Mizuho Initiates Coverage on ServiceNow (NOW)

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Investment analysts at Mizuho began coverage on shares of ServiceNow (NYSE:NOW) in a research report issued to clients and investors on Wednesday, Marketbeat reports. The firm set a “buy” rating and a $265.00 price target on the information technology services provider’s stock. Mizuho’s price target points to a potential upside of 9.69% from the company’s current price.

A number of other research analysts have also recently commented on the company. ValuEngine raised ServiceNow from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 1st. Goldman Sachs Group upped their price target on ServiceNow from $260.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, February 25th. They noted that the move was a valuation call. UBS Group upped their price target on ServiceNow from $230.00 to $271.00 and gave the company a “hold” rating in a research report on Monday, February 25th. JPMorgan Chase & Co. upped their price target on ServiceNow to $245.00 and gave the company an “overweight” rating in a research report on Thursday, January 31st. Finally, Jefferies Financial Group upped their price target on ServiceNow to $242.00 and gave the company a “buy” rating in a research report on Thursday, January 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-two have given a buy rating and three have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $227.75.

Shares of NYSE NOW opened at $241.59 on Wednesday. ServiceNow has a one year low of $147.63 and a one year high of $245.33. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.17 and a current ratio of 1.16. The firm has a market cap of $43.79 billion, a PE ratio of 1,207.95, a PEG ratio of 24.46 and a beta of 1.44.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 30th. The information technology services provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.14. ServiceNow had a positive return on equity of 3.95% and a negative net margin of 1.02%. The firm had revenue of $715.44 million for the quarter, compared to analysts’ expectations of $717.73 million. During the same quarter in the prior year, the firm earned $0.37 EPS. The business’s revenue for the quarter was up 30.3% compared to the same quarter last year. As a group, research analysts expect that ServiceNow will post 0.35 EPS for the current fiscal year.

In other ServiceNow news, Director Frederic B. Luddy sold 32,500 shares of the company’s stock in a transaction dated Monday, December 17th. The stock was sold at an average price of $173.94, for a total value of $5,653,050.00. Following the transaction, the director now directly owns 282,383 shares in the company, valued at approximately $49,117,699.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David Schneider sold 7,750 shares of the company’s stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $220.00, for a total value of $1,705,000.00. The disclosure for this sale can be found here. Insiders sold a total of 264,756 shares of company stock worth $57,018,261 over the last 90 days. Corporate insiders own 1.60% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. boosted its holdings in shares of ServiceNow by 14.6% in the 4th quarter. American Century Companies Inc. now owns 1,772,188 shares of the information technology services provider’s stock worth $315,538,000 after purchasing an additional 226,028 shares in the last quarter. Norges Bank purchased a new position in shares of ServiceNow in the 4th quarter worth about $297,403,000. Dimensional Fund Advisors LP boosted its holdings in shares of ServiceNow by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 165,311 shares of the information technology services provider’s stock worth $29,442,000 after purchasing an additional 5,052 shares in the last quarter. Valley National Advisers Inc. purchased a new position in shares of ServiceNow in the 4th quarter worth about $222,000. Finally, Nordea Investment Management AB boosted its holdings in shares of ServiceNow by 33.1% in the 4th quarter. Nordea Investment Management AB now owns 234,524 shares of the information technology services provider’s stock worth $41,756,000 after purchasing an additional 58,262 shares in the last quarter. Institutional investors and hedge funds own 97.07% of the company’s stock.

ServiceNow Company Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.

Further Reading: Cash Flow

Analyst Recommendations for ServiceNow (NYSE:NOW)

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