ServiceNow (NYSE:NOW) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of ServiceNow (NYSE:NOW) from a hold rating to a buy rating in a report issued on Saturday.

A number of other brokerages have also recently issued reports on NOW. Guggenheim upgraded ServiceNow from a “sell” rating to a “neutral” rating in a report on Tuesday, December 16th. JPMorgan Chase & Co. boosted their price target on ServiceNow from $204.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Weiss Ratings restated a “hold (c)” rating on shares of ServiceNow in a research note on Wednesday, October 8th. Arete Research upgraded ServiceNow to a “hold” rating in a research note on Thursday, December 11th. Finally, Barclays raised their price target on shares of ServiceNow from $242.00 to $245.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $223.53.

ServiceNow Stock Up 0.9%

Shares of NOW opened at $153.92 on Friday. The firm has a market cap of $159.83 billion, a PE ratio of 93.06, a price-to-earnings-growth ratio of 3.20 and a beta of 0.97. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.13. The company’s fifty day moving average is $169.29 and its two-hundred day moving average is $181.63. ServiceNow has a fifty-two week low of $135.73 and a fifty-two week high of $239.62.

Insider Buying and Selling

In other news, CFO Gina Mastantuono sold 2,085 shares of the stock in a transaction on Friday, November 28th. The stock was sold at an average price of $161.60, for a total transaction of $336,936.00. Following the completion of the sale, the chief financial officer owned 63,215 shares in the company, valued at approximately $10,215,544. This represents a 3.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Fipps sold 1,525 shares of the firm’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $163.51, for a total value of $249,352.75. Following the sale, the insider directly owned 2,705 shares of the company’s stock, valued at approximately $442,294.55. This represents a 36.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 15,310 shares of company stock worth $2,533,585. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On ServiceNow

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in ServiceNow by 1.6% during the third quarter. Vanguard Group Inc. now owns 20,210,924 shares of the information technology services provider’s stock valued at $18,599,709,000 after buying an additional 315,861 shares in the last quarter. State Street Corp lifted its position in shares of ServiceNow by 1.4% in the 3rd quarter. State Street Corp now owns 9,454,699 shares of the information technology services provider’s stock valued at $8,700,970,000 after acquiring an additional 131,080 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of ServiceNow by 2.0% in the 2nd quarter. Geode Capital Management LLC now owns 4,574,563 shares of the information technology services provider’s stock valued at $4,684,445,000 after acquiring an additional 88,057 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in ServiceNow by 7.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider’s stock worth $2,263,519,000 after purchasing an additional 188,292 shares during the period. Finally, Norges Bank purchased a new position in ServiceNow during the 2nd quarter worth approximately $2,589,235,000. 87.18% of the stock is owned by hedge funds and other 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.