JMP Securities Reiterates Market Outperform Rating for ServiceNow (NYSE:NOW)

ServiceNow (NYSE:NOW)‘s stock had its “market outperform” rating restated by investment analysts at JMP Securities in a report released on Tuesday,Benzinga reports. They currently have a $1,300.00 price target on the information technology services provider’s stock. JMP Securities’ price target would indicate a potential upside of 33.52% from the stock’s current price.

NOW has been the topic of several other research reports. BMO Capital Markets dropped their target price on shares of ServiceNow from $990.00 to $950.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Citigroup reduced their target price on ServiceNow from $1,426.00 to $1,082.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a report on Thursday, April 24th. Royal Bank of Canada increased their price objective on ServiceNow from $975.00 to $1,060.00 and gave the company an “outperform” rating in a research report on Thursday, April 24th. Finally, Mizuho decreased their target price on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,037.77.

ServiceNow Stock Down 0.4 %

Shares of NYSE NOW traded down $4.39 on Tuesday, reaching $973.66. 310,126 shares of the company’s stock traded hands, compared to its average volume of 1,916,212. The business’s 50 day simple moving average is $840.02 and its two-hundred day simple moving average is $969.13. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a market cap of $201.55 billion, a price-to-earnings ratio of 142.56, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the previous year, the business earned $3.41 earnings per share. The firm’s quarterly revenue was up 18.6% compared to the same quarter last year. As a group, equities research analysts forecast that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has initiated a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeffrey A. Miller sold 2,282 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total transaction of $2,351,920.48. Following the sale, the director now owns 40,638 shares in the company, valued at $41,883,148.32. This represents a 5.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,692 shares of company stock valued at $18,173,444. 0.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of ServiceNow by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock worth $20,353,517,000 after purchasing an additional 190,430 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after acquiring an additional 509,467 shares during the period. FMR LLC grew its position in ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after acquiring an additional 272,506 shares during the last quarter. Geode Capital Management LLC increased its stake in ServiceNow by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock worth $4,560,890,000 after purchasing an additional 100,670 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. 87.18% of the stock is owned by 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.