ServiceNow (NYSE:NOW) Trading Up 0.5% - What's Next?

ServiceNow, Inc. (NYSE:NOW - Get Free Report) traded up 0.5% during mid-day trading on Friday . The company traded as high as $986.78 and last traded at $979.79. 332,638 shares traded hands during trading, a decline of 78% from the average session volume of 1,509,308 shares. The stock had previously closed at $974.49.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NOW. TD Securities reissued a "buy" rating and issued a $1,100.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. William Blair restated an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $1,003.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Stifel Nicolaus increased their price target on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Mizuho lowered their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,048.55.

ServiceNow Price Performance

The firm has a market cap of $202.27 billion, a price-to-earnings ratio of 143.07, a P/E/G ratio of 4.51 and a beta of 0.97. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock's fifty day moving average price is $843.35 and its 200-day moving average price is $969.61.

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

ServiceNow announced that its board has authorized a stock buyback plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In other news, Director Jonathan Chadwick sold 770 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $931.62, for a total transaction of $717,347.40. Following the sale, the director now owns 3,205 shares of the company's stock, valued at approximately $2,985,842.10. This represents a 19.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,410 shares of company stock valued at $15,821,524 over the last quarter. 0.38% of the stock is owned by company insiders.

Institutional Trading of ServiceNow

A number of large investors have recently modified their holdings of NOW. GAMMA Investing LLC lifted its stake 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 acquiring an additional 2,686,291 shares during the last quarter. Norges Bank purchased a new stake in ServiceNow during the 4th quarter worth about $2,603,360,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of 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 during the last quarter. Proficio Capital Partners LLC raised its position in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after acquiring an additional 666,383 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd purchased a new position in ServiceNow in the fourth quarter valued at approximately $682,468,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

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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