Morgan Stanley Cuts ServiceNow (NYSE:NOW) Price Target to $594.00

ServiceNow (NYSE:NOWGet Rating) had its target price cut by equities researchers at Morgan Stanley to $594.00 in a research note issued to investors on Wednesday, Stock Target Advisor reports. The firm presently has a “na” rating on the information technology services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 44.75% from the company’s previous close.

A number of other analysts also recently commented on the stock. Wells Fargo & Company initiated coverage on shares of ServiceNow in a report on Wednesday. They issued an “overweight” rating and a $600.00 target price on the stock. BNP Paribas lowered shares of ServiceNow from a “neutral” rating to an “underperform” rating and set a $460.00 price target on the stock. in a report on Tuesday, March 29th. TheStreet lowered shares of ServiceNow from a “b-” rating to a “c+” rating in a report on Tuesday, April 26th. Credit Suisse Group cut their price target on shares of ServiceNow from $800.00 to $700.00 in a report on Thursday, April 28th. Finally, Citigroup boosted their price target on shares of ServiceNow from $623.00 to $656.00 in a report on Thursday, April 28th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $658.00.

Shares of NYSE NOW traded down $22.49 during midday trading on Wednesday, reaching $410.36. The company’s stock had a trading volume of 62,502 shares, compared to its average volume of 1,933,795. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.37. The company has a 50 day moving average price of $512.02 and a 200 day moving average price of $573.57. ServiceNow has a one year low of $406.47 and a one year high of $707.60. The company has a market cap of $82.26 billion, a price-to-earnings ratio of 372.53, a price-to-earnings-growth ratio of 8.86 and a beta of 1.09.

ServiceNow (NYSE:NOWGet Rating) last released its earnings results on Wednesday, April 27th. The information technology services provider reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.03. ServiceNow had a net margin of 3.56% and a return on equity of 8.66%. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the firm earned $0.50 EPS. The business’s revenue for the quarter was up 26.6% on a year-over-year basis. Research analysts anticipate that ServiceNow will post 1.8 earnings per share for the current fiscal year.

In related news, Director Frederic B. Luddy sold 6,600 shares of the company’s stock in a transaction on Tuesday, April 5th. The shares were sold at an average price of $556.81, for a total transaction of $3,674,946.00. Following the completion of the sale, the director now directly owns 707 shares of the company’s stock, valued at approximately $393,664.67. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Chirantan Jitendra Desai sold 5,000 shares of the company’s stock in a transaction on Monday, February 28th. The stock was sold at an average price of $575.44, for a total transaction of $2,877,200.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,974 shares of company stock valued at $10,561,473. 0.35% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the stock. CLARET ASSET MANAGEMENT Corp acquired a new position in ServiceNow during the 3rd quarter valued at $204,000. Public Sector Pension Investment Board raised its stake in ServiceNow by 7.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 33,410 shares of the information technology services provider’s stock valued at $20,790,000 after purchasing an additional 2,460 shares during the last quarter. DNB Asset Management AS raised its stake in ServiceNow by 6.7% during the 4th quarter. DNB Asset Management AS now owns 32,989 shares of the information technology services provider’s stock valued at $21,413,000 after purchasing an additional 2,085 shares during the last quarter. Lloyd Advisory Services LLC. raised its stake in ServiceNow by 22.5% during the 4th quarter. Lloyd Advisory Services LLC. now owns 125 shares of the information technology services provider’s stock valued at $81,000 after purchasing an additional 23 shares during the last quarter. Finally, Zacks Investment Management raised its stake in ServiceNow by 1,453.0% during the 3rd quarter. Zacks Investment Management now owns 13,511 shares of the information technology services provider’s stock valued at $8,408,000 after purchasing an additional 12,641 shares during the last quarter. Hedge funds and other institutional investors own 87.20% of the company’s stock.

About ServiceNow (Get Rating)

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. It operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.

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