ServiceNow (NYSE:NOW) Upgraded at Scotiabank

Scotiabank upgraded shares of ServiceNow (NYSE:NOW) to a strong-buy rating in a report published on Monday morning,Zacks.com reports.

Several other research analysts have also issued reports on NOW. Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. Evercore ISI raised their target price on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. BMO Capital Markets upped their price target on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft raised their price objective on ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, Piper Sandler upped their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $986.39.

ServiceNow Stock Up 0.1 %

Shares of NOW opened at $1,022.98 on Monday. The stock’s 50-day moving average price is $941.65 and its two-hundred day moving average price is $830.81. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,061.66. The company has a market capitalization of $210.73 billion, a PE ratio of 159.10, a PEG ratio of 5.80 and a beta of 0.98. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. ServiceNow’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.21 earnings per share. On average, analysts anticipate that ServiceNow will post 7.07 EPS for the current year.

Insider Activity

In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the sale, the insider now owns 3,649 shares in the company, valued at $3,027,502.32. This represents a 33.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kevin Thomas Mcbride sold 100 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total value of $102,397.00. Following the sale, the insider now directly owns 3,457 shares in the company, valued at $3,539,864.29. This trade represents a 2.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,373 shares of company stock valued at $7,139,335 in the last 90 days. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOW. Creekmur Asset Management LLC bought a new position in shares of ServiceNow in the first quarter worth approximately $25,000. Versant Capital Management Inc raised its position in shares of ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after buying an additional 28 shares in the last quarter. EntryPoint Capital LLC lifted its holdings in shares of ServiceNow by 3,900.0% during the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 39 shares during the last quarter. Truvestments Capital LLC purchased a new position in ServiceNow in the third quarter worth $30,000. Finally, Ridgewood Investments LLC bought a new position in ServiceNow in the second quarter valued at $32,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Company Profile

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.