Scotiabank Upgrades ServiceNow (NYSE:NOW) to Strong-Buy

ServiceNow (NYSE:NOW) was upgraded by research analysts at Scotiabank to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

NOW has been the topic of a number of other research reports. Stifel Nicolaus lifted their price target on shares of ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. UBS Group lifted their target price on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Sanford C. Bernstein raised their price objective on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. boosted their target price on ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, Robert W. Baird increased their target price on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $986.39.

ServiceNow Trading Up 1.7 %

Shares of NOW opened at $1,022.19 on Monday. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,061.66. The company has a market capitalization of $210.57 billion, a PE ratio of 158.97, a price-to-earnings-growth ratio of 5.80 and a beta of 0.98. The stock has a fifty day moving average of $938.70 and a two-hundred day moving average of $829.46. 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 released its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. The firm 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 business’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.21 earnings per share. As a group, analysts forecast that ServiceNow will post 7.07 EPS for the current year.

Insider Buying and Selling at ServiceNow

In related news, Director Jeffrey A. Miller sold 2,879 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the transaction, the director now directly owns 42,920 shares in the company, valued at $43,740,630.40. This represents a 6.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kevin Thomas Mcbride sold 100 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total value of $102,397.00. Following the completion of the sale, the insider now owns 3,457 shares in the company, valued at $3,539,864.29. The trade was a 2.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,373 shares of company stock worth $7,139,335 over the last 90 days. Insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Several hedge funds have recently bought and sold shares of NOW. Creekmur Asset Management LLC bought a new stake in shares of ServiceNow during the first quarter valued at approximately $25,000. Versant Capital Management Inc raised its stake in shares of ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after purchasing an additional 28 shares in the last quarter. EntryPoint Capital LLC lifted its holdings in ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 39 shares during the period. Truvestments Capital LLC bought a new position in ServiceNow in the 3rd quarter valued at about $30,000. Finally, Ridgewood Investments LLC acquired a new position in ServiceNow during the 2nd quarter valued at about $32,000. 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.