ServiceNow’s (NOW) Buy Rating Reiterated at Bank of America

ServiceNow (NYSE:NOW)‘s stock had its “buy” rating reaffirmed by equities researchers at Bank of America in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $130.00 price target on the information technology services provider’s stock. Bank of America‘s target price would indicate a potential upside of 36.62% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Cantor Fitzgerald lowered their price objective on shares of ServiceNow to $122.00 and set an “overweight” rating for the company in a research note on Thursday, April 23rd. Morgan Stanley cut their target price on ServiceNow from $210.00 to $180.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. BTIG Research reiterated a “buy” rating and issued a $150.00 target price on shares of ServiceNow in a report on Monday, May 4th. The Goldman Sachs Group lowered their price target on ServiceNow from $188.00 to $163.00 and set a “buy” rating for the company in a research report on Thursday, April 23rd. Finally, FBN Securities dropped their price target on ServiceNow from $160.00 to $120.00 in a research note on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $141.89.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $95.15 on Monday. The business’s fifty day moving average price is $100.52 and its two-hundred day moving average price is $128.64. The stock has a market cap of $98.10 billion, a PE ratio of 56.71, a price-to-earnings-growth ratio of 1.61 and a beta of 0.82. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. ServiceNow has a one year low of $81.24 and a one year high of $211.48.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.75 billion. During the same quarter in the previous year, the business posted $0.81 earnings per share. The company’s revenue was up 22.1% on a year-over-year basis. On average, analysts forecast that ServiceNow will post 2.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 8,927 shares of the stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $89.60, for a total transaction of $799,859.20. Following the transaction, the insider owned 29,531 shares of the company’s stock, valued at approximately $2,645,977.60. This trade represents a 23.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Fipps sold 3,696 shares of ServiceNow stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $101.77, for a total value of $376,141.92. Following the completion of the transaction, the insider owned 8,061 shares of the company’s stock, valued at approximately $820,367.97. The trade was a 31.44% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 22,415 shares of company stock valued at $2,210,933. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IAG Wealth Partners LLC raised its holdings in shares of ServiceNow by 200.0% during the third quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 18 shares during the last quarter. Noble Wealth Management PBC lifted its holdings in ServiceNow by 400.0% in the fourth quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 128 shares during the period. Millstone Evans Group LLC grew its position in ServiceNow by 400.0% in the 4th quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 132 shares in the last quarter. CBIZ Investment Advisory Services LLC raised its holdings in ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 135 shares in the last quarter. Finally, Blueline Advisors LLC acquired a new stake in ServiceNow in the fourth quarter worth approximately $25,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.