ServiceNow (NYSE:NOW) Receives “Overweight” Rating from Cantor Fitzgerald

ServiceNow (NYSE:NOW)‘s stock had its “overweight” rating reaffirmed by Cantor Fitzgerald in a research report issued on Tuesday,Benzinga reports. They currently have a $1,048.00 target price on the information technology services provider’s stock. Cantor Fitzgerald’s price target indicates a potential upside of 30.38% from the stock’s current price.

A number of other analysts have also weighed in on NOW. TD Cowen raised their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Jefferies Financial Group dropped their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. JPMorgan Chase & Co. raised their price objective on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Finally, Raymond James assumed coverage on shares of ServiceNow in a report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,118.03.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $19.97 during mid-day trading on Tuesday, reaching $803.80. 723,108 shares of the company’s stock were exchanged, compared to its average volume of 1,728,227. The firm has a 50-day moving average price of $1,011.72 and a two-hundred day moving average price of $985.64. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market capitalization of $165.58 billion, a price-to-earnings ratio of 118.09, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Analysts predict that ServiceNow will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has approved a share repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction on 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 in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 336 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $341,896.80. Following the sale, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,408,026.60. This trade represents a 7.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

A number of large investors have recently made changes to their positions in the stock. Polymer Capital Management HK LTD grew its position in ServiceNow by 57.0% in the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after acquiring an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in ServiceNow during the fourth quarter valued at $48,802,000. Dock Street Asset Management Inc. grew its holdings in shares of ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after buying an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. bought a new stake in shares of ServiceNow in the fourth quarter worth approximately $105,090,000. Finally, Rheos Capital Works Inc. purchased a new stake in ServiceNow during the 4th quarter valued at $10,071,000. 87.18% of the stock is owned by institutional investors.

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.