ServiceNow (NYSE:NOW) Trading 2.7% Higher – Time to Buy?

ServiceNow, Inc. (NYSE:NOW)’s stock price rose 2.7% on Thursday . The stock traded as high as $103.71 and last traded at $103.2610. Approximately 27,153,050 shares changed hands during mid-day trading, an increase of 35% from the average daily volume of 20,113,057 shares. The stock had previously closed at $100.58.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. UBS Group set a $115.00 target price on shares of ServiceNow in a report on Thursday, January 29th. Zacks Research lowered ServiceNow from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 11th. Oppenheimer reissued an “outperform” rating and set a $175.00 price target (down previously from $200.00) on shares of ServiceNow in a report on Wednesday, January 21st. HSBC decreased their price objective on ServiceNow from $266.40 to $226.00 and set a “buy” rating on the stock in a research note on Friday, January 30th. Finally, Mizuho cut their price objective on ServiceNow from $210.00 to $190.00 and set an “outperform” rating for the company in a research note on Wednesday, January 21st. Three analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $193.01.

ServiceNow Trading Up 3.7%

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.12. The firm has a market cap of $111.99 billion, a P/E ratio of 64.19, a P/E/G ratio of 1.74 and a beta of 0.97. The stock has a 50 day simple moving average of $138.14 and a 200-day simple moving average of $164.82.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 28th. The information technology services provider reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.03. ServiceNow had a net margin of 13.16% and a return on equity of 18.54%. The company had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.53 billion. During the same quarter in the prior year, the firm earned $0.73 earnings per share. ServiceNow’s revenue was up 20.7% on a year-over-year basis. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, insider Kevin Thomas Mcbride sold 1,400 shares of ServiceNow stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $105.71, for a total value of $147,994.00. Following the completion of the transaction, the insider owned 26,314 shares in the company, valued at approximately $2,781,652.94. The trade was a 5.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $101.17, for a total value of $151,755.00. Following the sale, the director owned 46,430 shares in the company, valued at $4,697,323.10. The trade was a 3.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 16,170 shares of company stock valued at $2,488,335. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Hedge funds have recently added to or reduced their stakes in the company. Brady Martz Wealth Solutions LLC lifted its stake in shares of ServiceNow by 1.3% during the 3rd quarter. Brady Martz Wealth Solutions LLC now owns 842 shares of the information technology services provider’s stock worth $775,000 after acquiring an additional 11 shares during the last quarter. Magnus Financial Group LLC lifted its position in shares of ServiceNow by 1.9% during the third quarter. Magnus Financial Group LLC now owns 589 shares of the information technology services provider’s stock worth $542,000 after purchasing an additional 11 shares during the last quarter. Avidian Wealth Enterprises LLC boosted its stake in shares of ServiceNow by 2.5% during the third quarter. Avidian Wealth Enterprises LLC now owns 453 shares of the information technology services provider’s stock valued at $417,000 after purchasing an additional 11 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its holdings in shares of ServiceNow by 2.1% in the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 575 shares of the information technology services provider’s stock worth $591,000 after purchasing an additional 12 shares during the last quarter. Finally, Traveka Wealth LLC increased its stake in ServiceNow by 3.8% in the 3rd quarter. Traveka Wealth LLC now owns 330 shares of the information technology services provider’s stock worth $304,000 after buying an additional 12 shares during the period. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Company Profile

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.