KeyCorp Reiterates Overweight Rating for ServiceNow, Inc. (NOW)

KeyCorp restated their overweight rating on shares of ServiceNow, Inc. (NYSE:NOW) in a report released on Thursday. They currently have a $150.00 price target on the information technology services provider’s stock, up from their prior price target of $125.00.

A number of other equities research analysts also recently issued reports on NOW. Stifel Nicolaus lifted their price target on shares of ServiceNow from $110.00 to $120.00 and gave the company a hold rating in a research report on Thursday. Northland Securities reiterated a buy rating and set a $135.00 price target on shares of ServiceNow in a research report on Thursday, October 19th. Piper Jaffray Companies upgraded shares of ServiceNow from a neutral rating to an overweight rating in a research report on Monday, October 23rd. Bank of America Corporation lifted their price target on shares of ServiceNow from $136.00 to $140.00 and gave the company a buy rating in a research report on Wednesday, October 25th. Finally, Mizuho reiterated a buy rating and set a $140.00 price target on shares of ServiceNow in a research report on Wednesday, October 25th. Seven equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and three have issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $126.57.

ServiceNow (NOW) traded down 0.87% during midday trading on Thursday, reaching $124.63. The company’s stock had a trading volume of 305,409 shares. The firm’s market capitalization is $21.28 billion. The company’s 50-day moving average is $119.14 and its 200 day moving average is $107.89. ServiceNow has a 52 week low of $72.80 and a 52 week high of $129.56.

ServiceNow (NYSE:NOW) last posted 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 Zacks’ consensus estimate of $0.32 by $0.06. ServiceNow had a negative net margin of 8.68% and a negative return on equity of 23.64%. The company had revenue of $498.20 million during the quarter, compared to the consensus estimate of $491.62 million. During the same period last year, the firm earned $0.23 EPS. The company’s revenue for the quarter was up 39.3% on a year-over-year basis. Analysts expect that ServiceNow will post $1.19 earnings per share for the current fiscal year.

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In related news, CRO David Schneider sold 16,349 shares of ServiceNow stock in a transaction on Monday, August 14th. The shares were sold at an average price of $107.25, for a total transaction of $1,753,430.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frank Slootman sold 31,293 shares of ServiceNow stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $107.84, for a total transaction of $3,374,637.12. Following the transaction, the director now owns 36,664 shares in the company, valued at approximately $3,953,845.76. The disclosure for this sale can be found here. Insiders have sold a total of 1,172,353 shares of company stock valued at $133,460,161 over the last three months. Corporate insiders own 3.30% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. LS Investment Advisors LLC lifted its holdings in shares of ServiceNow by 3.6% during the 2nd quarter. LS Investment Advisors LLC now owns 1,738 shares of the information technology services provider’s stock valued at $184,000 after acquiring an additional 61 shares in the last quarter. Commonwealth Bank of Australia lifted its holdings in shares of ServiceNow by 5.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 1,518 shares of the information technology services provider’s stock valued at $159,000 after acquiring an additional 83 shares in the last quarter. Crow Point Partners LLC lifted its holdings in shares of ServiceNow by 8.8% during 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 acquiring an additional 107 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of ServiceNow by 0.6% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 20,816 shares of the information technology services provider’s stock valued at $1,821,000 after acquiring an additional 116 shares in the last quarter. Finally, Comerica Bank lifted its holdings in shares of ServiceNow by 2.6% during the 2nd quarter. Comerica Bank now owns 7,959 shares of the information technology services provider’s stock valued at $859,000 after acquiring an additional 205 shares in the last quarter.

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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