ServiceNow (NYSE:NOW) PT Lowered to $550.00 at Mizuho

ServiceNow (NYSE:NOW – Get Rating) had its target price lowered by equities researchers at Mizuho from $650.00 to $550.00 in a research report issued on Wednesday, The Fly reports. Mizuho’s target price indicates a potential upside of 31.06% from the company’s previous close.

NOW has been the topic of a number of other reports. Barclays reduced their target price on shares of ServiceNow from $652.00 to $613.00 in a research note on Thursday, April 28th. Jefferies Financial Group cut their target price on ServiceNow from $700.00 to $550.00 in a research note on Monday. StockNews.com started coverage on ServiceNow in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Exane BNP Paribas cut shares of ServiceNow from a “neutral” rating to an “underperform” rating in a research report on Tuesday, March 29th. Finally, Canaccord Genuity Group cut their target price on ServiceNow from $715.00 to $615.00 and set a “buy” rating on the stock in a research report on Thursday, January 27th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $648.63.

Shares of NYSE NOW opened at $419.65 on Wednesday. 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 of $502.40 and a 200 day moving average of $564.28. ServiceNow has a 12-month low of $406.47 and a 12-month high of $707.60. The stock has a market cap of $84.12 billion, a PE ratio of 381.50, a P/E/G ratio of 8.35 and a beta of 1.09.

ServiceNow (NYSE:NOW – Get Rating) last announced its quarterly earnings data 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. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. ServiceNow had a return on equity of 8.66% and a net margin of 3.56%. The firm’s revenue was up 26.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 earnings per share. On average, sell-side analysts forecast that ServiceNow will post 1.8 EPS for the current fiscal year.

In other news, COO Chirantan Jitendra Desai sold 5,000 shares of the stock in a transaction dated Monday, February 28th. The stock was sold at an average price of $575.44, for a total value of $2,877,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Teresa Briggs sold 932 shares of the firm’s stock in a transaction dated Friday, April 29th. The shares were sold at an average price of $490.26, for a total value of $456,922.32. Following the sale, the director now owns 707 shares in the company, valued at $346,613.82. The disclosure for this sale can be found here. Insiders have sold a total of 18,428 shares of company stock worth $10,195,278 over the last ninety days. 0.35% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in NOW. Vanguard Group Inc. increased its stake in ServiceNow by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 16,295,607 shares of the information technology services provider’s stock worth $9,074,862,000 after buying an additional 306,106 shares during the period. BlackRock Inc. boosted its holdings in ServiceNow by 0.4% in the fourth quarter. BlackRock Inc. now owns 16,190,700 shares of the information technology services provider’s stock valued at $10,509,544,000 after purchasing an additional 65,623 shares during the last quarter. State Street Corp grew its stake in ServiceNow by 3.2% during the 4th quarter. State Street Corp now owns 7,870,165 shares of the information technology services provider’s stock valued at $5,108,603,000 after purchasing an additional 241,296 shares in the last quarter. Morgan Stanley increased its holdings in ServiceNow by 1.2% during the 2nd quarter. Morgan Stanley now owns 7,277,395 shares of the information technology services provider’s stock worth $3,999,292,000 after purchasing an additional 86,441 shares during the last quarter. Finally, Polen Capital Management LLC boosted its stake in shares of ServiceNow by 2.1% during the 1st quarter. Polen Capital Management LLC now owns 3,219,600 shares of the information technology services provider’s stock valued at $1,792,963,000 after buying an additional 67,385 shares during the last quarter. Institutional investors and hedge funds own 87.20% of the company’s stock.

ServiceNow Company Profile (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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