ServiceNow (NYSE:NOW) Now Covered by Analysts at Raymond James

Analysts at Raymond James initiated coverage on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $1,200.00 price target on the information technology services provider’s stock. Raymond James’ price objective indicates a potential upside of 8.54% from the stock’s current price.

A number of other brokerages have also recently issued reports on NOW. Oppenheimer increased their target price on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. TD Cowen raised their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Citigroup boosted their target price on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Royal Bank of Canada raised their price target on ServiceNow from $985.00 to $1,045.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Barclays lifted their price target on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $1,048.00.

ServiceNow Trading Up 1.6 %

Shares of NOW stock opened at $1,105.56 on Tuesday. The business’s fifty day moving average price is $1,029.66 and its 200 day moving average price is $893.49. The firm has a market capitalization of $227.75 billion, a PE ratio of 171.94, a P/E/G ratio of 6.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,157.90.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the prior year, the company posted $1.21 EPS. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. As a group, sell-side analysts forecast that ServiceNow will post 7.07 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $2,799,853.92. This trade represents a 10.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,629 shares of company stock worth $20,861,626 in the last 90 days. 0.25% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NOW. HB Wealth Management LLC raised its stake in shares of ServiceNow by 46.9% in the 2nd quarter. HB Wealth Management LLC now owns 3,526 shares of the information technology services provider’s stock valued at $2,774,000 after acquiring an additional 1,126 shares during the period. Financial Advocates Investment Management lifted its stake in shares of ServiceNow by 2.7% during the second quarter. Financial Advocates Investment Management now owns 527 shares of the information technology services provider’s stock worth $415,000 after purchasing an additional 14 shares in the last quarter. Arkadios Wealth Advisors boosted its position in shares of ServiceNow by 11.2% in the second quarter. Arkadios Wealth Advisors now owns 2,028 shares of the information technology services provider’s stock worth $1,596,000 after buying an additional 205 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of ServiceNow by 659.9% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,459 shares of the information technology services provider’s stock valued at $1,140,000 after buying an additional 1,267 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in shares of ServiceNow during the 2nd quarter valued at about $32,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.