ServiceNow (NYSE:NOW) Research Coverage Started at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of ServiceNow (NYSE:NOW) in a research report report published on Friday, Marketbeat.com reports. The brokerage issued an overweight rating and a $1,332.00 target price on the information technology services provider’s stock.

A number of other brokerages have also weighed in on NOW. Truist Financial raised their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. Wells Fargo & Company increased their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Sanford C. Bernstein raised their price objective on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. BMO Capital Markets lifted their price objective on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Finally, The Goldman Sachs Group raised their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,080.38.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $1,072.02 on Friday. The firm’s 50-day moving average is $1,069.67 and its 200 day moving average is $932.23. The company has a market capitalization of $220.84 billion, a price-to-earnings ratio of 166.72, a PEG ratio of 4.65 and a beta of 0.99. 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 has a 12 month low of $637.99 and a 12 month high of $1,157.90.

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

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 1,867 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the completion of the sale, the general counsel now directly owns 6,843 shares of the company’s stock, valued at $7,007,026.71. The trade was a 21.44 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 20,731 shares of company stock valued at $21,016,751. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Several hedge funds and other institutional investors have recently modified their holdings of the business. Veracity Capital LLC boosted its holdings in ServiceNow by 4.6% during the fourth quarter. Veracity Capital LLC now owns 1,030 shares of the information technology services provider’s stock valued at $1,092,000 after acquiring an additional 45 shares during the period. Secure Asset Management LLC acquired a new position in shares of ServiceNow during the fourth quarter valued at $503,000. Red Door Wealth Management LLC raised its position in shares of ServiceNow by 6.5% in the 4th quarter. Red Door Wealth Management LLC now owns 7,901 shares of the information technology services provider’s stock valued at $8,376,000 after acquiring an additional 481 shares during the period. Galvin Gaustad & Stein LLC grew its holdings in ServiceNow by 4.7% during the fourth quarter. Galvin Gaustad & Stein LLC now owns 885 shares of the information technology services provider’s stock valued at $938,000 after purchasing an additional 40 shares during the period. Finally, Avior Wealth Management LLC raised its stake in ServiceNow by 6.6% during the 4th quarter. Avior Wealth Management LLC now owns 633 shares of the information technology services provider’s stock worth $671,000 after buying an additional 39 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

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.