ServiceNow’s (NOW) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of ServiceNow (NYSE:NOW) in a research note published on Tuesday morning, Benzinga reports. They currently have a $900.00 target price on the information technology services provider’s stock.

Other research analysts have also recently issued reports about the company. Oppenheimer upped their price objective on ServiceNow from $750.00 to $800.00 and gave the stock an outperform rating in a research report on Thursday, January 18th. Jefferies Financial Group upped their price objective on ServiceNow from $885.00 to $900.00 and gave the stock a buy rating in a research report on Wednesday, April 10th. Barclays upped their price objective on ServiceNow from $765.00 to $870.00 and gave the stock an overweight rating in a research report on Tuesday, January 23rd. UBS Group upped their price objective on ServiceNow from $885.00 to $920.00 and gave the stock a buy rating in a research report on Monday. Finally, Guggenheim reissued a neutral rating on shares of ServiceNow in a research report on Monday. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $780.37.

ServiceNow Price Performance

NOW stock opened at $731.47 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $150.23 billion, a PE ratio of 86.98, a P/E/G ratio of 4.71 and a beta of 0.97. ServiceNow has a 12-month low of $427.68 and a 12-month high of $815.32. The business’s fifty day moving average price is $766.17 and its 200 day moving average price is $700.64.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, topping the consensus estimate of $2.77 by $0.34. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the prior year, the business earned $0.88 EPS. ServiceNow’s revenue was up 25.6% on a year-over-year basis. On average, sell-side analysts anticipate that ServiceNow will post 6.16 EPS for the current year.

Insider Transactions at ServiceNow

In other news, insider Paul John Smith sold 5,159 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the transaction, the insider now directly owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Paul John Smith sold 5,159 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the transaction, the insider now directly owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the transaction, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. In the last three months, insiders sold 13,164 shares of company stock valued at $9,940,303. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Hedge funds have recently bought and sold shares of the company. SeaCrest Wealth Management LLC increased its stake in ServiceNow by 1.9% in the 1st quarter. SeaCrest Wealth Management LLC now owns 2,475 shares of the information technology services provider’s stock valued at $1,887,000 after purchasing an additional 45 shares in the last quarter. Naviter Wealth LLC increased its stake in ServiceNow by 20.4% in the 1st quarter. Naviter Wealth LLC now owns 1,761 shares of the information technology services provider’s stock valued at $1,343,000 after purchasing an additional 298 shares in the last quarter. West Oak Capital LLC increased its stake in ServiceNow by 7.5% in the 1st quarter. West Oak Capital LLC now owns 432 shares of the information technology services provider’s stock valued at $329,000 after purchasing an additional 30 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in ServiceNow in the 1st quarter valued at approximately $79,000. Finally, Cullinan Associates Inc. increased its stake in ServiceNow by 22.2% in the 1st quarter. Cullinan Associates Inc. now owns 1,100 shares of the information technology services provider’s stock valued at $839,000 after purchasing an additional 200 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.