ServiceNow (NYSE:NOW) Given "Buy" Rating at TD Cowen

Key Points

• TD Cowen reiterated a “Buy” rating on ServiceNow and set a $140 price target, implying 17.51% upside from the previous close. Analysts overall maintain a “Moderate Buy” consensus with an average target of $143.76.
• ServiceNow reported quarterly EPS of $0.90, exceeding estimates of $0.86, while revenue reached $3.99 billion, up 24% year over year and above expectations.
• Shares traded at $119.14 after falling $4.86, with the company valued at approximately $123.19 billion. Institutional investors own 87.18% of ServiceNow’s outstanding stock.

ServiceNow (NYSE:NOW - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at TD Cowen in a research note issued to investors on Monday,Benzinga reports. They presently have a $140.00 price objective on the information technology services provider's stock. TD Cowen's target price would indicate a potential upside of 17.51% from the company's previous close.

A number of other equities research analysts have also weighed in on NOW. UBS Group set a $248.00 target price on shares of ServiceNow in a research note on Thursday, July 23rd. Piper Sandler restated an "overweight" rating and issued a $140.00 price target on shares of ServiceNow in a research note on Thursday, July 23rd. Benchmark reaffirmed a "buy" rating on shares of ServiceNow in a report on Friday, July 17th. JPMorgan Chase & Co. upped their price objective on ServiceNow from $145.00 to $150.00 and gave the company an "overweight" rating in a research report on Thursday, July 23rd. Finally, BMO Capital Markets increased their target price on ServiceNow from $115.00 to $118.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, ServiceNow presently has an average rating of "Moderate Buy" and a consensus target price of $143.76.

ServiceNow Stock Performance

NYSE NOW traded down $4.86 during trading hours on Monday, hitting $119.14. The company's stock had a trading volume of 7,806,135 shares, compared to its average volume of 23,702,346. ServiceNow has a 12 month low of $81.24 and a 12 month high of $194.73. The company's 50 day simple moving average is $107.08 and its two-hundred day simple moving average is $105.59. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market cap of $123.19 billion, a P/E ratio of 74.54, a price-to-earnings-growth ratio of 2.18 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The business had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $3.93 billion. During the same quarter in the prior year, the business earned $0.81 EPS. The business's revenue for the quarter was up 24.0% compared to the same quarter last year. As a group, sell-side analysts expect that ServiceNow will post 2.24 EPS for the current fiscal year.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently bought and sold shares of NOW. Brighton Jones LLC raised its stake in ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after acquiring an additional 30 shares during the period. Sivia Capital Partners LLC boosted its position in shares of ServiceNow by 4.2% in the second quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider's stock worth $861,000 after purchasing an additional 34 shares during the period. United Bank increased its stake in shares of ServiceNow by 15.5% in the second quarter. United Bank now owns 1,519 shares of the information technology services provider's stock worth $1,562,000 after purchasing an additional 204 shares in the last quarter. Riggs Asset Managment Co. Inc. increased its stake in shares of ServiceNow by 2.2% in the second quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider's stock worth $1,976,000 after purchasing an additional 42 shares in the last quarter. Finally, Nebula Research & Development LLC raised its position in shares of ServiceNow by 205.1% during the 2nd quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider's stock valued at $931,000 after purchasing an additional 609 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Company Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source