Robert W. Baird Reaffirms Hold Rating for ServiceNow (NYSE:NOW)


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ServiceNow (NYSE:NOW)‘s stock had its “hold” rating reiterated by research analysts at Robert W. Baird in a research report issued to clients and investors on Monday, PriceTargets.com reports.

Several other research firms have also recently weighed in on NOW. JMP Securities upped their price objective on ServiceNow from $540.00 to $568.00 and gave the stock a “market outperform” rating in a research report on Monday, April 19th. Piper Sandler upped their target price on ServiceNow from $500.00 to $550.00 and gave the stock a “neutral” rating in a report on Tuesday, January 5th. Argus upped their target price on ServiceNow from $600.00 to $640.00 and gave the stock a “buy” rating in a report on Tuesday, February 2nd. Credit Suisse Group upped their target price on ServiceNow from $610.00 to $615.00 and gave the stock an “outperform” rating in a report on Thursday, January 28th. Finally, OTR Global upgraded ServiceNow to a “positive” rating in a report on Friday, January 22nd. Three research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $606.24.

NOW stock opened at $483.30 on Monday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.40 and a quick ratio of 1.40. The stock has a market capitalization of $95.43 billion, a P/E ratio of 136.91, a P/E/G ratio of 12.70 and a beta of 1.14. The business has a 50-day moving average of $515.81 and a 200-day moving average of $528.11. ServiceNow has a fifty-two week low of $351.29 and a fifty-two week high of $598.37.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 28th. The information technology services provider reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.17. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.34 billion. ServiceNow had a return on equity of 9.79% and a net margin of 16.60%. ServiceNow’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.05 earnings per share. Equities analysts expect that ServiceNow will post 1.11 EPS for the current year.

In related news, Director Frederic B. Luddy sold 810 shares of the stock in a transaction that occurred on Monday, March 8th. The stock was sold at an average price of $485.84, for a total transaction of $393,530.40. Following the sale, the director now owns 811 shares of the company’s stock, valued at $394,016.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Frederic B. Luddy sold 16,500 shares of the stock in a transaction that occurred on Tuesday, February 9th. The stock was sold at an average price of $582.10, for a total value of $9,604,650.00. Following the sale, the director now directly owns 811 shares in the company, valued at approximately $472,083.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,192 shares of company stock worth $20,367,655. 1.00% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. grew its position in ServiceNow by 19.6% during the first quarter. Envestnet Asset Management Inc. now owns 291,630 shares of the information technology services provider’s stock worth $145,847,000 after buying an additional 47,885 shares in the last quarter. Oak Ridge Investments LLC boosted its holdings in shares of ServiceNow by 1,154.4% in the 1st quarter. Oak Ridge Investments LLC now owns 132,581 shares of the information technology services provider’s stock valued at $66,305,000 after purchasing an additional 122,012 shares in the last quarter. Institute for Wealth Management LLC. boosted its holdings in shares of ServiceNow by 1.8% in the 1st quarter. Institute for Wealth Management LLC. now owns 3,147 shares of the information technology services provider’s stock valued at $1,574,000 after purchasing an additional 56 shares in the last quarter. Inverness Counsel LLC NY boosted its holdings in shares of ServiceNow by 95.3% in the 1st quarter. Inverness Counsel LLC NY now owns 57,853 shares of the information technology services provider’s stock valued at $28,933,000 after purchasing an additional 28,232 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of ServiceNow by 12.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 43,425 shares of the information technology services provider’s stock valued at $21,717,000 after purchasing an additional 4,752 shares in the last quarter. 87.20% of the stock is currently owned by institutional investors and hedge funds.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. It operates the Now platform that offers workflow automation, artificial intelligence, machine learning, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.

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Analyst Recommendations for ServiceNow (NYSE:NOW)

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