ServiceNow’s (NOW) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has a $900.00 target price on the information technology services provider’s stock.

Several other research firms have also recently issued reports on NOW. Guggenheim reiterated a neutral rating on shares of ServiceNow in a research note on Monday, April 15th. Truist Financial increased their price target on shares of ServiceNow from $700.00 to $750.00 and gave the stock a hold rating in a report on Thursday, January 25th. The Goldman Sachs Group increased their price target on shares of ServiceNow from $800.00 to $910.00 and gave the stock a buy rating in a report on Thursday, January 25th. Royal Bank of Canada increased their price target on shares of ServiceNow from $840.00 to $850.00 and gave the stock an outperform rating in a report on Thursday, January 25th. Finally, KeyCorp assumed coverage on shares of ServiceNow in a report on Thursday, March 21st. They set an overweight rating and a $1,000.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $782.85.

ServiceNow Stock Down 4.0 %

ServiceNow stock opened at $716.25 on Thursday. The company has a market capitalization of $147.10 billion, a P/E ratio of 76.60, a P/E/G ratio of 4.72 and a beta of 0.97. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20. The firm has a 50 day moving average price of $760.05 and a 200-day moving average price of $706.80. ServiceNow has a twelve month low of $427.68 and a twelve month 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 (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.34. ServiceNow had a net margin of 20.34% and a return on equity of 14.00%. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same period in the prior year, the company posted $0.88 EPS. The business’s revenue for the quarter was up 25.6% compared to the same quarter last year. As a group, equities analysts predict that ServiceNow will post 6.16 EPS for the current year.

Insider Transactions at ServiceNow

In related news, insider Paul John Smith sold 5,159 shares of ServiceNow stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the transaction, the insider now directly owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Paul John Smith sold 5,159 shares of ServiceNow stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the transaction, the insider now directly owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction dated Tuesday, February 20th. The shares were 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 directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,164 shares of company stock valued at $9,940,303. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NOW. Norges Bank purchased a new position in ServiceNow in the fourth quarter worth about $1,648,259,000. International Assets Investment Management LLC raised its holdings in ServiceNow by 69,354.6% in the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock worth $580,486,000 after buying an additional 820,465 shares during the last quarter. FMR LLC raised its holdings in ServiceNow by 17.3% in the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock worth $2,256,407,000 after buying an additional 595,697 shares during the last quarter. Global Assets Advisory LLC bought a new stake in shares of ServiceNow in the first quarter worth approximately $403,034,000. Finally, Jennison Associates LLC grew its stake in shares of ServiceNow by 23.0% in the third quarter. Jennison Associates LLC now owns 2,467,471 shares of the information technology services provider’s stock worth $1,379,217,000 after acquiring an additional 461,614 shares during the period. 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.