The OTR Global Downgrades ServiceNow Inc. (NOW) to Positive

The OTR Global Downgrades ServiceNow Inc. (NOW) to Positive

ServiceNow Inc. (NYSE:NOW) was downgraded by equities research analysts at OTR Global to a “positive” rating in a report issued on Wednesday.

Several other brokerages also recently weighed in on NOW. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $90.00 price target on shares of ServiceNow in a report on Thursday, July 28th. BMO Capital Markets began coverage on shares of ServiceNow in a report on Monday, September 19th. They issued a “market perform” rating and a $85.00 price target on the stock. Cowen and Company started coverage on shares of ServiceNow in a report on Friday, June 24th. They issued an “outperform” rating and a $95.00 price target on the stock. Zacks Investment Research cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, August 9th. Finally, Argus reaffirmed a “buy” rating and set a $86.00 price objective on shares of ServiceNow in a research note on Wednesday, August 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $84.47.

Shares of ServiceNow (NYSE:NOW) opened at 75.39 on Wednesday. The company’s market cap is $12.40 billion. The company has a 50-day moving average of $76.46 and a 200 day moving average of $71.73. ServiceNow has a 12 month low of $45.99 and a 12 month high of $91.28.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.05. ServiceNow had a negative net margin of 38.64% and a negative return on equity of 36.56%. The company had revenue of $341.30 million for the quarter, compared to the consensus estimate of $334.07 million. During the same quarter in the prior year, the company earned $0.05 EPS. ServiceNow’s quarterly revenue was up 38.3% on a year-over-year basis. On average, analysts anticipate that ServiceNow will post $0.66 earnings per share for the current year.

In other ServiceNow news, CEO Frank Slootman sold 150,000 shares of ServiceNow stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $75.01, for a total value of $11,251,500.00. Following the completion of the transaction, the chief executive officer now directly owns 281,269 shares of the company’s stock, valued at approximately $21,097,987.69. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Daniel Mcgee sold 14,191 shares of ServiceNow stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $80.00, for a total value of $1,135,280.00. Following the completion of the transaction, the chief operating officer now directly owns 5,321 shares of the company’s stock, valued at $425,680. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc increased its position in ServiceNow by 0.8% in the second quarter. CIBC Asset Management Inc now owns 5,902 shares of the company’s stock valued at $392,000 after buying an additional 45 shares in the last quarter. Calvert Investment Management Inc. increased its position in shares of ServiceNow by 1.0% in the second quarter. Calvert Investment Management Inc. now owns 8,163 shares of the company’s stock worth $542,000 after buying an additional 83 shares in the last quarter. Brown Advisory Inc. increased its position in shares of ServiceNow by 2.5% in the second quarter. Brown Advisory Inc. now owns 4,420 shares of the company’s stock worth $293,000 after buying an additional 106 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of ServiceNow by 0.6% in the third quarter. Fisher Asset Management LLC now owns 19,688 shares of the company’s stock worth $1,558,000 after buying an additional 116 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC increased its position in shares of ServiceNow by 0.6% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 35,377 shares of the company’s stock worth $2,349,000 after buying an additional 200 shares in the last quarter. 95.72% of the stock is owned by institutional investors.

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