ServiceNow, Inc. (NOW) Stock Rating Lowered by OTR Global

ServiceNow, Inc. (NYSE:NOW) was downgraded by OTR Global to a “positive” rating in a report issued on Friday, July 14th, The Fly reports.

NOW has been the topic of several other research reports. Zacks Investment Research cut ServiceNow from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. BidaskClub raised ServiceNow from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 27th. Barclays PLC reaffirmed an “overweight” rating and set a $115.00 target price (up previously from $107.00) on shares of ServiceNow in a research note on Monday, June 5th. Stifel Nicolaus started coverage on ServiceNow in a research note on Tuesday, June 6th. They set a “buy” rating on the stock. Finally, J P Morgan Chase & Co started coverage on ServiceNow in a research note on Friday, June 23rd. They set an “overweight” rating and a $125.00 target price on the stock. Eight research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and three have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $115.96.

ServiceNow (NYSE:NOW) opened at 106.05 on Friday. ServiceNow has a 12-month low of $71.25 and a 12-month high of $115.85. The stock’s market capitalization is $18.10 billion. The firm has a 50-day moving average of $108.29 and a 200-day moving average of $97.03.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.02. The firm had revenue of $471.70 million for the quarter, compared to analysts’ expectations of $462.11 million. ServiceNow had a negative return on equity of 29.05% and a negative net margin of 10.17%. ServiceNow’s revenue was up 38.2% on a year-over-year basis. During the same quarter last year, the business posted $0.15 EPS. Equities research analysts forecast that ServiceNow will post $1.17 earnings per share for the current fiscal year.

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In other news, Director Frank Slootman sold 31,293 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $107.84, for a total transaction of $3,374,637.12. Following the sale, the director now directly owns 36,664 shares in the company, valued at $3,953,845.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CRO David Schneider sold 2,243 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $97.04, for a total value of $217,660.72. Following the sale, the executive now owns 47,654 shares in the company, valued at $4,624,344.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 763,177 shares of company stock valued at $82,424,382. Corporate insiders own 3.30% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in NOW. Gateway Investment Advisers LLC boosted its stake in ServiceNow by 7.7% in the first quarter. Gateway Investment Advisers LLC now owns 85,226 shares of the information technology services provider’s stock worth $7,455,000 after buying an additional 6,122 shares in the last quarter. Inverness Counsel LLC NY boosted its stake in ServiceNow by 28.4% in the first quarter. Inverness Counsel LLC NY now owns 119,639 shares of the information technology services provider’s stock worth $10,108,000 after buying an additional 26,490 shares in the last quarter. Capstone Asset Management Co. boosted its stake in ServiceNow by 16.3% in the first quarter. Capstone Asset Management Co. now owns 3,782 shares of the information technology services provider’s stock worth $331,000 after buying an additional 530 shares in the last quarter. Bank of Montreal Can boosted its stake in ServiceNow by 65.2% in the first quarter. Bank of Montreal Can now owns 153,219 shares of the information technology services provider’s stock worth $13,401,000 after buying an additional 60,487 shares in the last quarter. Finally, National Pension Service boosted its stake in ServiceNow by 5.1% in the first quarter. National Pension Service now owns 152,853 shares of the information technology services provider’s stock worth $13,289,000 after buying an additional 7,415 shares in the last quarter. Institutional investors and hedge funds own 97.53% of the company’s stock.

ServiceNow Company Profile

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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