ServiceNow (NYSE:NOW) Trading Up 6.6% – Time to Buy?

ServiceNow, Inc. (NYSE:NOW) traded up 6.6% during mid-day trading on Wednesday . The company traded as high as $106.69 and last traded at $105.8140. 26,090,038 shares traded hands during mid-day trading, an increase of 8% from the average daily volume of 24,183,455 shares. The stock had previously closed at $99.28.

Trending Headlines about ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Guggenheim upgraded ServiceNow to Buy and said the stock now offers attractive upside after the sector’s AI-driven selloff. ServiceNow (NOW) Rating Upgraded by Guggenheim to Buy from Neutral
• Positive Sentiment: Several reports say investors are reassessing ServiceNow as an AI workflow beneficiary rather than an AI disruption victim, which has helped improve sentiment across software stocks. Guggenheim Sees 45%+ Upside After Upgrading Salesforce, ServiceNow, Check Point
• Positive Sentiment: Analysts also point to strong enterprise AI demand, including ServiceNow’s AI Control Tower and security offerings, as potential long-term growth drivers. NOW Benefits From Enterprise AI Adoption: Buy, Sell, or Hold the Stock?

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Evercore boosted their price objective on shares of ServiceNow from $140.00 to $150.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Capital One Financial raised their target price on ServiceNow from $105.00 to $120.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. UBS Group reaffirmed an “outperform” rating on shares of ServiceNow in a research report on Tuesday, May 26th. TD Cowen reiterated a “buy” rating and set a $140.00 price target on shares of ServiceNow in a research note on Thursday, April 23rd. Finally, BMO Capital Markets cut their price objective on ServiceNow from $120.00 to $115.00 and set an “outperform” rating on the stock in a report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $141.68.

ServiceNow Trading Down 0.2%

The stock has a market cap of $109.34 billion, a PE ratio of 63.20, a PEG ratio of 1.76 and a beta of 0.96. The company’s fifty day moving average is $100.47 and its 200-day moving average is $112.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, hitting the consensus estimate of $0.97. The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The firm’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period last year, the firm earned $0.81 EPS. On average, analysts predict that ServiceNow, Inc. will post 2.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 8,927 shares of the firm’s stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $89.60, for a total transaction of $799,859.20. Following the sale, the insider directly owned 29,531 shares of the company’s stock, valued at $2,645,977.60. This trade represents a 23.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Fipps sold 1,048 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were 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 of the company’s stock, valued at $1,189,212.72. The trade was a 7.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold 28,071 shares of company stock valued at $2,529,956 in the last three months. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

Large investors have recently made changes to their positions in the company. Noble Wealth Management PBC boosted its stake in shares of ServiceNow by 400.0% during the 4th quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 128 shares in the last quarter. Millstone Evans Group LLC raised its position in ServiceNow by 400.0% during the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 132 shares during the period. CBIZ Investment Advisory Services LLC raised its position in ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 135 shares during the period. Blueline Advisors LLC purchased a new stake in shares of ServiceNow during the fourth quarter worth about $25,000. Finally, Measured Wealth Private Client Group LLC raised its position in shares of ServiceNow by 560.0% during the 4th 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 last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.