ServiceNow, Inc. (NOW) Price Target Raised to $168.00

ServiceNow, Inc. (NYSE:NOW) had its target price increased by UBS AG from $128.00 to $168.00 in a report published on Thursday morning, www.benzinga.com reports. They currently have a buy rating on the information technology services provider’s stock.

Several other equities research analysts have also issued reports on the stock. Piper Jaffray Companies reiterated a buy rating and issued a $150.00 price target on shares of ServiceNow in a research note on Monday, November 6th. Zacks Investment Research lowered shares of ServiceNow from a hold rating to a sell rating in a research note on Monday, October 30th. Argus restated a buy rating and set a $150.00 price objective (up from $125.00) on shares of ServiceNow in a research note on Friday, October 27th. Credit Suisse Group boosted their price objective on shares of ServiceNow from $135.00 to $138.00 and gave the stock an outperform rating in a research note on Thursday, October 26th. Finally, Barclays PLC boosted their price objective on shares of ServiceNow from $126.00 to $135.00 and gave the stock an overweight rating in a research note on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-nine have assigned a buy rating and three have assigned a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $130.50.

Shares of ServiceNow (NYSE NOW) traded up $0.43 during mid-day trading on Thursday, reaching $125.98. 958,400 shares of the company’s stock traded hands, compared to its average volume of 1,549,558. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 2.10. ServiceNow has a 12-month low of $72.80 and a 12-month high of $129.56.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 25th. The information technology services provider reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.06. ServiceNow had a negative net margin of 8.68% and a negative return on equity of 22.11%. The firm had revenue of $498.20 million for the quarter, compared to analyst estimates of $491.62 million. During the same period in the previous year, the business earned $0.23 EPS. The company’s revenue was up 39.3% compared to the same quarter last year. research analysts expect that ServiceNow will post -0.35 EPS for the current year.

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In related news, Director Frank Slootman sold 150,000 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $115.38, for a total value of $17,307,000.00. Following the completion of the transaction, the director now owns 216,535 shares of the company’s stock, valued at approximately $24,983,808.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Frederic B. Luddy sold 165,000 shares of the stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $116.03, for a total transaction of $19,144,950.00. Following the completion of the transaction, the director now directly owns 29,990 shares of the company’s stock, valued at approximately $3,479,739.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,022,500 shares of company stock valued at $119,687,175. 3.30% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the stock. Cornerstone Advisors Inc. lifted its stake in ServiceNow by 29.2% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,085 shares of the information technology services provider’s stock valued at $115,000 after purchasing an additional 245 shares during the last quarter. Barrett Asset Management LLC bought a new position in ServiceNow in the 2nd quarter valued at approximately $117,000. SeaBridge Investment Advisors LLC bought a new position in ServiceNow in the 3rd quarter valued at approximately $118,000. Rockefeller Financial Services Inc. bought a new position in ServiceNow in the 3rd quarter valued at approximately $138,000. Finally, Crow Point Partners LLC lifted its stake in ServiceNow by 8.8% in the 2nd quarter. Crow Point Partners LLC now owns 1,320 shares of the information technology services provider’s stock valued at $140,000 after purchasing an additional 107 shares during the last quarter. 98.78% of the stock is owned by institutional investors and hedge funds.

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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