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

Needham & Company LLC reaffirmed their buy rating on shares of ServiceNow (NYSE:NOW) in a research report report published on Thursday, Benzinga reports. They currently have a $900.00 price objective on the information technology services provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Wells Fargo & Company boosted their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the company an overweight rating in a research report on Tuesday, April 16th. Royal Bank of Canada boosted their price objective on shares of ServiceNow from $840.00 to $850.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Robert W. Baird boosted their price objective on shares of ServiceNow from $780.00 to $870.00 and gave the company an outperform rating in a research report on Thursday, January 25th. UBS Group boosted their price objective on shares of ServiceNow from $885.00 to $920.00 and gave the company a buy rating in a research report on Monday, April 15th. Finally, BMO Capital Markets cut their price objective on shares of ServiceNow from $850.00 to $830.00 and set an outperform rating for the company in a research report on Thursday. Four research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $792.00.

ServiceNow Trading Up 1.0 %

NYSE:NOW opened at $723.55 on Thursday. The company has a current ratio of 1.05, a quick ratio of 1.06 and a debt-to-equity ratio of 0.18. ServiceNow has a 12 month low of $427.68 and a 12 month high of $815.32. The company has a market cap of $148.60 billion, a PE ratio of 77.39, a price-to-earnings-growth ratio of 4.57 and a beta of 0.97. The company has a 50 day simple moving average of $759.21 and a two-hundred day simple moving average of $708.95.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, topping analysts’ consensus estimates of $2.77 by $0.34. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The firm’s revenue was up 25.6% on a year-over-year basis. Research analysts forecast that ServiceNow will post 6.16 earnings per share for the current year.

Insiders Place Their Bets

In other ServiceNow news, insider Paul John Smith sold 1,180 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the sale, the insider now owns 1,392 shares in the company, valued at approximately $1,067,831.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Paul John Smith sold 1,180 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total transaction of $905,201.60. Following the sale, the insider now directly owns 1,392 shares in the company, valued at approximately $1,067,831.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William R. Mcdermott sold 5,030 shares of the company’s 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 sale, 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 in the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

Institutional Trading of ServiceNow

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of ServiceNow by 0.7% during the 3rd 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 buying an additional 122,577 shares in the last quarter. FMR LLC grew its holdings in ServiceNow by 17.3% during the 3rd 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 during the last quarter. Jennison Associates LLC grew its holdings in ServiceNow by 2.2% during the 4th 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 during the last quarter. Norges Bank bought a new position in ServiceNow during the 4th quarter valued at about $1,648,259,000. Finally, Massachusetts Financial Services Co. MA grew its holdings in ServiceNow by 3.7% during the 4th 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 during the last quarter. 87.18% of the stock is currently 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.