ServiceNow (NYSE:NOW) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of ServiceNow (NYSE:NOW) in a report published on Tuesday morning, Benzinga reports. Needham & Company LLC currently has a $900.00 target price on the information technology services provider’s stock.

A number of other equities analysts have also recently issued reports on the stock. KeyCorp decreased their price objective on shares of ServiceNow from $1,000.00 to $950.00 and set an overweight rating on the stock in a research report on Thursday, April 25th. William Blair reiterated an outperform rating on shares of ServiceNow in a research report on Tuesday, May 7th. Citigroup boosted their price target on shares of ServiceNow from $896.00 to $906.00 and gave the company a buy rating in a research report on Thursday, April 18th. StockNews.com cut shares of ServiceNow from a buy rating to a hold rating in a research report on Friday, April 26th. Finally, Stifel Nicolaus reiterated a buy rating and set a $820.00 price target on shares of ServiceNow in a research report on Wednesday, March 20th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, ServiceNow currently has an average rating of Moderate Buy and a consensus price target of $814.48.

ServiceNow Stock Up 0.7 %

Shares of NYSE:NOW opened at $730.38 on Tuesday. The firm has a fifty day moving average price of $725.46 and a two-hundred day moving average price of $738.15. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.05. ServiceNow has a one year low of $527.24 and a one year high of $815.32. The company has a market cap of $149.73 billion, a price-to-earnings ratio of 78.12, a PEG ratio of 4.57 and a beta of 0.96.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.41. The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.59 billion. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. Analysts anticipate that ServiceNow will post 6.5 EPS for the current fiscal year.

Insider Activity

In related news, insider Nicholas Tzitzon sold 2,000 shares of ServiceNow stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total value of $1,381,980.00. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $2,521,422.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other ServiceNow news, insider Nicholas Tzitzon sold 2,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $2,521,422.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher Bedi sold 215 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total transaction of $150,500.00. Following the sale, the insider now owns 15,892 shares in the company, valued at $11,124,400. The disclosure for this sale can be found here. Insiders have sold 5,530 shares of company stock valued at $3,997,012 in the last ninety days. 0.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NOW. Bison Wealth LLC purchased a new position in ServiceNow in the 3rd quarter worth approximately $587,000. Rathbones Group PLC boosted its holdings in ServiceNow by 84.7% in the 3rd quarter. Rathbones Group PLC now owns 7,305 shares of the information technology services provider’s stock worth $4,083,000 after acquiring an additional 3,349 shares during the period. Provence Wealth Management Group boosted its holdings in ServiceNow by 5.7% in the 3rd quarter. Provence Wealth Management Group now owns 591 shares of the information technology services provider’s stock worth $330,000 after acquiring an additional 32 shares during the period. Acadian Asset Management LLC boosted its holdings in ServiceNow by 18.0% in the 3rd quarter. Acadian Asset Management LLC now owns 40,040 shares of the information technology services provider’s stock worth $22,368,000 after acquiring an additional 6,112 shares during the period. Finally, Regal Investment Advisors LLC boosted its holdings in ServiceNow by 7.0% in the 3rd quarter. Regal Investment Advisors LLC now owns 721 shares of the information technology services provider’s stock worth $403,000 after acquiring an additional 47 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Company Profile

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.