ServiceNow’s (NOW) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of ServiceNow (NYSE:NOW) in a report published on Tuesday morning,Benzinga reports. They currently have a $1,275.00 target price on the information technology services provider’s stock.

Several other brokerages have also commented on NOW. Wells Fargo & Company upped their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Redburn Atlantic started coverage on ServiceNow in a research report on Wednesday, February 19th. They set a “buy” rating on the stock. Cantor Fitzgerald started coverage on ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 target price on the stock. Mizuho upped their target price on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Robert W. Baird cut their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,114.24.

ServiceNow Trading Down 4.0 %

NYSE NOW opened at $809.58 on Tuesday. The business’s 50-day moving average price is $997.51 and its two-hundred day moving average price is $983.31. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm has a market capitalization of $166.77 billion, a PE ratio of 118.53, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, analysts expect that ServiceNow will post 8.93 EPS for the current year.

ServiceNow declared that its board has authorized a share buyback plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by insiders.

Institutional Trading of ServiceNow

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in ServiceNow by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock worth $20,353,517,000 after buying an additional 190,430 shares during the last quarter. State Street Corp grew its position in shares of ServiceNow by 2.6% in the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after purchasing an additional 226,023 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. FMR LLC grew its position in shares of ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after purchasing an additional 272,506 shares in the last quarter. Finally, World Investment Advisors LLC grew its position in shares of ServiceNow by 499,668.1% in the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after purchasing an additional 4,771,830 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.