Needham & Company LLC Reaffirms Buy Rating for ServiceNow (NYSE:NOW)

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

A number of other research analysts have also issued reports on NOW. Guggenheim reiterated a neutral rating on shares of ServiceNow in a research note on Monday, April 15th. Stifel Nicolaus reissued a buy rating and set a $820.00 price target on shares of ServiceNow in a research note on Tuesday, July 2nd. UBS Group dropped their price target on ServiceNow from $920.00 to $875.00 and set a buy rating for the company in a research report on Thursday, April 25th. JMP Securities restated a market outperform rating and set a $825.00 target price on shares of ServiceNow in a research report on Tuesday, May 7th. Finally, Wells Fargo & Company increased their price target on shares of ServiceNow from $875.00 to $900.00 and gave the company an overweight rating in a research report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $812.60.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $749.14 on Monday. The firm’s fifty day simple moving average is $736.92 and its 200-day simple moving average is $745.40. ServiceNow has a 12 month low of $527.24 and a 12 month high of $815.32. The stock has a market capitalization of $153.57 billion, a price-to-earnings ratio of 80.12, a PEG ratio of 4.80 and a beta of 0.99. 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 (NYSE:NOW) last announced its earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.41. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. The business had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.59 billion. As a group, equities analysts forecast that ServiceNow will post 6.5 earnings per share for the current year.

Insider Activity

In other news, insider Nicholas Tzitzon sold 2,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at $2,521,422.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Paul John Smith sold 125 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $727.38, for a total value of $90,922.50. Following the sale, the insider now directly 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 available at this hyperlink. Also, insider Nicholas Tzitzon sold 2,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $2,521,422.51. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,530 shares of company stock worth $3,997,012. 0.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in ServiceNow by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after purchasing an additional 331,797 shares during the period. Jennison Associates LLC raised its position in ServiceNow by 2.2% in the fourth quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock worth $1,781,195,000 after acquiring an additional 53,719 shares in the last quarter. Norges Bank bought a new stake in ServiceNow during the fourth quarter worth approximately $1,648,259,000. Massachusetts Financial Services Co. MA boosted its stake in shares of ServiceNow by 3.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock worth $1,612,032,000 after acquiring an additional 81,028 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in ServiceNow by 18.3% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,754,027 shares of the information technology services provider’s stock valued at $1,239,198,000 after buying an additional 271,153 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

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.