Macquarie Reaffirms “Neutral” Rating for ServiceNow (NYSE:NOW)

ServiceNow (NYSE:NOW)‘s stock had its “neutral” rating reiterated by investment analysts at Macquarie in a report released on Thursday,Benzinga reports. They presently have a $172.00 price objective on the information technology services provider’s stock. Macquarie’s target price points to a potential upside of 14.03% from the company’s current price.

NOW has been the subject of a number of other research reports. Arete raised shares of ServiceNow from a “neutral” rating to a “buy” rating and set a $200.00 price objective for the company in a report on Tuesday. Sanford C. Bernstein reiterated an “outperform” rating and issued a $218.60 price target on shares of ServiceNow in a research report on Thursday, October 30th. Piper Sandler reiterated an “overweight” rating and issued a $200.00 price target (down from $230.00) on shares of ServiceNow in a research note on Monday. JPMorgan Chase & Co. raised their price objective on ServiceNow from $204.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Finally, KeyCorp cut ServiceNow from a “sector weight” rating to an “underweight” rating and set a $155.00 price objective for the company. in a report on Monday, December 15th. Three analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $219.06.

ServiceNow Stock Up 1.4%

NOW opened at $150.84 on Thursday. The stock has a fifty day moving average of $163.62 and a 200-day moving average of $178.98. The company has a market capitalization of $156.63 billion, a P/E ratio of 91.20, a P/E/G ratio of 2.56 and a beta of 0.98. ServiceNow has a fifty-two week low of $135.73 and a fifty-two week high of $239.62. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.06 and a current ratio of 1.06.

Insiders Place Their Bets

In other news, CFO Gina Mastantuono sold 2,085 shares of the stock in a transaction on Friday, November 28th. The stock was sold at an average price of $161.60, for a total value of $336,936.00. Following the completion of the transaction, the chief financial officer directly owned 63,215 shares in the company, valued at approximately $10,215,544. This represents a 3.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kevin Thomas Mcbride sold 1,400 shares of the firm’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $168.50, for a total value of $235,894.40. Following the sale, the insider directly owned 25,270 shares in the company, valued at approximately $4,257,893.92. This trade represents a 5.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 15,310 shares of company stock worth $2,533,585 over the last 90 days. Insiders own 0.34% of the company’s stock.

Institutional Trading of ServiceNow

Hedge funds have recently made changes to their positions in the company. Nordea Investment Management AB grew its holdings in shares of ServiceNow by 388.7% during the fourth quarter. Nordea Investment Management AB now owns 4,706,164 shares of the information technology services provider’s stock worth $720,325,000 after purchasing an additional 3,743,087 shares during the last quarter. GuoLine Advisory Pte Ltd boosted its position in ServiceNow by 400.0% during the 4th quarter. GuoLine Advisory Pte Ltd now owns 257,400 shares of the information technology services provider’s stock worth $39,431,000 after buying an additional 205,920 shares during the period. Cooper Financial Group grew its holdings in ServiceNow by 657.6% during the 4th quarter. Cooper Financial Group now owns 17,206 shares of the information technology services provider’s stock worth $2,636,000 after acquiring an additional 14,935 shares during the last quarter. Northside Capital Management LLC raised its stake in shares of ServiceNow by 400.0% during the fourth quarter. Northside Capital Management LLC now owns 1,690 shares of the information technology services provider’s stock valued at $259,000 after acquiring an additional 1,352 shares during the last quarter. Finally, Permanent Capital Management LP lifted its holdings in shares of ServiceNow by 407.2% during the fourth quarter. Permanent Capital Management LP now owns 1,755 shares of the information technology services provider’s stock worth $269,000 after purchasing an additional 1,409 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.