ServiceNow's (NOW) "Buy" Rating Reiterated at Needham & Company LLC

ServiceNow (NYSE:NOW - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They currently have a $1,050.00 price target on the information technology services provider's stock. Needham & Company LLC's price target would suggest a potential upside of 7.32% from the company's current price.

Several other brokerages have also recently weighed in on NOW. UBS Group reaffirmed a "buy" rating and issued a $1,025.00 target price (up previously from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. Canaccord Genuity Group dropped their price target on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Robert W. Baird boosted their price objective on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Stifel Nicolaus set a $975.00 price target on shares of ServiceNow and gave the stock a "buy" rating in a research note on Thursday, April 24th. Finally, Evercore ISI boosted their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,041.00.

ServiceNow Stock Up 0.1 %

Shares of NOW opened at $978.40 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,198.09. The stock has a market capitalization of $202.53 billion, a PE ratio of 143.25, a P/E/G ratio of 4.51 and a beta of 1.08. The company's 50-day simple moving average is $840.02 and its 200-day simple moving average is $969.13.

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

ServiceNow announced that its Board of Directors has authorized a share repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 1,263 shares of the company's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % 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 this link. Also, Director Deborah Black sold 598 shares of ServiceNow stock in a transaction on Friday, April 25th. The stock was sold at an average price of $940.23, for a total transaction of $562,257.54. Following the sale, the director now directly owns 428 shares in the company, valued at $402,418.44. This trade represents a 58.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,692 shares of company stock worth $18,173,444 over the last quarter. 0.38% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently bought and sold shares of NOW. Regent Peak Wealth Advisors LLC grew its stake in ServiceNow by 4.0% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 392 shares of the information technology services provider's stock worth $416,000 after purchasing an additional 15 shares in the last quarter. Westwind Capital boosted its holdings in ServiceNow by 41.6% in the fourth quarter. Westwind Capital now owns 23,131 shares of the information technology services provider's stock worth $24,522,000 after purchasing an additional 6,798 shares during the period. One Wealth Capital Management LLC bought a new stake in ServiceNow during the fourth quarter valued at $1,264,000. Sterneck Capital Management LLC acquired a new stake in shares of ServiceNow during the fourth quarter worth $276,000. Finally, Fulton Bank N.A. lifted its position in shares of ServiceNow by 14.6% in the 4th quarter. Fulton Bank N.A. now owns 1,881 shares of the information technology services provider's stock worth $1,994,000 after buying an additional 240 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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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