ServiceNow (NYSE:NOW) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of ServiceNow (NYSE:NOW - Free Report) from a hold rating to a buy rating in a report issued on Sunday morning.

A number of other equities research analysts have also recently commented on NOW. Sanford C. Bernstein reissued an "outperform" rating and issued a $1,003.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Evercore ISI upped their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Mizuho reduced their price target on shares of 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. Canaccord Genuity Group cut their target price on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, Scotiabank set a $1,100.00 price objective on ServiceNow and gave the company an "outperform" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $1,062.50.

ServiceNow Price Performance

Shares of ServiceNow stock traded up $2.36 during trading on Friday, hitting $1,013.24. 114,994 shares of the stock traded hands, compared to its average volume of 1,494,453. The stock has a market cap of $209.72 billion, a price-to-earnings ratio of 148.43, a PEG ratio of 4.51 and a beta of 0.97. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow has a 52 week low of $656.02 and a 52 week high of $1,198.09. The firm's fifty day moving average is $906.32 and its 200-day moving average is $974.56.

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

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 354 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the sale, the insider now directly owns 3,027 shares of the company's stock, valued at $2,435,554.47. This represents a 10.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was 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 of the company's stock, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NOW. Invst LLC raised its stake in ServiceNow by 208.1% in the 1st quarter. Invst LLC now owns 992 shares of the information technology services provider's stock valued at $790,000 after purchasing an additional 670 shares during the last quarter. Modern Wealth Management LLC boosted its position in ServiceNow by 16.9% during the first quarter. Modern Wealth Management LLC now owns 402 shares of the information technology services provider's stock worth $320,000 after acquiring an additional 58 shares during the last quarter. Jones Financial Companies Lllp grew its stake in ServiceNow by 35.5% in the 1st quarter. Jones Financial Companies Lllp now owns 67,926 shares of the information technology services provider's stock worth $54,158,000 after acquiring an additional 17,781 shares during the period. Vista Cima Wealth Management LLC raised its holdings in ServiceNow by 13.0% in the 1st quarter. Vista Cima Wealth Management LLC now owns 764 shares of the information technology services provider's stock valued at $608,000 after acquiring an additional 88 shares during the last quarter. Finally, Silicon Valley Capital Partners lifted its stake in shares of ServiceNow by 51.6% during the 1st quarter. Silicon Valley Capital Partners now owns 14,412 shares of the information technology services provider's stock worth $11,498,000 after purchasing an additional 4,905 shares during the period. 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.