ServiceNow (NYSE:NOW) Research Coverage Started at Redburn Atlantic

Redburn Atlantic started coverage on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Wednesday, MarketBeat reports. The firm issued a buy rating on the information technology services provider’s stock.

A number of other research firms have also weighed in on NOW. Evercore ISI raised their price target on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Cantor Fitzgerald initiated coverage on shares of ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target on the stock. Stifel Nicolaus lifted their target price on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Wells Fargo & Company lifted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Needham & Company LLC lifted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Stock Performance

Shares of NOW opened at $937.79 on Wednesday. The firm has a market capitalization of $193.18 billion, a P/E ratio of 137.30, a P/E/G ratio of 4.60 and a beta of 0.99. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,198.09. The stock has a 50 day moving average price of $1,054.69 and a two-hundred day moving average price of $977.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities analysts forecast that ServiceNow will post 8.93 earnings per share for the current fiscal year.

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

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,080,123.85. This represents a 8.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,806 shares of company stock worth $16,065,122 over the last ninety days. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Ascent Group LLC increased its holdings in shares of ServiceNow by 6.8% in the 4th quarter. Ascent Group LLC now owns 2,035 shares of the information technology services provider’s stock worth $2,157,000 after buying an additional 129 shares during the last quarter. Vermillion Wealth Management Inc. bought a new position in ServiceNow in the fourth quarter valued at $109,000. Mackenzie Financial Corp increased its stake in ServiceNow by 30.9% in the fourth quarter. Mackenzie Financial Corp now owns 173,896 shares of the information technology services provider’s stock valued at $184,351,000 after acquiring an additional 41,058 shares during the last quarter. Forum Financial Management LP increased its stake in ServiceNow by 52.7% in the fourth quarter. Forum Financial Management LP now owns 806 shares of the information technology services provider’s stock valued at $855,000 after acquiring an additional 278 shares during the last quarter. Finally, Michels Family Financial LLC bought a new position in shares of ServiceNow during the 4th quarter valued at about $682,000. 87.18% of the stock is currently 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.