ServiceNow (NYSE:NOW) Coverage Initiated at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of ServiceNow (NYSE:NOW) in a research report issued to clients and investors on Friday, MarketBeat reports. The brokerage set an “overweight” rating and a $1,332.00 price target on the information technology services provider’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 24.25% from the stock’s previous close.

NOW has been the topic of several other research reports. Barclays lifted their target price on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Raymond James started coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price for the company. Jefferies Financial Group boosted their price target on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. JMP Securities increased their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a report on Thursday, October 17th. Finally, Sanford C. Bernstein boosted their target price on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,080.38.

ServiceNow Price Performance

Shares of NOW opened at $1,072.02 on Friday. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,157.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a fifty day moving average price of $1,069.67 and a 200 day moving average price of $931.27. The company has a market cap of $220.84 billion, a P/E ratio of 166.72, a PEG ratio of 4.65 and a beta of 0.99.

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

Insiders Place Their Bets

In other ServiceNow news, Director Paul Edward Chamberlain sold 300 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total value of $314,385.00. Following the completion of the sale, the director now directly owns 10,467 shares of the company’s stock, valued at $10,968,892.65. The trade was a 2.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,731 shares of company stock worth $21,016,751 in the last quarter. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

Several hedge funds have recently bought and sold shares of NOW. State Street Corp lifted its stake in shares of ServiceNow by 2.6% in the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock worth $8,118,867,000 after buying an additional 226,023 shares during the last quarter. FMR LLC lifted its holdings in shares of ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after buying an additional 502,845 shares during the last quarter. World Investment Advisors LLC boosted its position in shares of 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 during the period. Geode Capital Management LLC grew its stake in shares of ServiceNow by 1.9% in the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock worth $3,753,828,000 after acquiring an additional 78,378 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after acquiring an additional 615,797 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

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.