ServiceNow (NYSE:NOW) Coverage Initiated by Analysts at DA Davidson

Stock analysts at DA Davidson assumed coverage on shares of ServiceNow (NYSE:NOW) in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $1,150.00 price target on the information technology services provider’s stock. DA Davidson’s price target would suggest a potential upside of 13.55% from the company’s current price.

A number of other research firms have also recently issued reports on NOW. Wall Street Zen cut ServiceNow from a “buy” rating to a “hold” rating in a report on Monday, June 9th. Raymond James Financial reduced their price target on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 8th. BMO Capital Markets raised their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 14th. Erste Group Bank upgraded ServiceNow from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,065.32.

ServiceNow Price Performance

NOW opened at $1,012.73 on Wednesday. The stock has a 50-day moving average price of $980.58 and a 200-day moving average price of $967.95. ServiceNow has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $209.61 billion, a P/E ratio of 137.60, a PEG ratio of 4.62 and a beta of 0.95.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The firm had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same period in the prior year, the business earned $3.41 EPS. The company’s revenue for the quarter was up 18.6% compared to the same quarter last year. Equities analysts predict that ServiceNow will post 8.93 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, General Counsel Russell S. Elmer sold 62 shares of ServiceNow stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the sale, the general counsel now directly owns 4,332 shares in the company, valued at $4,431,636. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer now owns 6,614 shares in the company, valued at $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock worth $6,611,245 over the last ninety days. 0.38% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

Several hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC raised its stake in ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider’s stock valued at $874,258,000 after buying an additional 12,533 shares during the last quarter. FMR LLC raised its stake in ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after buying an additional 272,506 shares during the last quarter. Duncker Streett & Co. Inc. raised its stake in ServiceNow by 4.8% during the fourth quarter. Duncker Streett & Co. Inc. now owns 6,376 shares of the information technology services provider’s stock valued at $6,759,000 after buying an additional 290 shares during the last quarter. Nicholas Investment Partners LP raised its stake in ServiceNow by 223.5% during the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider’s stock valued at $2,974,000 after buying an additional 1,938 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in ServiceNow by 18.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 196,783 shares of the information technology services provider’s stock valued at $209,103,000 after buying an additional 31,125 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

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.