ServiceNow (NYSE:NOW) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of ServiceNow (NYSE:NOW) from a hold rating to a buy rating in a report issued on Tuesday morning.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $900.00 to $960.00 in a research note on Monday, October 21st. Barclays lifted their price objective on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Mizuho increased their target price on shares of ServiceNow from $850.00 to $980.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. JMP Securities upped their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a research note on Thursday, October 17th. Finally, Truist Financial boosted their target price on ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $974.04.

ServiceNow Stock Down 0.6 %

NOW stock opened at $1,039.74 on Tuesday. The company’s 50 day moving average price is $924.67 and its 200 day moving average price is $819.71. The firm has a market capitalization of $214.19 billion, a price-to-earnings ratio of 161.70, a PEG ratio of 6.00 and a beta of 0.98. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,061.66. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the prior year, the firm posted $1.21 EPS. The business’s quarterly revenue was up 22.2% compared to the same quarter last year. On average, equities research analysts anticipate that ServiceNow will post 7.07 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total value of $69,187.14. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the transaction, the director now owns 42,920 shares of the company’s stock, valued at $43,740,630.40. This trade represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,325 shares of company stock valued at $5,024,928. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ascent Group LLC raised its holdings in ServiceNow by 404.2% during the third quarter. Ascent Group LLC now owns 1,906 shares of the information technology services provider’s stock valued at $1,705,000 after buying an additional 1,528 shares in the last quarter. Benjamin Edwards Inc. raised its stake in shares of ServiceNow by 2,963.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 9,988 shares of the information technology services provider’s stock valued at $8,934,000 after acquiring an additional 9,662 shares in the last quarter. Atom Investors LP lifted its holdings in ServiceNow by 20.0% in the 3rd quarter. Atom Investors LP now owns 1,339 shares of the information technology services provider’s stock worth $1,198,000 after purchasing an additional 223 shares during the last quarter. Alerus Financial NA grew its holdings in ServiceNow by 925.2% during the third quarter. Alerus Financial NA now owns 3,537 shares of the information technology services provider’s stock valued at $3,163,000 after purchasing an additional 3,192 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new position in shares of ServiceNow in the third quarter valued at approximately $64,407,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.