ServiceNow (NYSE:NOW) Upgraded by Wall Street Zen to "Buy" Rating
Wall Street Zen upgraded ServiceNow (NYSE:NOW) from a "hold" to a "buy" rating. Analysts have set various price targets, with Barclays at $1,210, Evercore ISI at $1,000, and Cantor Fitzgerald at $1,200. The stock currently has an average rating of "Moderate Buy" and a price target of $1,115.20. ServiceNow reported a quarterly EPS of $4.09, exceeding estimates, with revenue of $3.22 billion, up 22.4% year-over-year. Insider trading activity has seen some shares sold recently, and institutional investors have increased their stakes in the company.
ServiceNow (NYSE:NOW - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Tuesday.
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NOW has been the topic of a number of other reports. Barclays set a $1,210.00 target price on shares of ServiceNow in a research note on Thursday. Evercore ISI upped their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. Canaccord Genuity Group cut their price objective on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Sanford C. Bernstein restated an "outperform" rating and set a $1,003.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.
Get Our Latest Research Report on NOW
ServiceNow Stock Performance
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NOW stock opened at $985.51 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $203.98 billion, a price-to-earnings ratio of 124.12, a P/E/G ratio of 4.42 and a beta of 0.94. ServiceNow has a 12 month low of $678.66 and a 12 month high of $1,198.09. The firm has a 50 day moving average of $999.53 and a two-hundred day moving average of $951.58.
ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.13 earnings per share. As a group, equities analysts anticipate that ServiceNow will post 8.93 EPS for the current fiscal year.
Insider Activity at ServiceNow
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In other ServiceNow news, insider Jacqueline P. Canney sold 257 shares of ServiceNow stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total transaction of $253,145.00. Following the completion of the transaction, the insider directly owned 3,027 shares of the company's stock, valued at approximately $2,981,595. This trade represents a 7.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anita M. Sands sold 428 shares of ServiceNow stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total value of $433,825.08. Following the transaction, the director directly owned 10,891 shares of the company's stock, valued at approximately $11,039,226.51. The trade was a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,233 shares of company stock valued at $5,297,758. Insiders own 0.38% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bogart Wealth LLC increased its stake in shares of ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new stake in ServiceNow in the first quarter worth about $26,000. Quarry LP bought a new stake in ServiceNow during the 4th quarter worth about $27,000. WASHINGTON TRUST Co raised its holdings in ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares during the last quarter. Finally, Global X Japan Co. Ltd. acquired a new position in ServiceNow during the 2nd quarter valued at about $30,000. 87.18% of the stock is owned by institutional investors.
ServiceNow Company Profile
(Get Free Report)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.
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