ServiceNow (NYSE:NOW) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has a $1,210.00 target price on the information technology services provider’s stock.

A number of other analysts have also weighed in on the stock. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Oppenheimer boosted their price target on ServiceNow from $1,020.00 to $1,150.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus increased their target price on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. UBS Group lifted their price objective on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Finally, Truist Financial raised their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $1,129.93.

ServiceNow Trading Down 11.5 %

Shares of NYSE:NOW opened at $1,011.67 on Thursday. The business’s 50 day simple moving average is $1,085.21 and its 200 day simple moving average is $952.30. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,198.09. 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 company has a market capitalization of $208.40 billion, a P/E ratio of 148.12, a P/E/G ratio of 5.19 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share for the quarter, missing analysts’ consensus estimates of $3.67 by ($1.74). ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. On average, research analysts anticipate that ServiceNow will post 8.98 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a share buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,731 shares of company stock valued at $21,016,751 over the last ninety days. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Truvestments Capital LLC bought a new position in shares of ServiceNow during the third quarter valued at $30,000. DT Investment Partners LLC lifted its holdings in shares of ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares during the period. Heck Capital Advisors LLC bought a new stake in shares of ServiceNow during the 4th quarter valued at about $37,000. Stonebridge Financial Group LLC bought a new position in shares of ServiceNow in the 4th quarter worth approximately $37,000. Finally, Oakworth Capital Inc. boosted its holdings in shares of ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after buying an additional 14 shares during the last quarter. 87.18% of the stock is 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.