ServiceNow (NYSE:NOW) Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of ServiceNow (NYSE:NOW) from a hold rating to a buy rating in a research report sent to investors on Friday morning.

NOW has been the subject of a number of other research reports. JPMorgan Chase & Co. decreased their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. DA Davidson began coverage on shares of ServiceNow in a research report on Wednesday, June 25th. They set a “buy” rating and a $1,150.00 target price on the stock. Barclays set a $1,085.00 price target on shares of ServiceNow in a research note on Wednesday, May 7th. Morgan Stanley increased their price objective on ServiceNow from $881.00 to $950.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 24th. Finally, BMO Capital Markets lifted their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company an “outperform” rating in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-one have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,065.32.

ServiceNow Price Performance

Shares of NOW stock opened at $1,023.56 on Friday. The stock has a 50 day moving average price of $985.61 and a 200 day moving average price of $964.70. ServiceNow has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market capitalization of $211.86 billion, a P/E ratio of 139.07, a P/E/G ratio of 4.70 and a beta of 0.96.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The business’s revenue was up 18.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.41 earnings per share. As a group, sell-side analysts predict that ServiceNow will post 8.93 earnings per share for the current year.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 2,050 shares of the firm’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the sale, the chief executive officer now owns 6,614 shares of the company’s stock, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Russell S. Elmer sold 191 shares of the company’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $985.00, for a total value of $188,135.00. Following the transaction, the general counsel now directly owns 4,332 shares in the company, valued at $4,267,020. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,716 shares of company stock valued at $6,611,245 in the last 90 days. Insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Hedge funds and other institutional investors have recently modified their holdings of the stock. Haverford Trust Co raised its holdings in shares of ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock worth $936,000 after buying an additional 10 shares during the last quarter. Ascent Group LLC increased its position in shares of ServiceNow by 0.5% in the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock valued at $1,628,000 after acquiring an additional 10 shares during the period. Onefund LLC increased its position in shares of ServiceNow by 2.0% in the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after acquiring an additional 11 shares during the period. Cassady Schiller Wealth Management LLC lifted its position in ServiceNow by 44.0% during the 4th quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider’s stock worth $38,000 after acquiring an additional 11 shares during the period. Finally, Edgemoor Investment Advisors Inc. boosted its position in ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $366,000 after buying an additional 11 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other 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.