Macquarie Reiterates $210.00 Price Target for ServiceNow (NOW)

Macquarie set a $210.00 target price on ServiceNow (NYSE:NOW) in a research report released on Friday morning. The firm currently has a buy rating on the information technology services provider’s stock.

Several other research firms have also recently issued reports on NOW. Citigroup boosted their target price on ServiceNow to $200.00 and gave the company a buy rating in a research note on Tuesday, July 3rd. Barclays boosted their target price on ServiceNow from $185.00 to $195.00 and gave the company an overweight rating in a research note on Thursday, July 12th. Piper Jaffray Companies reissued an overweight rating and set a $210.00 target price on shares of ServiceNow in a research note on Friday, July 20th. Bank of America boosted their target price on ServiceNow from $203.00 to $210.00 and gave the company a buy rating in a research note on Wednesday, July 25th. Finally, BMO Capital Markets boosted their target price on ServiceNow from $177.00 to $205.00 and gave the company an outperform rating in a research note on Thursday, July 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. ServiceNow currently has an average rating of Buy and a consensus price target of $203.04.

NOW stock traded up $9.48 during midday trading on Friday, hitting $184.45. The company had a trading volume of 2,940,124 shares, compared to its average volume of 1,894,726. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.28 and a current ratio of 1.28. ServiceNow has a 52 week low of $112.84 and a 52 week high of $206.29. The company has a market capitalization of $34.81 billion, a P/E ratio of -175.67, a PEG ratio of 46.45 and a beta of 1.23.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 25th. The information technology services provider reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.06. ServiceNow had a negative return on equity of 7.48% and a negative net margin of 4.16%. The firm had revenue of $631.05 million during the quarter, compared to the consensus estimate of $616.68 million. During the same quarter in the previous year, the company posted $0.22 earnings per share. The business’s revenue was up 40.8% on a year-over-year basis. As a group, equities analysts predict that ServiceNow will post 0.16 earnings per share for the current year.

In other news, Director Frederic B. Luddy sold 32,500 shares of the company’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $174.56, for a total transaction of $5,673,200.00. Following the transaction, the director now directly owns 282,383 shares of the company’s stock, valued at $49,292,776.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Chirantan Jitendra Desai sold 6,962 shares of the company’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $180.17, for a total value of $1,254,343.54. Following the transaction, the insider now directly owns 3,460 shares in the company, valued at $623,388.20. The disclosure for this sale can be found here. Insiders sold 220,819 shares of company stock worth $40,902,407 over the last three months. Corporate insiders own 1.60% of the company’s stock.

Large investors have recently made changes to their positions in the company. Northern Trust Corp lifted its holdings in shares of ServiceNow by 1.0% during the second quarter. Northern Trust Corp now owns 990,521 shares of the information technology services provider’s stock valued at $170,835,000 after purchasing an additional 9,950 shares in the last quarter. Zurich Insurance Group Ltd FI lifted its holdings in shares of ServiceNow by 43.3% during the second quarter. Zurich Insurance Group Ltd FI now owns 37,929 shares of the information technology services provider’s stock valued at $6,542,000 after purchasing an additional 11,454 shares in the last quarter. CAPROCK Group Inc. bought a new position in shares of ServiceNow during the second quarter valued at $266,000. Centaurus Financial Inc. bought a new position in shares of ServiceNow during the second quarter valued at $685,000. Finally, Usca Ria LLC bought a new position in shares of ServiceNow during the second quarter valued at $345,000. 95.83% of the stock is currently owned by hedge funds and other institutional investors.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.

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