ServiceNow (NYSE:NOW) Coverage Initiated at Redburn Atlantic

Redburn Atlantic assumed coverage on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Wednesday morning, Marketbeat.com reports. The brokerage issued a buy rating on the information technology services provider’s stock.

NOW has been the subject of several other reports. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Cantor Fitzgerald assumed coverage on ServiceNow in a research report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective for the company. Guggenheim reissued a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, January 22nd. TD Cowen increased their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Stock Down 1.1 %

Shares of ServiceNow stock opened at $986.61 on Wednesday. The stock has a market capitalization of $203.24 billion, a P/E ratio of 144.45, a PEG ratio of 4.59 and a beta of 0.99. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $1,061.97 and a two-hundred day moving average price of $976.06. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities analysts expect that ServiceNow will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has approved a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 2,229 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now owns 11,000 shares in the company, valued at $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,884,725.40. This represents a 7.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,806 shares of company stock worth $16,065,122. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several hedge funds have recently added to or reduced their stakes in NOW. Quarry LP bought a new position in ServiceNow in the fourth quarter valued at about $27,000. Atala Financial Inc bought a new position in ServiceNow in the fourth quarter valued at about $28,000. Truvestments Capital LLC bought a new position in ServiceNow in the third quarter valued at about $30,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow during the fourth quarter worth about $32,000. Finally, FPC Investment Advisory Inc. boosted its holdings in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

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.