ServiceNow (NYSE:NOW) Now Covered by Piper Jaffray Companies

Piper Jaffray Companies assumed coverage on shares of ServiceNow (NYSE:NOW) in a report published on Friday, Benzinga’s Daily Ratings Newsletter reports. The brokerage issued an overweight rating and a $305.00 price objective on the information technology services provider’s stock.

NOW has been the topic of several other research reports. Stifel Nicolaus raised ServiceNow from a hold rating to a buy rating and boosted their price target for the company from $290.00 to $320.00 in a research note on Wednesday, August 21st. Barclays decreased their price target on ServiceNow from $342.00 to $334.00 and set an overweight rating on the stock in a research note on Thursday, October 24th. BTIG Research boosted their price target on ServiceNow to $320.00 and gave the company a buy rating in a research note on Thursday, October 24th. Royal Bank of Canada reduced their price objective on ServiceNow to $286.00 and set a top pick rating on the stock in a research note on Thursday, October 24th. Finally, William Blair reissued an outperform rating on shares of ServiceNow in a research note on Thursday, July 25th. Six investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $292.31.

NOW stock traded up $7.56 during trading on Friday, hitting $248.45. The company had a trading volume of 1,825,086 shares, compared to its average volume of 1,975,001. The company has a fifty day moving average price of $253.22 and a two-hundred day moving average price of $267.00. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.75. The company has a market cap of $45.35 billion, a P/E ratio of 1,242.25, a P/E/G ratio of 17.96 and a beta of 1.28. ServiceNow has a fifty-two week low of $147.63 and a fifty-two week high of $303.17.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.81. The business had revenue of $885.80 million for the quarter, compared to analyst estimates of $885.53 million. ServiceNow had a return on equity of 6.62% and a net margin of 1.09%. ServiceNow’s quarterly revenue was up 31.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.68 EPS. On average, analysts expect that ServiceNow will post 0.48 earnings per share for the current year.

In related news, CFO Michael Scarpelli sold 31,183 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $260.22, for a total value of $8,114,440.26. Following the completion of the sale, the chief financial officer now owns 36,200 shares in the company, valued at $9,419,964. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chirantan Jitendra Desai sold 1,563 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $270.07, for a total value of $422,119.41. Following the completion of the sale, the insider now owns 35,666 shares of the company’s stock, valued at approximately $9,632,316.62. The disclosure for this sale can be found here. Insiders sold 84,854 shares of company stock valued at $22,294,182 in the last quarter. 1.00% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOW. United Asset Strategies Inc. increased its holdings in shares of ServiceNow by 2.1% in the third quarter. United Asset Strategies Inc. now owns 1,933 shares of the information technology services provider’s stock worth $491,000 after acquiring an additional 40 shares in the last quarter. Cornerstone Advisors Inc. boosted its position in shares of ServiceNow by 3.6% during the second quarter. Cornerstone Advisors Inc. now owns 1,212 shares of the information technology services provider’s stock worth $333,000 after buying an additional 42 shares during the period. Dupont Capital Management Corp boosted its position in shares of ServiceNow by 1.5% during the third quarter. Dupont Capital Management Corp now owns 3,036 shares of the information technology services provider’s stock worth $771,000 after buying an additional 44 shares during the period. Cetera Advisor Networks LLC boosted its position in shares of ServiceNow by 5.2% during the third quarter. Cetera Advisor Networks LLC now owns 907 shares of the information technology services provider’s stock worth $232,000 after buying an additional 45 shares during the period. Finally, Bbva USA Bancshares Inc. boosted its position in shares of ServiceNow by 1.6% during the second quarter. Bbva USA Bancshares Inc. now owns 3,286 shares of the information technology services provider’s stock worth $902,000 after buying an additional 53 shares during the period. Institutional investors and hedge funds own 90.97% of the company’s stock.

ServiceNow Company Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

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Analyst Recommendations for ServiceNow (NYSE:NOW)

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