ServiceNow (NYSE:NOW) Trading Up 2% – What’s Next?

ServiceNow, Inc. (NYSE:NOW)’s share price rose 2% on Monday . The company traded as high as $127.89 and last traded at $127.33. 16,911,098 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 24,020,604 shares. The stock had previously closed at $124.88.

Analyst Upgrades and Downgrades

NOW has been the subject of several recent analyst reports. Citizens Jmp restated a “market outperform” rating and set a $157.00 target price on shares of ServiceNow in a research report on Tuesday, May 5th. Mizuho reduced their price target on ServiceNow from $150.00 to $140.00 and set an “outperform” rating on the stock in a report on Thursday, April 23rd. FBN Securities decreased their price target on ServiceNow from $160.00 to $120.00 in a research note on Thursday, April 23rd. KeyCorp restated an “underweight” rating on shares of ServiceNow in a report on Tuesday, July 21st. Finally, Raymond James Financial cut their price objective on ServiceNow from $160.00 to $130.00 and set an “outperform” rating on the stock in a research report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $143.39.

ServiceNow Stock Up 2.0%

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 company has a fifty day simple moving average of $106.73 and a two-hundred day simple moving average of $105.71. The firm has a market capitalization of $131.66 billion, a PE ratio of 79.58, a PEG ratio of 2.20 and a beta of 0.94.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.86 by $0.04. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business’s revenue for the quarter was up 24.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.81 earnings per share. Analysts forecast that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the sale, the director owned 44,930 shares in the company, valued at approximately $3,919,243.90. The trade was a 3.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $98.51, for a total transaction of $103,238.48. Following the transaction, the insider owned 12,072 shares in the company, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last quarter, insiders have sold 18,993 shares of company stock valued at $1,716,436. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds have recently made changes to their positions in the stock. Empirical Asset Management LLC purchased a new position in ServiceNow in the second quarter valued at about $346,000. Great Lakes Advisors LLC purchased a new stake in shares of ServiceNow during the second quarter valued at about $1,021,000. Comprehensive Financial Planning Inc. PA bought a new stake in shares of ServiceNow in the 2nd quarter valued at about $131,000. Danica Pension Livsforsikringsaktieselskab bought a new stake in shares of ServiceNow in the 2nd quarter valued at about $5,079,000. Finally, Danske Bank A S purchased a new position in shares of ServiceNow in the 2nd quarter worth approximately $94,812,000. 87.18% of the stock is currently 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.