J P Morgan Chase & Co Lowers ServiceNow (NOW) to Neutral

J P Morgan Chase & Co cut shares of ServiceNow (NYSE:NOW) from an overweight rating to a neutral rating in a research note published on Tuesday, Marketbeat Ratings reports. They currently have $138.00 price objective on the information technology services provider’s stock.

NOW has been the topic of several other research reports. Northland Securities reaffirmed a buy rating and issued a $135.00 price target on shares of ServiceNow in a research note on Thursday, October 19th. JMP Securities boosted their price target on ServiceNow from $136.00 to $140.00 and gave the company a market outperform rating in a research note on Thursday, October 26th. Robert W. Baird set a $120.00 price target on ServiceNow and gave the company a buy rating in a research note on Friday, October 6th. Summit Redstone reaffirmed a buy rating and issued a $135.00 price target on shares of ServiceNow in a research note on Monday, September 18th. Finally, OTR Global raised ServiceNow to a positive rating in a research note on Wednesday, October 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-eight have given a buy rating and three have issued a strong buy rating to the company. ServiceNow presently has an average rating of Buy and a consensus price target of $132.17.

ServiceNow (NOW) traded up $2.80 on Tuesday, hitting $126.17. The stock had a trading volume of 1,894,700 shares, compared to its average volume of 1,594,872. 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 1-year low of $73.66 and a 1-year high of $130.05.

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

In other ServiceNow news, Director Frank Slootman sold 150,000 shares of the business’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $125.96, for a total value of $18,894,000.00. Following the transaction, the director now owns 216,535 shares of the company’s stock, valued at $27,274,748.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael Scarpelli sold 95,035 shares of the business’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $126.52, for a total value of $12,023,828.20. Following the completion of the transaction, the insider now directly owns 194,664 shares in the company, valued at approximately $24,628,889.28. The disclosure for this sale can be found here. In the last three months, insiders sold 660,174 shares of company stock worth $80,951,050. Insiders own 3.30% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. SeaBridge Investment Advisors LLC acquired a new position in shares of ServiceNow during the third quarter valued at $118,000. Rockefeller Financial Services Inc. acquired a new position in shares of ServiceNow during the third quarter valued at $138,000. Commonwealth Bank of Australia lifted its stake in shares of ServiceNow by 5.8% during the second 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 during the period. Zweig DiMenna Associates LLC acquired a new position in shares of ServiceNow during the second quarter valued at $212,000. Finally, IFP Advisors Inc lifted its stake in shares of ServiceNow by 14.5% during the second quarter. IFP Advisors Inc now owns 2,030 shares of the information technology services provider’s stock valued at $215,000 after acquiring an additional 257 shares during the period.

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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.

Analyst Recommendations for ServiceNow (NYSE:NOW)

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