ServiceNow (NYSE:NOW) Shares Gap Up on Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s stock price gapped up prior to trading on Monday after Needham & Company LLC raised their price target on the stock from $115.00 to $155.00. The stock had previously closed at $132.53, but opened at $140.00. Needham & Company LLC currently has a buy rating on the stock. ServiceNow shares last traded at $138.4940, with a volume of 3,755,749 shares changing hands.

Other equities analysts also recently issued reports about the stock. BTIG Research lifted their price target on shares of ServiceNow from $150.00 to $170.00 and gave the company a “buy” rating in a report on Tuesday, September 8th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ServiceNow in a report on Monday, August 3rd. Jefferies Financial Group reiterated a “buy” rating and issued a $140.00 target price (up from $135.00) on shares of ServiceNow in a research note on Thursday, July 23rd. Citic Securities reduced their target price on ServiceNow from $168.00 to $140.00 and set a “buy” rating on the stock in a report on Thursday, May 21st. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $130.00 price target on shares of ServiceNow in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $145.71.

Insider Buying and Selling at ServiceNow

In other news, insider Paul Fipps sold 2,034 shares of the company’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $147.87, for a total transaction of $300,767.58. Following the transaction, the insider owned 18,305 shares of the company’s stock, valued at $2,706,760.35. This represents a 10.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Paul Chamberlain sold 2,700 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $135.50, for a total value of $365,850.00. Following the completion of the transaction, the director owned 43,990 shares in the company, valued at approximately $5,960,645. This represents a 5.78% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 14,081 shares of company stock worth $1,937,904. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several institutional investors have recently modified their holdings of the business. CBIZ Investment Advisory Services LLC grew its holdings in ServiceNow by 540.0% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 135 shares during the period. Blueline Advisors LLC bought a new position in shares of ServiceNow in the 4th quarter worth $25,000. Measured Wealth Private Client Group LLC boosted its position in shares of ServiceNow by 560.0% in the 4th quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 140 shares during the last quarter. Cornerstone Financial Management LLC grew its stake in shares of ServiceNow by 72.8% during the second quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 107 shares during the period. Finally, Wealth Watch Advisors INC grew its stake in shares of ServiceNow by 432.3% during the fourth quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 134 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Up 4.3%

The business has a fifty day moving average of $120.27 and a 200 day moving average of $108.97. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. The firm has a market cap of $142.90 billion, a P/E ratio of 86.05, a P/E/G ratio of 2.43 and a beta of 0.97.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The company’s revenue was up 24.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.81 earnings per share. On average, equities research analysts predict that ServiceNow, Inc. will post 2.22 EPS for the current year.

ServiceNow Company Profile

ServiceNow, Inc is a cloud-based enterprise software company that provides digital workflow and automation solutions. Its Now Platform enables organizations to manage and connect business processes across information technology, customer service, human resources, finance, legal operations and other departments.

The company’s products and services include IT service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance management, strategic portfolio management and application development tools.