Trade Report: The Wunderlich Increases ServiceNow Inc. (NOW) Price Target to $95.00

The Wunderlich Increases ServiceNow Inc. (NOW) Price Target to $95.00

ServiceNow Inc. (NYSE:NOW) had its price objective increased by stock analysts at Wunderlich from $85.00 to $95.00 in a research report issued to clients and investors on Thursday. The brokerage presently has a “buy” rating on the stock. Wunderlich’s price objective would suggest a potential upside of 10.31% from the company’s previous close.

A number of other brokerages have also commented on NOW. Piper Jaffray Cos. reissued an “overweight” rating and set a $90.00 price target on shares of ServiceNow in a research note on Friday, July 15th. Vetr raised ServiceNow from a “buy” rating to a “strong-buy” rating and set a $90.24 price objective on the stock in a research note on Monday, July 18th. Mizuho lifted their price objective on ServiceNow from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday. Zacks Investment Research lowered ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, August 9th. Finally, BMO Capital Markets initiated coverage on ServiceNow in a research note on Monday, September 19th. They issued a “market perform” rating and a $85.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $85.93.

Shares of ServiceNow (NYSE:NOW) opened at 86.12 on Thursday. ServiceNow has a 1-year low of $46.00 and a 1-year high of $91.28. The company’s 50-day moving average price is $77.90 and its 200-day moving average price is $73.04. The company’s market capitalization is $14.24 billion.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 26th. The company reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.02. ServiceNow had a negative return on equity of 37.87% and a negative net margin of 35.38%. The firm had revenue of $357.66 million for the quarter, compared to analyst estimates of $352.16 million. During the same period last year, the firm posted $0.16 earnings per share. The business’s revenue for the quarter was up 37.0% on a year-over-year basis. On average, equities analysts expect that ServiceNow will post $0.70 earnings per share for the current fiscal year.

In other ServiceNow news, CEO Frank Slootman sold 150,000 shares of the company’s stock in a transaction on 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 owns 281,269 shares in the company, valued at approximately $21,097,987.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frederic B. Luddy sold 154,000 shares of the company’s stock in a transaction on Tuesday, October 18th. The shares were sold at an average price of $75.52, for a total value of $11,630,080.00. Following the completion of the transaction, the insider now owns 1,587 shares of the company’s stock, valued at approximately $119,850.24. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Meeder Asset Management Inc. acquired a new position in shares of ServiceNow during the third quarter worth about $149,000. Mizuho Asset Management Co. Ltd. increased its position in shares of ServiceNow by 162.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,272 shares of the company’s stock worth $151,000 after buying an additional 1,406 shares during the period. Tower Research Capital LLC TRC increased its position in shares of ServiceNow by 343.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,379 shares of the company’s stock worth $158,000 after buying an additional 1,843 shares during the period. BlueMountain Capital Management LLC acquired a new position in shares of ServiceNow during the second quarter worth about $177,000. Finally, Concert Wealth Management Inc. acquired a new position in shares of ServiceNow during the third quarter worth about $203,000. Hedge funds and other institutional investors own 95.81% of the company’s stock.

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