ServiceNow (NYSE:NOW) Coverage Initiated by Analysts at Redburn Atlantic

Redburn Atlantic began coverage on shares of ServiceNow (NYSE:NOW) in a report released on Wednesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating on the information technology services provider’s stock.

Several other research analysts have also issued reports on the company. Oppenheimer upped their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Canaccord Genuity Group lifted their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Raymond James initiated coverage on ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price on the stock. TD Cowen boosted their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Needham & Company LLC raised their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Trading Down 1.8 %

Shares of ServiceNow stock traded down $18.33 on Wednesday, reaching $979.15. The company had a trading volume of 502,418 shares, compared to its average volume of 1,602,726. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm has a market cap of $201.71 billion, a price-to-earnings ratio of 143.37, a P/E/G ratio of 4.59 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm’s 50-day moving average price is $1,065.18 and its two-hundred day moving average price is $975.99.

ServiceNow (NYSE:NOW) last announced 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 17.11% and a net margin of 12.97%. As a group, research analysts predict that ServiceNow will post 8.93 earnings per share for the current fiscal year.

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

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the completion of the transaction, the director now owns 11,000 shares of the company’s stock, valued at $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas Tzitzon sold 313 shares of ServiceNow stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at $3,884,725.40. This represents a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,811 shares of company stock valued at $11,159,073 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOW. Cache Advisors LLC acquired a new position in ServiceNow during the fourth quarter worth about $652,000. GF Fund Management CO. LTD. acquired a new position in ServiceNow in the 4th quarter valued at about $58,865,000. Hudson Value Partners LLC grew its position in ServiceNow by 2.8% in the fourth quarter. Hudson Value Partners LLC now owns 1,393 shares of the information technology services provider’s stock worth $1,477,000 after acquiring an additional 38 shares during the period. GTS Securities LLC increased its stake 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 acquiring an additional 21,271 shares during the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new stake in ServiceNow in the fourth quarter valued at $84,000. Institutional investors and hedge funds 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.