ServiceNow (NYSE:NOW) Upgraded by Morgan Stanley to “Overweight” Rating

Morgan Stanley upgraded shares of ServiceNow (NYSE:NOW) from an equal weight rating to an overweight rating in a research note issued to investors on Wednesday morning, Marketbeat reports. Morgan Stanley currently has $1,250.00 price objective on the information technology services provider’s stock, up from their previous price objective of $1,040.00.

A number of other research firms have also weighed in on NOW. Wells Fargo & Company boosted their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Piper Sandler raised their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Citigroup boosted their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Oppenheimer reaffirmed an “outperform” rating and issued a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Finally, Guggenheim reiterated a “sell” rating and set a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $1,122.20.

ServiceNow Stock Up 0.6%

Shares of NOW opened at $932.85 on Wednesday. The stock has a 50 day moving average price of $921.07 and a 200 day moving average price of $924.60. ServiceNow has a one year low of $678.66 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market capitalization of $194.03 billion, a price-to-earnings ratio of 117.49, a PEG ratio of 4.18 and a beta of 0.91.

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

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 1,562 shares of the business’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares of the company’s stock, valued at $2,622,744.15. The trade was a 34.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the transaction, the insider owned 3,000 shares of the company’s stock, valued at $2,599,350. This trade represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock worth $17,049,775 over the last ninety days. Company insiders own 0.38% of the company’s stock.

Institutional Trading of ServiceNow

Institutional investors have recently bought and sold shares of the business. Brighton Jones LLC boosted its holdings in ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after purchasing an additional 30 shares in the last quarter. Two Sigma Investments LP raised its stake in ServiceNow by 1.5% during the 4th quarter. Two Sigma Investments LP now owns 4,405 shares of the information technology services provider’s stock worth $4,670,000 after acquiring an additional 67 shares in the last quarter. Heck Capital Advisors LLC purchased a new stake in ServiceNow in the fourth quarter valued at $37,000. Park Square Financial Group LLC acquired a new position in ServiceNow in the fourth quarter valued at $153,000. Finally, Wealthedge Investment Advisors LLC purchased a new position in shares of ServiceNow during the fourth quarter worth about $1,996,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.