Scotiabank Begins Coverage on ServiceNow (NYSE:NOW)

Scotiabank began coverage on shares of ServiceNow (NYSE:NOW) in a report released on Tuesday, MarketBeat.com reports. The brokerage issued a sector outperform rating and a $1,230.00 price target on the information technology services provider’s stock.

Other analysts also recently issued research reports about the company. Wells Fargo & Company lifted their price objective on ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 12th. StockNews.com upgraded ServiceNow from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Needham & Company LLC increased their target price on ServiceNow from $900.00 to $1,075.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Citigroup increased their target price on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, BMO Capital Markets raised their price target on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $986.39.

ServiceNow Stock Performance

Shares of NOW opened at $1,060.57 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow has a one year low of $637.99 and a one year high of $1,064.59. The firm has a market capitalization of $218.48 billion, a P/E ratio of 164.94, a PEG ratio of 5.87 and a beta of 0.98. The business has a fifty day moving average of $948.53 and a 200 day moving average of $834.64.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the previous year, the company posted $1.21 earnings per share. ServiceNow’s revenue for the quarter was up 22.2% on a year-over-year basis. As a group, sell-side analysts anticipate that ServiceNow will post 7.07 EPS for the current year.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. The trade was a 10.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,027,502.32. This trade represents a 33.73 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,644 shares of company stock valued at $19,381,744. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several large investors have recently modified their holdings of the business. World Investment Advisors LLC lifted its stake in ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after acquiring an additional 4,771,830 shares in the last quarter. International Assets Investment Management LLC lifted its stake in ServiceNow by 89,137.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after acquiring an additional 1,183,739 shares in the last quarter. Swedbank AB acquired a new position in ServiceNow during the 1st quarter worth about $897,908,000. Bank of Montreal Can lifted its stake in ServiceNow by 216.6% during the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after acquiring an additional 935,848 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after acquiring an additional 615,797 shares in the last quarter. Institutional investors and hedge funds 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.