ServiceNow (NYSE:NOW) Given "Overweight" Rating at Cantor Fitzgerald

ServiceNow (NYSE:NOW - Get Free Report)'s stock had its "overweight" rating reiterated by investment analysts at Cantor Fitzgerald in a note issued to investors on Thursday,Benzinga reports. They presently have a $1,200.00 target price on the information technology services provider's stock. Cantor Fitzgerald's price target suggests a potential upside of 20.87% from the stock's current price.

NOW has been the subject of several other reports. BMO Capital Markets increased their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday. Canaccord Genuity Group reduced their target price on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Piper Sandler reduced their price objective on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. UBS Group reduced their price objective on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a report on Thursday. Finally, Wall Street Zen lowered ServiceNow from a "buy" rating to a "hold" rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $1,098.90.

ServiceNow Price Performance

Shares of ServiceNow stock traded up $36.38 during trading on Thursday, reaching $992.81. 2,203,474 shares of the company's stock were exchanged, compared to its average volume of 1,681,475. The company has a market cap of $205.49 billion, a P/E ratio of 134.88, a PEG ratio of 4.41 and a beta of 0.94. ServiceNow has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12. The firm's 50-day moving average price is $1,002.51 and its 200 day moving average price is $954.31.

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, beating analysts' consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The firm's revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the business earned $3.13 EPS. As a group, research analysts anticipate that ServiceNow will post 8.93 earnings per share for the current year.

Insider Transactions at ServiceNow

In other news, Director Anita M. Sands sold 239 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the transaction, the director directly owned 10,404 shares of the company's stock, valued at approximately $10,924,200. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the sale, the insider directly owned 3,000 shares in the company, valued at $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,601 shares of company stock valued at $6,577,363. 0.38% of the stock is owned by company insiders.

Institutional Trading of ServiceNow

A number of hedge funds have recently made changes to their positions in NOW. GAMMA Investing LLC grew its holdings in ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. Norges Bank acquired a new position in shares of ServiceNow in the 4th quarter valued at $2,603,360,000. Nuveen LLC acquired a new position in shares of ServiceNow during the 1st quarter worth about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in 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 valued at $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.

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