Guggenheim Reiterates Sell Rating for ServiceNow (NYSE:NOW)

Guggenheim restated their sell rating on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $716.00 price target on the information technology services provider’s stock.

Several other brokerages have also recently issued reports on NOW. The Goldman Sachs Group upped their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Cantor Fitzgerald started coverage on shares of ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price target for the company. Robert W. Baird lifted their price target on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Mizuho increased their price objective on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,093.34.

ServiceNow Stock Performance

NYSE:NOW opened at $1,125.39 on Wednesday. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,157.90. The company has a market cap of $231.83 billion, a P/E ratio of 175.02, a P/E/G ratio of 4.85 and a beta of 0.99. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average price is $1,071.36 and its 200-day moving average price is $937.32.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the previous year, the firm posted $1.21 EPS. The business’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, sell-side analysts forecast that ServiceNow will post 7.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the transaction, the director now owns 42,920 shares in the company, valued at approximately $43,740,630.40. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,731 shares of company stock worth $21,016,751 over the last 90 days. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NOW. Redhawk Wealth Advisors Inc. lifted its position in shares of ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after buying an additional 10 shares during the last quarter. Catalyst Financial Partners LLC raised its stake in ServiceNow by 1.0% during the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after acquiring an additional 11 shares in the last quarter. First Affirmative Financial Network lifted its position in ServiceNow by 1.4% in the third quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock valued at $801,000 after acquiring an additional 12 shares during the last quarter. Capital Advisors Ltd. LLC boosted its stake in ServiceNow by 14.6% in the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after acquiring an additional 12 shares in the last quarter. Finally, BluePointe Capital Management LLC grew its holdings in shares of ServiceNow by 0.6% during the third quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock worth $1,801,000 after purchasing an additional 12 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Company Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.