ServiceNow (NYSE:NOW) Trading 0.1% Higher - Still a Buy?

Shares of ServiceNow, Inc. (NYSE:NOW - Get Free Report) were up 0.1% on Friday . The stock traded as high as $1,043.74 and last traded at $1,036.29. Approximately 308,597 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 1,513,275 shares. The stock had previously closed at $1,035.18.

Analyst Ratings Changes

Several analysts have weighed in on NOW shares. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and boosted their price objective for the company from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Sanford C. Bernstein restated an "outperform" rating and set a $1,003.00 target price on shares of ServiceNow in a report on Thursday, April 24th. Raymond James decreased their target price on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company upped their target price on ServiceNow from $1,100.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Finally, Scotiabank set a $1,100.00 price target on ServiceNow and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and a consensus target price of $1,062.50.

ServiceNow Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market capitalization of $211.25 billion, a PE ratio of 149.42, a PEG ratio of 4.51 and a beta of 0.97. The firm has a 50-day moving average of $867.15 and a 200 day moving average of $974.13.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. During the same period last year, the firm posted $3.41 earnings per share. ServiceNow's revenue was up 18.6% compared to the same quarter last year. As a group, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has approved a stock repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the firm's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at approximately $10,733,252.20. This trade represents a 28.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. The trade was a 44.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,061 shares of company stock valued at $9,515,766 over the last ninety days. Insiders own 0.38% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NOW. GAMMA Investing LLC boosted its position in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. Norges Bank purchased a new position in shares of ServiceNow during the 4th quarter valued at about $2,603,360,000. Nuveen LLC purchased a new position in shares of ServiceNow during the 1st quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of 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 valued at $742,965,000 after buying an additional 877,875 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in ServiceNow by 131.4% during 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 purchasing an additional 840,731 shares during the period. 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.