ServiceNow (NYSE:NOW) Coverage Initiated at Piper Jaffray Companies

Analysts at Piper Jaffray Companies began coverage on shares of ServiceNow (NYSE:NOW) in a report issued on Friday, Benzinga’s Daily Ratings Newsletter reports. The firm set an “overweight” rating and a $305.00 price target on the information technology services provider’s stock. Piper Jaffray Companies’ price target indicates a potential upside of 22.76% from the stock’s previous close.

A number of other research analysts have also recently commented on the company. UBS Group upped their target price on ServiceNow to $332.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Robert W. Baird upped their target price on ServiceNow from $275.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Cfra raised ServiceNow from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Stifel Nicolaus raised ServiceNow from a “hold” rating to a “buy” rating and upped their target price for the company from $290.00 to $320.00 in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada cut their target price on ServiceNow to $286.00 and set a “top pick” rating on the stock in a research note on Thursday, October 24th. Six analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $292.31.

NYSE NOW traded up $7.56 during trading hours on Friday, hitting $248.45. 1,825,086 shares of the company were exchanged, compared to its average volume of 1,975,001. The stock has a 50-day moving average price of $253.22 and a 200 day moving average price of $267.00. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.75. ServiceNow has a 52 week low of $147.63 and a 52 week high of $303.17. The stock has a market cap of $45.35 billion, a PE ratio of 1,242.25, a price-to-earnings-growth ratio of 17.96 and a beta of 1.28.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $0.99 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.81. ServiceNow had a return on equity of 6.62% and a net margin of 1.09%. The company had revenue of $885.80 million for the quarter, compared to analysts’ expectations of $885.53 million. During the same period in the previous year, the firm posted $0.68 earnings per share. The firm’s revenue for the quarter was up 31.6% on a year-over-year basis. As a group, sell-side analysts anticipate that ServiceNow will post 0.48 earnings per share for the current year.

In other ServiceNow news, insider Chirantan Jitendra Desai sold 1,563 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $261.30, for a total transaction of $408,411.90. Following the completion of the sale, the insider now owns 33,864 shares in the company, valued at $8,848,663.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Michael Scarpelli sold 31,183 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $260.22, for a total value of $8,114,440.26. Following the sale, the chief financial officer now owns 36,200 shares of the company’s stock, valued at approximately $9,419,964. The disclosure for this sale can be found here. Insiders sold 84,854 shares of company stock valued at $22,294,182 in the last quarter. 1.00% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of NOW. WINTON GROUP Ltd lifted its holdings in ServiceNow by 21.5% during the second quarter. WINTON GROUP Ltd now owns 1,969 shares of the information technology services provider’s stock worth $541,000 after buying an additional 349 shares during the period. First American Trust FSB increased its position in shares of ServiceNow by 1.2% during the second quarter. First American Trust FSB now owns 11,349 shares of the information technology services provider’s stock worth $3,116,000 after purchasing an additional 131 shares in the last quarter. Douglass Winthrop Advisors LLC acquired a new position in shares of ServiceNow during the second quarter worth $206,000. Zweig DiMenna Associates LLC acquired a new position in shares of ServiceNow during the second quarter worth $16,899,000. Finally, Dubuque Bank & Trust Co. acquired a new position in shares of ServiceNow during the second quarter worth $379,000. Institutional investors own 90.97% of the company’s stock.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

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Analyst Recommendations for ServiceNow (NYSE:NOW)

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