ServiceNow (NYSE:NOW) Receives Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of ServiceNow (NYSE:NOW) in a research note released on Tuesday morning,Benzinga reports. Cantor Fitzgerald currently has a $1,048.00 price objective on the information technology services provider’s stock.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Needham & Company LLC raised their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Jefferies Financial Group decreased their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. 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 research report on Thursday, December 12th. Finally, StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,114.24.

ServiceNow Stock Up 3.4 %

NOW opened at $810.27 on Tuesday. 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 has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a market capitalization of $166.92 billion, a PE ratio of 118.63, a PEG ratio of 4.51 and a beta of 1.03. The firm’s 50 day simple moving average is $1,006.72 and its two-hundred day simple moving average is $985.52.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts forecast that ServiceNow will post 8.93 EPS for the current year.

ServiceNow announced that its board has initiated a stock buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Transactions at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction dated Friday, February 21st. The shares were 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 owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. TFR Capital LLC. bought a new stake in ServiceNow during the 4th quarter valued at about $528,000. Park Square Financial Group LLC bought a new stake in shares of ServiceNow in the 4th quarter valued at about $153,000. Menard Financial Group LLC bought a new stake in shares of ServiceNow in the 4th quarter valued at about $198,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of ServiceNow in the 4th quarter valued at about $240,389,000. Finally, Brucke Financial Inc. bought a new stake in shares of ServiceNow in the 4th quarter valued at about $320,000. Institutional investors 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.