ServiceNow (NYSE:NOW) Upgraded at Zacks Research

Zacks Research upgraded shares of ServiceNow (NYSE:NOW) from a hold rating to a strong-buy rating in a research note published on Monday morning,Zacks.com reports.

NOW has been the topic of several other reports. Wells Fargo & Company increased their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an “overweight” rating in a research report on Thursday, July 24th. DA Davidson upped their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Morgan Stanley upgraded shares of ServiceNow from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Cantor Fitzgerald restated an “overweight” rating and set a $1,200.00 price objective on shares of ServiceNow in a report on Thursday, July 24th. Finally, Guggenheim reaffirmed a “sell” rating and issued a $724.00 target price on shares of ServiceNow in a research report on Thursday, July 17th. Two analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,121.37.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $902.22 on Monday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock has a 50 day moving average of $909.21 and a 200-day moving average of $933.51. The company has a market capitalization of $187.66 billion, a P/E ratio of 113.63, a P/E/G ratio of 4.10 and a beta of 0.92.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results 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 business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the prior year, the business earned $3.13 EPS. The firm’s revenue for the quarter was up 22.4% on a year-over-year basis. As a group, equities research analysts predict that ServiceNow will post 8.93 EPS for the current year.

Insider Buying and Selling

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company’s stock in a transaction dated 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 sale, the insider directly owned 3,000 shares of the company’s stock, valued at $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock valued at $16,798,825 in the last quarter. Corporate insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Institutional investors have recently modified their holdings of the business. Wealth Preservation Advisors LLC acquired a new position in ServiceNow during the first quarter worth about $382,000. Corient IA LLC bought a new stake in shares of ServiceNow during the 1st quarter valued at approximately $796,000. Parr Mcknight Wealth Management Group LLC acquired a new position in ServiceNow during the 1st quarter worth approximately $1,820,000. ASR Vermogensbeheer N.V. acquired a new position in ServiceNow during the 1st quarter worth approximately $19,278,000. Finally, Goldman Sachs Group Inc. lifted its stake in ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during 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.