StockNews.com Upgrades ServiceNow (NYSE:NOW) to Buy

ServiceNow (NYSE:NOW) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday.

Several other research analysts also recently issued reports on NOW. Royal Bank of Canada boosted their price objective on shares of ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft raised their price objective on ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Robert W. Baird boosted their price objective on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Needham & Company LLC raised their target price on ServiceNow from $900.00 to $1,075.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, Canaccord Genuity Group lifted their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $974.04.

ServiceNow Price Performance

NYSE NOW opened at $1,045.53 on Tuesday. The stock has a 50-day simple moving average of $920.45 and a 200 day simple moving average of $818.12. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,061.66. The stock has a market capitalization of $215.38 billion, a PE ratio of 162.60, a P/E/G ratio of 6.02 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.21 earnings per share. Research analysts anticipate that ServiceNow will post 7.07 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 76 shares of ServiceNow stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at $3,060,115.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Jeffrey A. Miller sold 2,879 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the sale, the director now directly owns 42,920 shares of the company’s stock, valued at $43,740,630.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 76 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,060,115.38. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 5,259 shares of company stock valued at $4,955,741. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently made changes to their positions in NOW. CreativeOne Wealth LLC acquired a new stake in ServiceNow during the 3rd quarter worth $1,071,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of ServiceNow by 917.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 310,754 shares of the information technology services provider’s stock worth $277,935,000 after purchasing an additional 280,210 shares during the period. Clark Estates Inc. NY acquired a new stake in shares of ServiceNow during the third quarter worth about $201,000. Glenmede Trust Co. NA grew its position in shares of ServiceNow by 0.4% in the 3rd quarter. Glenmede Trust Co. NA now owns 80,630 shares of the information technology services provider’s stock valued at $72,115,000 after purchasing an additional 291 shares during the period. Finally, Freedom Investment Management Inc. raised its holdings in ServiceNow by 72.9% during the 3rd quarter. Freedom Investment Management Inc. now owns 740 shares of the information technology services provider’s stock worth $662,000 after buying an additional 312 shares during the period. 87.18% of the stock is owned by institutional investors.

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.