ServiceNow, Inc. (NYSE:NOW) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• ServiceNow, Inc. has received a consensus rating of "Moderate Buy" from thirty-five brokerages, with an average 12-month price target of $1,122.20.
• Insiders have sold a total of 18,737 shares worth approximately $16.8 million over the last quarter, indicating a significant decrease in ownership among company executives.
• ServiceNow reported earnings of $4.09 per share for the last quarter, surpassing analysts' expectations and showing a year-over-year revenue increase of 22.4%.

Shares of ServiceNow, Inc. (NYSE:NOW - Get Free Report) have received a consensus rating of "Moderate Buy" from the thirty-five brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $1,122.20.

Several brokerages recently issued reports on NOW. BMO Capital Markets lifted their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Mizuho boosted their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Wells Fargo & Company boosted their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of ServiceNow in a research report on Saturday, September 27th.

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares in the company, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,737 shares of company stock worth $16,798,825 over the last quarter. 0.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors have recently made changes to their positions in NOW. Norges Bank bought a new position in shares of ServiceNow during the second quarter worth about $2,589,235,000. Nuveen LLC bought a new position in ServiceNow during the 1st quarter worth approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after purchasing an additional 840,731 shares during the period. Finally, Parnassus Investments LLC bought a new stake in shares of ServiceNow in the 1st quarter valued at $519,806,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Up 0.1%

NYSE NOW opened at $913.27 on Tuesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $189.96 billion, a price-to-earnings ratio of 115.02, a PEG ratio of 4.11 and a beta of 0.92. The company has a 50 day moving average of $913.22 and a 200-day moving average of $931.27. ServiceNow has a 1-year low of $678.66 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.13 earnings per share. On average, equities research analysts expect that ServiceNow will post 8.93 earnings per share for the current fiscal year.

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.

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