors own 90.05% of the company’s stock.

About ServiceNow

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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