Needham & Company LLC Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its target price hoisted by investment analysts at Needham & Company LLC from $1,150.00 to $1,200.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s price target would indicate a potential upside of 17.69% from the company’s previous close.

Several other brokerages have also recently weighed in on NOW. Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $900.00 to $960.00 in a report on Monday, October 21st. Barclays boosted their price objective on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Cantor Fitzgerald started coverage on shares of ServiceNow in a research note on Friday, January 17th. They set an “overweight” rating and a $1,332.00 target price on the stock. Canaccord Genuity Group raised their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, The Goldman Sachs Group upped their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $1,129.93.

ServiceNow Trading Up 0.7 %

NYSE NOW opened at $1,019.65 on Thursday. The business’s fifty day moving average is $1,084.47 and its 200-day moving average is $952.71. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a market capitalization of $210.05 billion, a price-to-earnings ratio of 150.00, a PEG ratio of 5.19 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. Equities research analysts predict that ServiceNow will post 8.98 EPS for the current year.

ServiceNow declared that its board has authorized a share buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,731 shares of company stock worth $21,016,751 in the last ninety days. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently modified their holdings of the company. Truvestments Capital LLC purchased a new stake in ServiceNow in the 3rd quarter valued at approximately $30,000. DT Investment Partners LLC boosted 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 worth $35,000 after purchasing an additional 17 shares during the last quarter. Heck Capital Advisors LLC acquired a new position in ServiceNow in the fourth quarter valued at $37,000. Stonebridge Financial Group LLC acquired a new stake in ServiceNow in the 4th quarter worth about $37,000. Finally, Oakworth Capital Inc. increased its stake in shares of ServiceNow by 46.7% during the 3rd 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 last quarter. 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.