ServiceNow (NYSE:NOW) Stock Rating Reaffirmed by Needham & Company LLC

ServiceNow (NYSE:NOW)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report issued on Monday, Benzinga reports. They presently have a $900.00 price objective on the information technology services provider’s stock. Needham & Company LLC’s price objective points to a potential upside of 4.65% from the company’s current price.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. boosted their price objective on shares of ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Citigroup lifted their target price on ServiceNow from $909.00 to $911.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. JMP Securities lifted their target price on ServiceNow from $825.00 to $850.00 and gave the company a “market outperform” rating in a research report on Thursday, July 25th. KeyCorp dropped their target price on ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. Finally, Truist Financial lifted their target price on ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $849.62.

ServiceNow Trading Up 0.5 %

Shares of NOW opened at $860.04 on Monday. ServiceNow has a 52-week low of $527.24 and a 52-week high of $866.45. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The firm’s fifty day moving average is $801.98 and its two-hundred day moving average is $764.19. The stock has a market cap of $177.17 billion, a PE ratio of 91.98, a price-to-earnings-growth ratio of 4.95 and a beta of 0.98.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, topping the consensus estimate of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the previous year, the firm earned $0.77 EPS. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. Research analysts forecast that ServiceNow will post 6.78 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Nicholas Tzitzon sold 1,857 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,027,502.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the transaction, the general counsel now owns 6,736 shares in the company, valued at $5,252,800.16. The disclosure for this sale can be found here. Insiders have sold a total of 6,914 shares of company stock valued at $5,608,936 over the last quarter. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Large investors have recently modified their holdings of the company. Creekmur Asset Management LLC purchased a new stake in shares of ServiceNow during the 1st quarter valued at about $25,000. Versant Capital Management Inc grew its stake in ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after purchasing an additional 28 shares in the last quarter. EntryPoint Capital LLC grew its stake in ServiceNow by 3,900.0% during the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after purchasing an additional 39 shares in the last quarter. University of Texas Texas AM Investment Managment Co. acquired a new stake in ServiceNow during the 4th quarter valued at approximately $29,000. Finally, Ridgewood Investments LLC acquired a new stake in ServiceNow during the 2nd quarter valued at approximately $32,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

About ServiceNow

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.