ServiceNow (NYSE:NOW) Coverage Initiated at Redburn Atlantic

Redburn Atlantic initiated coverage on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage set a “buy” rating on the information technology services provider’s stock.

Several other research analysts have also issued reports on NOW. Stifel Nicolaus upped their target price on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. JMP Securities reissued a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Royal Bank of Canada reissued an “outperform” rating and issued a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Finally, Wells Fargo & Company boosted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Stock Down 1.9 %

Shares of NYSE:NOW opened at $968.19 on Wednesday. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,198.09. The firm has a fifty day moving average of $1,058.36 and a 200 day moving average of $976.01. The firm has a market capitalization of $199.45 billion, a PE ratio of 141.76, a price-to-earnings-growth ratio of 4.64 and a beta of 0.99. 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 (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, research analysts anticipate that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has initiated a share buyback program 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 repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,023 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $988.00, for a total value of $1,010,724.00. Following the sale, the general counsel now owns 4,332 shares in the company, valued at approximately $4,280,016. This represents a 19.10 % 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, insider Paul John Smith sold 2,404 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total transaction of $2,356,040.20. Following the completion of the sale, the insider now owns 6,244 shares in the company, valued at approximately $6,119,432.20. This trade represents a 27.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,806 shares of company stock valued at $16,065,122 over the last three months. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in ServiceNow by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock worth $20,353,517,000 after purchasing an additional 190,430 shares during the period. State Street Corp grew its holdings in shares of ServiceNow by 2.6% during the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after buying an additional 226,023 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after buying an additional 509,467 shares during the last quarter. FMR LLC grew its holdings in shares of ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after buying an additional 272,506 shares during the last quarter. Finally, World Investment Advisors LLC grew its holdings in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after buying an additional 4,771,830 shares during the last quarter. 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.