ServiceNow’s (NOW) “Buy” Rating Reaffirmed at Needham & Company LLC

ServiceNow (NYSE:NOW)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports. They presently have a $900.00 target price on the information technology services provider’s stock. Needham & Company LLC’s target price points to a potential upside of 22.34% from the stock’s previous close.

NOW has been the subject of several other reports. UBS Group upped their price objective on ServiceNow from $885.00 to $920.00 and gave the company a “buy” rating in a research note on Monday. Royal Bank of Canada upped their price objective on ServiceNow from $840.00 to $850.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. The Goldman Sachs Group upped their price objective on ServiceNow from $800.00 to $910.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. BMO Capital Markets increased their target price on ServiceNow from $630.00 to $850.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Finally, Guggenheim reissued a “neutral” rating on shares of ServiceNow in a research note on Monday. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $780.00.

ServiceNow Stock Down 1.2 %

Shares of NYSE NOW opened at $735.68 on Tuesday. The stock has a market cap of $151.09 billion, a PE ratio of 87.48, a price-to-earnings-growth ratio of 4.65 and a beta of 0.97. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20. ServiceNow has a 52-week low of $427.68 and a 52-week high of $815.32. The business has a 50-day moving average price of $767.53 and a 200 day moving average price of $700.42.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, beating the consensus estimate of $2.77 by $0.34. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The firm’s revenue was up 25.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.88 EPS. Equities research analysts forecast that ServiceNow will post 6.16 earnings per share for the current year.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the transaction, the chief executive officer now owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the transaction, the chief executive officer now owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul John Smith sold 1,180 shares of ServiceNow stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the completion of the sale, the insider now directly owns 1,392 shares of the company’s stock, valued at approximately $1,067,831.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,164 shares of company stock valued at $9,940,303. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Sandy Cove Advisors LLC grew its position in shares of ServiceNow by 4.6% in the first quarter. Sandy Cove Advisors LLC now owns 705 shares of the information technology services provider’s stock valued at $537,000 after purchasing an additional 31 shares during the period. Red Door Wealth Management LLC grew its position in shares of ServiceNow by 4.9% in the first quarter. Red Door Wealth Management LLC now owns 6,410 shares of the information technology services provider’s stock valued at $4,887,000 after purchasing an additional 297 shares during the period. Cornerstone Wealth Group LLC grew its position in ServiceNow by 5.1% during the first quarter. Cornerstone Wealth Group LLC now owns 4,625 shares of the information technology services provider’s stock valued at $3,526,000 after acquiring an additional 224 shares during the period. Physician Wealth Advisors Inc. grew its position in ServiceNow by 2.5% during the first quarter. Physician Wealth Advisors Inc. now owns 1,123 shares of the information technology services provider’s stock valued at $836,000 after acquiring an additional 27 shares during the period. Finally, New Mexico Educational Retirement Board grew its position in ServiceNow by 9.4% during the first quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock valued at $8,882,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

About ServiceNow

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.