ServiceNow (NYSE:NOW) Now Covered by Analysts at Redburn Atlantic

Redburn Atlantic assumed coverage on shares of ServiceNow (NYSE:NOW) in a research report report published on Wednesday, Marketbeat.com reports. The firm issued a buy rating on the information technology services provider’s stock.

A number of other brokerages have also recently weighed in on NOW. Guggenheim restated a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a research note on Wednesday, January 22nd. The Goldman Sachs Group lifted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Raymond James initiated coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective on the stock. KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Finally, Scotiabank initiated coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Stock Performance

NOW stock opened at $986.61 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market capitalization of $203.24 billion, a price-to-earnings ratio of 144.45, a PEG ratio of 4.59 and a beta of 0.99. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,198.09. The stock’s fifty day moving average is $1,061.97 and its two-hundred day moving average is $976.06.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, research analysts predict that ServiceNow will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has approved a share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,080,123.85. This trade represents a 8.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the sale, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,806 shares of company stock worth $16,065,122. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Several institutional investors have recently made changes to their positions in the company. Formidable Asset Management LLC acquired a new stake in shares of ServiceNow during the 4th quarter valued at about $233,000. Cache Advisors LLC acquired a new stake in shares of ServiceNow during the 4th quarter valued at about $652,000. GF Fund Management CO. LTD. acquired a new stake in shares of ServiceNow during the 4th quarter valued at about $58,865,000. Hudson Value Partners LLC lifted its holdings in ServiceNow by 2.8% in the 4th quarter. Hudson Value Partners LLC now owns 1,393 shares of the information technology services provider’s stock worth $1,477,000 after purchasing an additional 38 shares during the last quarter. Finally, GTS Securities LLC boosted its position in ServiceNow by 116.2% during the fourth quarter. GTS Securities LLC now owns 2,967 shares of the information technology services provider’s stock worth $3,145,000 after purchasing an additional 21,271 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.