ServiceNow (NYSE:NOW) Rating Increased to Strong-Buy at Scotiabank

Scotiabank upgraded shares of ServiceNow (NYSE:NOW) to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. Needham & Company LLC increased their target price on ServiceNow from $900.00 to $1,075.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Morgan Stanley lowered ServiceNow from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $900.00 to $960.00 in a report on Monday, October 21st. StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Oppenheimer raised their price target on shares of ServiceNow from $825.00 to $1,020.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $986.39.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $1,022.19 on Monday. The firm has a market cap of $210.57 billion, a PE ratio of 158.97, a P/E/G ratio of 5.80 and a beta of 0.98. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,061.66. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $938.70 and a 200 day moving average price of $829.46.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the prior year, the company posted $1.21 EPS. The business’s quarterly revenue was up 22.2% on a year-over-year basis. Sell-side analysts predict that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 353 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey A. Miller sold 2,879 shares of the business’s stock in a transaction on 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 transaction, the director now directly owns 42,920 shares of the company’s stock, valued at $43,740,630.40. The trade was a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,373 shares of company stock worth $7,139,335. 0.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. World Investment Advisors LLC raised its holdings in ServiceNow by 499,668.1% in the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after acquiring an additional 4,771,830 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after purchasing an additional 1,183,739 shares in the last quarter. Swedbank AB purchased a new stake in shares of ServiceNow during the 1st quarter worth $897,908,000. Bank of Montreal Can grew its stake in shares of ServiceNow by 216.6% during the third quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after purchasing an additional 935,848 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in ServiceNow by 24.1% in the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after buying an additional 615,797 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.