ServiceNow (NYSE:NOW) Rating Increased to Strong-Buy at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of ServiceNow (NYSE:NOW) to a strong-buy rating in a research report report published on Thursday morning, Marketbeat reports. Cantor Fitzgerald currently has $1,332.00 price target on the information technology services provider’s stock.

A number of other analysts have also issued reports on NOW. BMO Capital Markets increased their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Oppenheimer increased their price target on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Piper Sandler increased their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Truist Financial increased their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. Finally, Citigroup increased their price target on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,080.38.

ServiceNow Stock Performance

Shares of NOW opened at $1,072.02 on Thursday. ServiceNow has a one year low of $637.99 and a one year high of $1,157.90. The company has a 50-day moving average of $1,069.67 and a two-hundred day moving average of $931.27. The stock has a market cap of $220.84 billion, a price-to-earnings ratio of 166.72, a PEG ratio of 4.65 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period last year, the company posted $1.21 earnings per share. On average, equities research analysts expect that ServiceNow will post 7.07 earnings per share for the current year.

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 66 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now owns 11,000 shares in the company, valued at $11,710,600. This represents a 16.85 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,731 shares of company stock worth $21,016,751. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors have recently bought and sold shares of NOW. Truvestments Capital LLC acquired a new stake in ServiceNow during the third quarter worth $30,000. DT Investment Partners LLC lifted its holdings in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares during the period. Semmax Financial Advisors Inc. bought a new position in shares of ServiceNow during the second quarter valued at $39,000. Oakworth Capital Inc. lifted its holdings in shares of ServiceNow by 46.7% during the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after acquiring an additional 14 shares during the period. Finally, Dunhill Financial LLC lifted its holdings in shares of ServiceNow by 70.0% during the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock valued at $46,000 after acquiring an additional 21 shares during the period. Institutional investors and hedge funds 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.