ServiceNow’s (NOW) Outperform Rating Reiterated at Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a $1,150.00 price target on the information technology services provider’s stock, up from their previous price target of $1,100.00.

A number of other brokerages also recently issued reports on NOW. Morgan Stanley reaffirmed an “equal weight” rating on shares of ServiceNow in a research report on Tuesday, July 8th. Raymond James Financial reduced their price objective on shares of ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a research report on Tuesday, April 8th. BMO Capital Markets upped their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an “outperform” rating in a research report on Thursday. Piper Sandler upped their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, DA Davidson upped their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,114.87.

ServiceNow Trading Down 2.8%

NOW opened at $968.05 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.12. ServiceNow has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm has a market capitalization of $200.37 billion, a PE ratio of 121.92, a P/E/G ratio of 4.43 and a beta of 0.94. The company’s 50-day moving average is $1,000.33 and its 200 day moving average is $952.52.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted $3.13 EPS. The firm’s revenue was up 22.4% compared to the same quarter last year. As a group, research analysts predict that ServiceNow will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer directly owned 6,614 shares in the company, valued at $6,693,434.14. This represents a 23.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anita M. Sands sold 239 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director owned 10,404 shares in the company, valued at $10,924,200. This represents a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,003 shares of company stock worth $6,015,106. Company insiders own 0.38% of the company’s stock.

Institutional Trading of ServiceNow

Several institutional investors and hedge funds have recently bought and sold shares of NOW. Brighton Jones LLC lifted its stake in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after purchasing an additional 30 shares in the last quarter. Modern Wealth Management LLC raised its position in shares of ServiceNow by 6.9% during the 4th quarter. Modern Wealth Management LLC now owns 355 shares of the information technology services provider’s stock valued at $363,000 after buying an additional 23 shares in the last quarter. Zions Bancorporation N.A. raised its position in shares of ServiceNow by 7.3% during the 4th quarter. Zions Bancorporation N.A. now owns 575 shares of the information technology services provider’s stock valued at $610,000 after buying an additional 39 shares in the last quarter. Financial Engines Advisors L.L.C. raised its position in shares of ServiceNow by 3.1% during the 4th quarter. Financial Engines Advisors L.L.C. now owns 3,144 shares of the information technology services provider’s stock valued at $3,333,000 after buying an additional 94 shares in the last quarter. Finally, Ausdal Financial Partners Inc. raised its position in shares of ServiceNow by 5.8% during the 4th quarter. Ausdal Financial Partners Inc. now owns 671 shares of the information technology services provider’s stock valued at $711,000 after buying an additional 37 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.