ServiceNow (NYSE:NOW) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Stock analysts at Cantor Fitzgerald started coverage on shares of ServiceNow (NYSE:NOW) in a report issued on Friday,Briefing.com Automated Import reports. The firm set an “overweight” rating and a $1,332.00 price target on the information technology services provider’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 25.99% from the stock’s current price.

A number of other brokerages also recently issued reports on NOW. Royal Bank of Canada lifted their price target on ServiceNow from $1,045.00 to $1,210.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Robert W. Baird boosted their target price on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Wells Fargo & Company boosted their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Truist Financial upped their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,080.38.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $1,057.20 on Friday. The business has a 50-day simple moving average of $1,067.55 and a 200-day simple moving average of $928.41. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. ServiceNow has a one year low of $637.99 and a one year high of $1,157.90. The company has a market cap of $217.78 billion, a PE ratio of 164.42, a P/E/G ratio of 4.65 and a beta of 0.99.

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

Insider Transactions at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,867 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the transaction, the general counsel now directly owns 6,843 shares in the company, valued at approximately $7,007,026.71. This represents a 21.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction that occurred 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 sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $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. In the last three months, insiders sold 20,276 shares of company stock valued at $20,535,115. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp grew its holdings in 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 valued at $8,118,867,000 after purchasing an additional 226,023 shares during the last quarter. FMR LLC boosted its position in shares of ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after buying an additional 502,845 shares in the last quarter. World Investment Advisors LLC boosted its position in shares of 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 in the last quarter. Geode Capital Management LLC grew its stake in ServiceNow by 1.9% in the 3rd 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 last quarter. Finally, Wellington Management Group LLP increased its holdings in ServiceNow by 24.1% during the 3rd 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. 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.