ServiceNow (NOW) Reaches New 52-Week High on Analyst Upgrade

ServiceNow Inc (NYSE:NOW) shares hit a new 52-week high on Tuesday after Barclays raised their price target on the stock from $158.00 to $180.00. Barclays currently has an overweight rating on the stock. ServiceNow traded as high as $157.28 and last traded at $157.34, with a volume of 859367 shares changing hands. The stock had previously closed at $154.03.

A number of other brokerages have also commented on NOW. Piper Jaffray Companies raised shares of ServiceNow from a “neutral” rating to an “overweight” rating in a research report on Monday, October 23rd. Bank of America boosted their price objective on shares of ServiceNow from $136.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Mizuho reissued a “buy” rating and issued a $140.00 price objective on shares of ServiceNow in a research report on Wednesday, October 25th. Stifel Nicolaus boosted their price objective on shares of ServiceNow from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Finally, KeyCorp reissued an “overweight” rating and issued a $150.00 price objective (up previously from $125.00) on shares of ServiceNow in a research report on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $149.72.

In other ServiceNow news, insider Michael Scarpelli sold 95,035 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $126.52, for a total value of $12,023,828.20. Following the transaction, the insider now directly owns 194,664 shares in the company, valued at $24,628,889.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frederic B. Luddy sold 170,000 shares of the company’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $129.43, for a total transaction of $22,003,100.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 545,302 shares of company stock worth $73,917,711. Corporate insiders own 3.30% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. SeaBridge Investment Advisors LLC acquired a new position in shares of ServiceNow in the third quarter valued at $118,000. Exane Derivatives increased its holdings in shares of ServiceNow by 90.3% in the fourth quarter. Exane Derivatives now owns 925 shares of the information technology services provider’s stock valued at $121,000 after purchasing an additional 439 shares during the last quarter. Cerebellum GP LLC acquired a new position in shares of ServiceNow in the fourth quarter valued at $131,000. Roble Belko & Company Inc increased its holdings in shares of ServiceNow by 5,263.2% in the fourth quarter. Roble Belko & Company Inc now owns 1,019 shares of the information technology services provider’s stock valued at $133,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Rockefeller Financial Services Inc. acquired a new position in shares of ServiceNow in the third quarter valued at $138,000. Hedge funds and other institutional investors own 98.41% of the company’s stock.

The firm has a market cap of $27,070.00, a price-to-earnings ratio of -180.18, a P/E/G ratio of 35.05 and a beta of 1.26. 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 (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 31st. The information technology services provider reported $0.35 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.35. ServiceNow had a negative net margin of 7.71% and a negative return on equity of 24.97%. The firm had revenue of $546.37 million for the quarter, compared to the consensus estimate of $532.74 million. During the same period in the previous year, the company earned $0.25 earnings per share. The company’s quarterly revenue was up 41.7% on a year-over-year basis. analysts forecast that ServiceNow Inc will post 0.1 earnings per share for the current fiscal year.

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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.

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