ServiceNow (NYSE:NOW) Raised to “Strong-Buy” at Cantor Fitzgerald

ServiceNow (NYSE:NOW) was upgraded by research analysts at Cantor Fitzgerald to a “strong-buy” rating in a research note issued to investors on Thursday, MarketBeat Ratings reports. The firm currently has a $1,332.00 price target on the information technology services provider’s stock. Cantor Fitzgerald’s target price suggests a potential upside of 24.25% from the stock’s current price.

NOW has been the subject of a number of other research reports. Sanford C. Bernstein upped their target price on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Stifel Nicolaus raised 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. Robert W. Baird boosted their price target on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Truist Financial raised their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. Finally, Needham & Company LLC increased their target price on ServiceNow from $1,075.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. One equities 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 given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,080.38.

ServiceNow Trading Up 1.4 %

Shares of NOW opened at $1,072.02 on Thursday. The firm has a fifty day simple moving average of $1,068.39 and a two-hundred day simple moving average of $929.31. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,157.90. The stock has a market capitalization of $220.84 billion, a P/E ratio of 166.72, a PEG ratio of 4.65 and a beta of 0.99. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

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

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jeffrey A. Miller sold 2,879 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the sale, the director now owns 42,920 shares of the company’s stock, valued at $43,740,630.40. This trade represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,731 shares of company stock valued at $21,016,751. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOW. State Street Corp boosted its position in shares of ServiceNow by 2.6% in the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock worth $8,118,867,000 after purchasing an additional 226,023 shares during the period. FMR LLC lifted its stake in shares of ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after buying an additional 502,845 shares in the last quarter. World Investment Advisors LLC boosted its holdings in ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after buying an additional 4,771,830 shares during the period. Geode Capital Management LLC raised its holdings in ServiceNow by 1.9% during the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after acquiring an additional 78,378 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of ServiceNow by 24.1% in the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after acquiring an additional 615,797 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.