ServiceNow (NYSE:NOW) Earns “Buy” Rating from Needham & Company LLC

ServiceNow (NYSE:NOW)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research note issued on Thursday, Benzinga reports. They currently have a $900.00 price target on the information technology services provider’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 20.58% from the stock’s previous close.

Several other equities analysts have also recently commented on the stock. Jefferies Financial Group raised their price target on shares of ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. KeyCorp assumed coverage on shares of ServiceNow in a research report on Thursday, March 21st. They issued an “overweight” rating and a $1,000.00 price target for the company. Barclays lifted their price objective on shares of ServiceNow from $765.00 to $870.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 23rd. Truist Financial lifted their price objective on shares of ServiceNow from $700.00 to $750.00 and gave the stock a “hold” rating in a research report on Thursday, January 25th. Finally, Royal Bank of Canada lifted their price objective on shares of ServiceNow from $840.00 to $850.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $779.63.

ServiceNow Stock Up 0.7 %

Shares of NYSE NOW opened at $746.39 on Thursday. The company has a 50 day simple moving average of $761.32 and a 200-day simple moving average of $706.74. The company has a market capitalization of $153.29 billion, a P/E ratio of 88.75, a P/E/G ratio of 4.68 and a beta of 0.97. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. ServiceNow has a 1 year low of $427.68 and a 1 year high of $815.32.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.34. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter last year, the firm earned $0.88 EPS. The firm’s revenue for the quarter was up 25.6% on a year-over-year basis. On average, equities research analysts predict that ServiceNow will post 6.16 earnings per share for the current year.

Insider Transactions at ServiceNow

In other news, insider Paul John Smith sold 1,795 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the transaction, the insider now directly owns 994 shares in the company, valued at $776,373.64. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other ServiceNow news, insider Paul John Smith sold 1,795 shares of the company’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the transaction, the insider now directly owns 994 shares in the company, valued at $776,373.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 5,030 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the transaction, the chief executive officer now owns 17,177 shares in the company, valued at $12,935,655.16. The disclosure for this sale can be found here. Insiders have sold a total of 13,164 shares of company stock worth $9,940,303 over the last ninety days. 0.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of ServiceNow by 0.7% in the third quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock valued at $9,923,653,000 after purchasing an additional 122,577 shares in the last quarter. FMR LLC lifted its holdings in shares of ServiceNow by 17.3% in the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after purchasing an additional 595,697 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of ServiceNow by 2.2% in the fourth quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock valued at $1,781,195,000 after purchasing an additional 53,719 shares in the last quarter. Norges Bank purchased a new stake in shares of ServiceNow in the fourth quarter valued at about $1,648,259,000. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of ServiceNow by 3.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock valued at $1,612,032,000 after purchasing an additional 81,028 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

About ServiceNow

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.