ServiceNow (NYSE:NOW) Given “Buy” Rating at TD Cowen

ServiceNow (NYSE:NOW)‘s stock had its “buy” rating restated by research analysts at TD Cowen in a research note issued on Monday,Benzinga reports. They currently have a $140.00 price target on the information technology services provider’s stock. TD Cowen’s price target would suggest a potential upside of 17.51% from the stock’s previous close.

Several other equities analysts also recently commented on the stock. The Goldman Sachs Group reissued a “buy” rating on shares of ServiceNow in a report on Monday, August 3rd. Wolfe Research set a $125.00 price target on shares of ServiceNow in a report on Thursday, April 23rd. Guggenheim upgraded shares of ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a report on Wednesday, July 1st. Capital One Financial boosted their price target on shares of ServiceNow from $105.00 to $120.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Finally, Stifel Nicolaus dropped their price objective on shares of ServiceNow from $135.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $143.76.

ServiceNow Price Performance

Shares of NYSE:NOW traded down $4.86 during trading on Monday, hitting $119.14. 7,806,135 shares of the company’s stock were exchanged, compared to its average volume of 23,702,346. The business’s 50-day simple moving average is $107.08 and its 200 day simple moving average is $105.59. The company has a market cap of $123.19 billion, a price-to-earnings ratio of 74.54, a PEG ratio of 2.18 and a beta of 0.94. ServiceNow has a 52-week low of $81.24 and a 52-week high of $194.73. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same period in the prior year, the company posted $0.81 EPS. The firm’s revenue for the quarter was up 24.0% compared to the same quarter last year. As a group, equities analysts predict that ServiceNow will post 2.24 EPS for the current year.

Institutional Investors Weigh In On ServiceNow

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of ServiceNow in the 2nd quarter worth about $9,536,615,000. Vanguard Group Inc. lifted its holdings in shares of ServiceNow by 404.5% in the 4th quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock valued at $15,619,771,000 after acquiring an additional 81,752,460 shares during the last quarter. State Street Corp lifted its holdings in shares of ServiceNow by 406.6% in the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock valued at $7,337,280,000 after acquiring an additional 38,441,898 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in ServiceNow by 371.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock worth $4,962,692,000 after acquiring an additional 25,517,218 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in ServiceNow by 404.8% in the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock worth $3,591,425,000 after acquiring an additional 18,854,775 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.