Brokerages Set ServiceNow, Inc. (NOW) Target Price at $108.27

ServiceNow, Inc. (NYSE:NOW) has been given a consensus rating of “Buy” by the thirty-three brokerages that are currently covering the firm, MarketBeat reports. Eight equities research analysts have rated the stock with a hold recommendation, twenty-one have issued a buy recommendation and three have given a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $117.59.

NOW has been the topic of a number of recent research reports. BidaskClub lowered ServiceNow from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Canaccord Genuity reaffirmed a “buy” rating and set a $105.00 price target on shares of ServiceNow in a research report on Friday, April 21st. Zacks Investment Research raised ServiceNow from a “hold” rating to a “buy” rating and set a $106.00 price target on the stock in a research report on Friday, April 28th. BTIG Research reaffirmed a “buy” rating on shares of ServiceNow in a research report on Monday, April 24th. Finally, ValuEngine raised ServiceNow from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd.

In other ServiceNow news, CRO David Schneider sold 2,243 shares of the stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $97.04, for a total value of $217,660.72. Following the transaction, the executive now owns 47,654 shares in the company, valued at $4,624,344.16. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Frederic B. Luddy sold 167,000 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $108.34, for a total value of $18,092,780.00. Following the completion of the transaction, the director now owns 11,190 shares in the company, valued at approximately $1,212,324.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 763,177 shares of company stock worth $82,424,382. 3.30% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vista Equity Partners Management LLC raised its position in ServiceNow by 27.4% in the first quarter. Vista Equity Partners Management LLC now owns 68,743 shares of the information technology services provider’s stock worth $6,013,000 after buying an additional 14,772 shares in the last quarter. Teachers Advisors LLC raised its position in ServiceNow by 29.0% in the first quarter. Teachers Advisors LLC now owns 698,964 shares of the information technology services provider’s stock worth $61,138,000 after buying an additional 157,079 shares in the last quarter. United Services Automobile Association raised its position in ServiceNow by 44.6% in the first quarter. United Services Automobile Association now owns 250,551 shares of the information technology services provider’s stock worth $21,916,000 after buying an additional 77,239 shares in the last quarter. Tudor Investment Corp Et Al bought a new position in ServiceNow during the fourth quarter worth $207,000. Finally, TLP Group LLC bought a new position in ServiceNow during the first quarter worth $131,000. Institutional investors own 97.53% of the company’s stock.

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Shares of ServiceNow (NYSE NOW) opened at 104.42 on Friday. The firm’s market capitalization is $17.83 billion. ServiceNow has a one year low of $71.25 and a one year high of $115.85. The firm has a 50-day moving average of $108.32 and a 200-day moving average of $96.87.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.02. ServiceNow had a negative return on equity of 29.05% and a negative net margin of 10.17%. The business had revenue of $471.70 million for the quarter, compared to analyst estimates of $462.11 million. During the same quarter last year, the firm earned $0.15 EPS. ServiceNow’s revenue for the quarter was up 38.2% compared to the same quarter last year. On average, equities analysts predict that ServiceNow will post $1.17 earnings per share for the current fiscal year.

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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