ServiceNow Receives a New Rating from Top Analyst

By Ryan Adsit

In a report released yesterday, Richard Davis from Canaccord Genuity reiterated a Buy rating on ServiceNow (NYSE: NOW), with a price target of $105. The company’s shares closed yesterday at $88.26.

According to TipRanks.com, Davis is a top 25 analyst with an average return of 19.6% and a 71.8% success rate. Davis covers the Technology sector, focusing on stocks such as Bottomline Technologies, Nuance Communications, and Ultimate Software.

Currently, the analyst consensus on ServiceNow is Moderate Buy and the average price target is $101.10, representing a 14.5% upside.

In a report issued on April 6, BMO Capital also reiterated a Buy rating on the stock with a $104 price target.

Based on ServiceNow’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $386 million and GAAP net loss of $32.59 million. In comparison, last year the company earned revenue of $306 million and had a GAAP net loss of $333 million.

Based on the recent corporate insider activity of 75 insiders, corporate insider sentiment is negative on the stock. Most recently, in November 2016, Frederic Luddy, the CPO of NOW sold 20,539 shares for a total of $1,770,165.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

ServiceNow, Inc. engages in the provision of enterprise cloud computing solutions. It offers customer and facilities service management, orchestration core, service mapping, cloud and portfolio management, edge encryption, performance analytics, service portal designer, visual task boards, and configuration management database. The company was founded by Frederic B. Luddy in June 2004 and is headquartered in Santa Clara, CA.