ServiceNow (NYSE:NOW) Stock Price Up 2.7% – Here’s What Happened

ServiceNow, Inc. (NYSE:NOW) shares shot up 2.7% during trading on Monday . The stock traded as high as $119.64 and last traded at $114.2390. 24,221,925 shares were traded during mid-day trading, an increase of 0% from the average daily volume of 24,191,105 shares. The stock had previously closed at $111.23.

Wall Street Analyst Weigh In

Several research firms have issued reports on NOW. Canaccord Genuity Group dropped their price target on ServiceNow from $200.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, April 23rd. Jefferies Financial Group reaffirmed a “buy” rating and set a $140.00 price objective (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. UBS Group set a $248.00 price objective on ServiceNow in a report on Thursday, July 23rd. Morgan Stanley set a $180.00 target price on ServiceNow in a research report on Tuesday, July 21st. Finally, Citizens Jmp restated a “market outperform” rating and issued a $157.00 target price on shares of ServiceNow in a research note on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $143.39.

ServiceNow Stock Up 2.7%

The firm’s 50-day simple moving average is $105.64 and its 200 day simple moving average is $106.18. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market capitalization of $118.12 billion, a P/E ratio of 71.40, a PEG ratio of 1.96 and a beta of 0.94.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.04. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.ServiceNow’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 EPS. As a group, research analysts expect that ServiceNow, Inc. will post 2.24 EPS for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, insider Paul Fipps sold 1,048 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the transaction, the insider directly owned 12,072 shares in the company, valued at $1,189,212.72. This trade represents a 7.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anita M. Sands sold 16,445 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $90.14, for a total value of $1,482,352.30. Following the transaction, the director directly owned 30,090 shares in the company, valued at $2,712,312.60. This trade represents a 35.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 19,144 shares of company stock valued at $1,730,097. Insiders own 0.34% of the company’s stock.

Institutional Trading of ServiceNow

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOW. Millstone Evans Group LLC grew its position in shares of ServiceNow by 400.0% in the 4th quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 132 shares during the period. CBIZ Investment Advisory Services LLC lifted its stake in ServiceNow by 540.0% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. Blueline Advisors LLC acquired a new stake in ServiceNow in the 4th quarter valued at about $25,000. Measured Wealth Private Client Group LLC grew its holdings in ServiceNow by 560.0% during the fourth quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 140 shares during the period. Finally, Wealth Watch Advisors INC grew its holdings in ServiceNow by 432.3% during the fourth quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 134 shares during the period. 87.18% of the stock is owned by institutional investors.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.