ServiceNow’s (NOW) “Buy” Rating Reaffirmed at TD Cowen

ServiceNow (NYSE:NOW)‘s stock had its “buy” rating restated by stock analysts at TD Cowen in a research note issued to investors on Friday,Benzinga reports. They currently have a $140.00 price objective on the information technology services provider’s stock. TD Cowen’s target price would suggest a potential upside of 35.14% from the company’s current price.

A number of other research firms also recently weighed in on NOW. BTIG Research reissued a “buy” rating and set a $150.00 target price on shares of ServiceNow in a report on Monday, June 29th. Benchmark raised their price target on shares of ServiceNow from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Citizens Jmp reiterated a “market outperform” rating and issued a $157.00 price objective on shares of ServiceNow in a research note on Tuesday, May 5th. Piper Sandler cut their price objective on shares of ServiceNow from $200.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday, April 23rd. Finally, FBN Securities decreased their target price on shares of ServiceNow from $160.00 to $120.00 in a research report on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $141.03.

ServiceNow Trading Down 0.4%

Shares of NYSE:NOW opened at $103.59 on Friday. ServiceNow has a 12-month low of $81.24 and a 12-month high of $210.20. The business has a 50 day moving average of $103.73 and a 200-day moving average of $109.63. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The stock has a market cap of $106.81 billion, a PE ratio of 62.14, a P/E/G ratio of 1.74 and a beta of 0.96.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, hitting the consensus estimate of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.75 billion. During the same period last year, the firm posted $0.81 EPS. The firm’s revenue for the quarter was up 22.1% compared to the same quarter last year. As a group, equities research analysts forecast that ServiceNow will post 2.34 earnings per share for the current year.

Insider Activity

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the transaction, the director owned 44,930 shares of the company’s stock, valued at approximately $3,919,243.90. The trade was a 3.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the sale, the insider owned 12,072 shares of the company’s stock, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 28,071 shares of company stock valued at $2,529,956. 0.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NOW. Florida Financial Advisors LLC increased its position in ServiceNow by 5.4% during the 2nd quarter. Florida Financial Advisors LLC now owns 273 shares of the information technology services provider’s stock worth $280,000 after purchasing an additional 14 shares in the last quarter. Clark Capital Management Group Inc. boosted its position in ServiceNow by 3.6% in the third quarter. Clark Capital Management Group Inc. now owns 514 shares of the information technology services provider’s stock valued at $473,000 after buying an additional 18 shares in the last quarter. American Trust grew its stake in shares of ServiceNow by 1.8% during the third quarter. American Trust now owns 1,029 shares of the information technology services provider’s stock worth $947,000 after buying an additional 18 shares during the last quarter. Morse Asset Management Inc grew its stake in shares of ServiceNow by 0.5% during the second quarter. Morse Asset Management Inc now owns 3,488 shares of the information technology services provider’s stock worth $3,586,000 after buying an additional 19 shares during the last quarter. Finally, CYBER HORNET ETFs LLC increased its holdings in shares of ServiceNow by 3.7% during the third quarter. CYBER HORNET ETFs LLC now owns 567 shares of the information technology services provider’s stock worth $522,000 after buying an additional 20 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

About ServiceNow

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.