ServiceNow (NYSE:NOW) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of ServiceNow (NYSE:NOW) from a hold rating to a buy rating in a research report report published on Sunday morning.

Other analysts have also recently issued reports about the stock. Zacks Research raised shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $1,093.00 target price on shares of ServiceNow in a report on Thursday, October 30th. Erste Group Bank restated a “hold” rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Cowen restated a “buy” rating on shares of ServiceNow in a report on Friday, October 24th. Finally, Bank of America boosted their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,159.66.

ServiceNow Trading Up 0.5%

NYSE:NOW traded up $4.68 during mid-day trading on Friday, reaching $866.55. The company’s stock had a trading volume of 1,408,898 shares, compared to its average volume of 1,648,380. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market cap of $180.24 billion, a P/E ratio of 104.78, a P/E/G ratio of 4.11 and a beta of 0.94. The company’s fifty day simple moving average is $920.49 and its two-hundred day simple moving average is $952.41. ServiceNow has a twelve month low of $678.66 and a twelve month high of $1,198.09.

Shares of ServiceNow are set to split before the market opens on Friday, December 5th. The 5-1 split was announced on Wednesday, October 29th. The newly minted shares will be payable to shareholders after the closing bell on Thursday, December 4th.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, October 29th. The information technology services provider reported $4.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.21 by $0.61. ServiceNow had a net margin of 13.66% and a return on equity of 19.23%. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same period last year, the company earned $3.72 earnings per share. The company’s quarterly revenue was up 21.8% on a year-over-year basis. On average, equities analysts predict that ServiceNow will post 8.93 EPS for the current year.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the completion of the sale, the insider owned 3,027 shares of the company’s stock, valued at $2,622,744.15. This trade represents a 34.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 17,431 shares of company stock worth $15,566,781 over the last 90 days. 0.38% of the stock is owned by corporate 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. Vanguard Group Inc. boosted its holdings in ServiceNow by 1.6% in the third quarter. Vanguard Group Inc. now owns 20,210,924 shares of the information technology services provider’s stock valued at $18,599,709,000 after purchasing an additional 315,861 shares during the last quarter. State Street Corp raised its position in shares of ServiceNow by 1.7% in the 2nd quarter. State Street Corp now owns 9,323,619 shares of the information technology services provider’s stock valued at $9,585,426,000 after purchasing an additional 154,307 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of ServiceNow by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 4,574,563 shares of the information technology services provider’s stock valued at $4,684,445,000 after buying an additional 88,057 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of ServiceNow by 7.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider’s stock valued at $2,263,519,000 after buying an additional 188,292 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of ServiceNow during the second quarter worth approximately $2,589,235,000. 87.18% of the stock is owned by hedge funds and other 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.