ServiceNow (NYSE:NOW) Stock Rating Reaffirmed by Needham & Company LLC

ServiceNow (NYSE:NOW)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report released on Tuesday, Benzinga reports. They currently have a $900.00 target price on the information technology services provider’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 22.34% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. Piper Sandler increased their price target on ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a research report on Thursday, January 25th. Barclays increased their price target on ServiceNow from $765.00 to $870.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 23rd. Stifel Nicolaus reissued a “buy” rating and set a $820.00 price target on shares of ServiceNow in a research report on Wednesday, March 20th. Oppenheimer increased their price target on ServiceNow from $750.00 to $800.00 and gave the stock an “outperform” rating in a research report on Thursday, January 18th. Finally, JMP Securities raised their price objective on ServiceNow from $665.00 to $825.00 and gave the company a “market outperform” rating in a research report on Monday, January 22nd. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $780.00.

ServiceNow Stock Performance

NOW stock opened at $735.68 on Tuesday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20. The business’s fifty day simple moving average is $767.53 and its two-hundred day simple moving average is $700.42. ServiceNow has a twelve month low of $427.68 and a twelve month high of $815.32. The firm has a market cap of $151.09 billion, a price-to-earnings ratio of 87.48, a PEG ratio of 4.65 and a beta of 0.97.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.34. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same quarter last year, the firm posted $0.88 earnings per share. The business’s revenue was up 25.6% compared to the same quarter last year. Analysts predict that ServiceNow will post 6.16 earnings per share for the current year.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 17,177 shares in the company, valued at $12,935,655.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the transaction, the chief executive officer now directly owns 17,177 shares in the company, valued at $12,935,655.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul John Smith sold 1,180 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the transaction, the insider now owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The disclosure for this sale can be found here. Insiders sold a total of 13,164 shares of company stock worth $9,940,303 over the last three months. 0.25% of the stock is currently owned by insiders.

Institutional Trading of ServiceNow

Several institutional investors have recently bought and sold shares of NOW. RB Capital Management LLC grew its holdings in ServiceNow by 25.2% in the first quarter. RB Capital Management LLC now owns 954 shares of the information technology services provider’s stock valued at $531,000 after purchasing an additional 192 shares during the period. Zions Bancorporation N.A. grew its holdings in ServiceNow by 17.9% in the first quarter. Zions Bancorporation N.A. now owns 875 shares of the information technology services provider’s stock valued at $487,000 after purchasing an additional 133 shares during the period. Brown Brothers Harriman & Co. grew its holdings in ServiceNow by 728.0% in the first quarter. Brown Brothers Harriman & Co. now owns 1,921 shares of the information technology services provider’s stock valued at $1,070,000 after purchasing an additional 1,689 shares during the period. Parkside Financial Bank & Trust grew its holdings in ServiceNow by 9.0% in the first quarter. Parkside Financial Bank & Trust now owns 350 shares of the information technology services provider’s stock valued at $195,000 after purchasing an additional 29 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in shares of ServiceNow by 0.7% in the first quarter. NewEdge Advisors LLC now owns 11,671 shares of the information technology services provider’s stock worth $6,499,000 after acquiring an additional 86 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

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.