ServiceNow (NYSE:NOW) Rating Reiterated by Needham & Company LLC

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

Several other analysts have also recently weighed in on the stock. Morgan Stanley lifted their price target on shares of ServiceNow from $814.00 to $830.00 and gave the company an overweight rating in a report on Thursday, April 25th. JMP Securities reissued a market outperform rating and issued a $825.00 target price on shares of ServiceNow in a research report on Tuesday, May 7th. StockNews.com lowered ServiceNow from a buy rating to a hold rating in a research report on Friday, April 26th. Stifel Nicolaus reaffirmed a buy rating and issued a $820.00 price target on shares of ServiceNow in a research note on Tuesday, July 2nd. Finally, KeyCorp dropped their target price on shares of ServiceNow from $950.00 to $920.00 and set an overweight rating on the stock in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $842.22.

ServiceNow Stock Performance

NYSE NOW opened at $827.61 on Thursday. The firm has a market cap of $169.66 billion, a price-to-earnings ratio of 88.51, a PEG ratio of 5.19 and a beta of 0.99. ServiceNow has a 12-month low of $527.24 and a 12-month high of $850.33. The company has a 50-day simple moving average of $744.03 and a two-hundred day simple moving average of $751.55. The company has a quick ratio of 1.05, a current ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.28. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.77 EPS. On average, equities analysts forecast that ServiceNow will post 6.5 EPS for the current year.

Insider Activity

In related news, insider Paul John Smith sold 125 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $727.38, for a total transaction of $90,922.50. Following the completion of the sale, the insider now directly owns 3,112 shares in the company, valued at $2,263,606.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other ServiceNow news, insider Paul John Smith sold 125 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $727.38, for a total transaction of $90,922.50. Following the completion of the sale, the insider now owns 3,112 shares of the company’s stock, valued at $2,263,606.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederic B. Luddy sold 598 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $741.92, for a total value of $443,668.16. Following the completion of the transaction, the director now directly owns 428 shares in the company, valued at approximately $317,541.76. The disclosure for this sale can be found here. Insiders sold 5,530 shares of company stock valued at $3,997,012 in the last quarter. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds have recently modified their holdings of NOW. Norges Bank purchased a new position in shares of ServiceNow during the 4th quarter valued at $1,648,259,000. Swedbank AB purchased a new position in shares of ServiceNow in the first quarter valued at about $897,908,000. International Assets Investment Management LLC lifted its position in shares of ServiceNow by 69,354.6% in the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock valued at $580,486,000 after acquiring an additional 820,465 shares in the last quarter. Global Assets Advisory LLC bought a new position in shares of ServiceNow in the first quarter worth about $403,034,000. Finally, Cerity Partners LLC grew its position in shares of ServiceNow by 1,073.7% during the fourth quarter. Cerity Partners LLC now owns 406,262 shares of the information technology services provider’s stock worth $287,020,000 after purchasing an additional 371,648 shares in the last quarter. 87.18% of the stock is currently owned by 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.