Scotiabank Upgrades ServiceNow (NYSE:NOW) to “Strong-Buy”

Scotiabank upgraded shares of ServiceNow (NYSE:NOW) to a strong-buy rating in a research report released on Monday,Zacks.com reports.

Several other equities research analysts also recently weighed in on the company. Mizuho increased their price objective on ServiceNow from $980.00 to $1,070.00 and gave the company an “outperform” rating in a report on Tuesday. JMP Securities increased their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 17th. Robert W. Baird lifted their price objective on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Jefferies Financial Group increased their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, BMO Capital Markets raised their price target on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $986.39.

ServiceNow Trading Up 1.7 %

NYSE NOW opened at $1,022.19 on Monday. The firm’s fifty day moving average price is $938.70 and its 200 day moving average price is $829.46. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,061.66. 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 company has a market capitalization of $210.57 billion, a price-to-earnings ratio of 158.97, a price-to-earnings-growth ratio of 5.80 and a beta of 0.98.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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 analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.21 earnings per share. On average, sell-side analysts expect that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This represents a 10.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the transaction, the director now owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,373 shares of company stock valued at $7,139,335 in the last ninety days. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Hedge funds have recently bought and sold shares of the stock. Quent Capital LLC raised its stake in ServiceNow by 4.1% in the 1st quarter. Quent Capital LLC now owns 770 shares of the information technology services provider’s stock valued at $587,000 after purchasing an additional 30 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of ServiceNow during the first quarter valued at approximately $210,000. EntryPoint Capital LLC boosted its position in ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 39 shares during the last quarter. CreativeOne Wealth LLC grew its stake in ServiceNow by 81.8% in the 1st quarter. CreativeOne Wealth LLC now owns 640 shares of the information technology services provider’s stock worth $488,000 after acquiring an additional 288 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings in ServiceNow by 22.5% in the 1st quarter. Advisors Asset Management Inc. now owns 7,905 shares of the information technology services provider’s stock valued at $6,027,000 after acquiring an additional 1,453 shares during the last quarter. Hedge funds and other 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.