Piper Jaffray Companies Reiterates Overweight Rating for ServiceNow (NOW)

Piper Jaffray Companies reaffirmed their overweight rating on shares of ServiceNow (NYSE:NOW) in a research report released on Tuesday morning, The Fly reports. Piper Jaffray Companies currently has a $160.00 target price on the information technology services provider’s stock.

NOW has been the subject of a number of other research reports. Robert W. Baird set a $120.00 target price on ServiceNow and gave the stock a buy rating in a research note on Friday, October 6th. Stifel Nicolaus raised their target price on ServiceNow from $110.00 to $120.00 and gave the stock a hold rating in a research note on Thursday, October 26th. BMO Capital Markets restated a buy rating and issued a $127.00 target price on shares of ServiceNow in a research note on Friday, October 13th. OTR Global upgraded ServiceNow to a positive rating in a research note on Wednesday, October 18th. Finally, Deutsche Bank raised their target price on ServiceNow from $115.00 to $135.00 and gave the stock a buy rating in a research note on Wednesday, October 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-eight have issued a buy rating and three have issued a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $133.73.

ServiceNow (NOW) traded up $1.14 during trading on Tuesday, hitting $142.27. The stock had a trading volume of 1,594,513 shares, compared to its average volume of 1,576,454. The firm has a market cap of $24,290.00, a PE ratio of -156.34 and a beta of 1.06. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.66 and a quick ratio of 1.66. ServiceNow has a 52-week low of $82.14 and a 52-week high of $142.52.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 25th. The information technology services provider reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.06. The company had revenue of $498.20 million during the quarter, compared to analyst estimates of $491.62 million. ServiceNow had a negative return on equity of 22.11% and a negative net margin of 8.68%. The firm’s quarterly revenue was up 39.3% on a year-over-year basis. During the same quarter last year, the business posted $0.23 EPS. equities research analysts forecast that ServiceNow will post -0.35 EPS for the current year.

In related news, CRO David Schneider sold 16,349 shares of ServiceNow stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $124.21, for a total value of $2,030,709.29. Following the completion of the transaction, the executive now owns 67,185 shares in the company, valued at approximately $8,345,048.85. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 150,000 shares of ServiceNow stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $125.96, for a total value of $18,894,000.00. Following the completion of the transaction, the director now owns 216,535 shares of the company’s stock, valued at approximately $27,274,748.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 630,174 shares of company stock valued at $80,823,650. 3.30% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. increased its stake in shares of ServiceNow by 6.5% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 305,581 shares of the information technology services provider’s stock valued at $35,915,000 after purchasing an additional 18,537 shares in the last quarter. Investec Asset Management LTD increased its stake in shares of ServiceNow by 42.9% in the 3rd quarter. Investec Asset Management LTD now owns 66,635 shares of the information technology services provider’s stock valued at $7,832,000 after purchasing an additional 20,014 shares in the last quarter. Jasper Ridge Partners L.P. purchased a new position in shares of ServiceNow in the 3rd quarter valued at about $1,525,000. Rockefeller Financial Services Inc. purchased a new position in shares of ServiceNow in the 3rd quarter valued at about $138,000. Finally, British Airways Pensions Investment Management Ltd increased its stake in shares of ServiceNow by 84.5% in the 3rd quarter. British Airways Pensions Investment Management Ltd now owns 218,243 shares of the information technology services provider’s stock valued at $25,643,000 after purchasing an additional 99,938 shares in the last quarter.

ILLEGAL ACTIVITY WARNING: This report was first reported by Sports Perspectives and is the property of of Sports Perspectives. If you are viewing this report on another domain, it was copied illegally and reposted in violation of U.S. & international copyright law. The correct version of this report can be accessed at https://sportsperspectives.com/2018/01/19/piper-jaffray-companies-reiterates-overweight-rating-for-servicenow-now.html.

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.

The Fly

Analyst Recommendations for ServiceNow (NYSE:NOW)

Receive News & Ratings for ServiceNow Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ServiceNow and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply