ServiceNow (NYSE:NOW) Given Buy Rating at Needham & Company LLC

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

Several other research firms have also recently issued reports on NOW. BMO Capital Markets upped their price target on shares of ServiceNow from $830.00 to $860.00 and gave the company an outperform rating in a report on Thursday, July 25th. Wells Fargo & Company increased their price target on shares of ServiceNow from $920.00 to $935.00 and gave the stock an overweight rating in a research report on Thursday, July 25th. Piper Sandler boosted their price objective on ServiceNow from $830.00 to $850.00 and gave the company an overweight rating in a report on Thursday, July 25th. Citigroup increased their target price on ServiceNow from $909.00 to $911.00 and gave the stock a buy rating in a report on Wednesday, July 17th. Finally, Royal Bank of Canada boosted their price target on ServiceNow from $850.00 to $880.00 and gave the company an outperform rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $849.62.

ServiceNow Stock Up 1.7 %

Shares of ServiceNow stock opened at $875.17 on Monday. ServiceNow has a 1-year low of $527.24 and a 1-year high of $877.62. The company has a market capitalization of $179.41 billion, a PE ratio of 93.60, a P/E/G ratio of 4.95 and a beta of 0.98. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. The business has a 50-day moving average of $803.76 and a 200-day moving average of $764.97.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same quarter last year, the firm earned $0.77 EPS. ServiceNow’s quarterly revenue was up 22.2% on a year-over-year basis. As a group, equities analysts forecast that ServiceNow will post 6.78 EPS for the current fiscal year.

Insider Buying and Selling

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares in the company, valued at approximately $5,252,800.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the transaction, the chief financial officer now directly owns 11,490 shares in the company, valued at approximately $9,479,250. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction on 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 completion of the sale, the general counsel now directly owns 6,736 shares in the company, valued at approximately $5,252,800.16. The disclosure for this sale can be found here. Insiders sold 6,914 shares of company stock valued at $5,608,936 over the last 90 days. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Creekmur Asset Management LLC bought a new stake in shares of ServiceNow in the 1st quarter worth approximately $25,000. Versant Capital Management Inc increased its holdings in shares of ServiceNow by 466.7% in the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after buying an additional 28 shares in the last quarter. EntryPoint Capital LLC lifted its position in shares of 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 acquiring an additional 39 shares during the last quarter. University of Texas Texas AM Investment Managment Co. bought a new stake in shares of ServiceNow during the 4th quarter worth $29,000. Finally, Ridgewood Investments LLC acquired a new position in shares of ServiceNow in the 2nd quarter worth $32,000. 87.18% of the stock is currently owned by 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.