Canaccord Genuity Group Reiterates Buy Rating for ServiceNow (NYSE:NOW)

ServiceNow (NYSE:NOW)‘s stock had its “buy” rating reiterated by Canaccord Genuity Group in a research report issued on Thursday,Benzinga reports. They presently have a $1,120.00 price objective on the information technology services provider’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 21.97% from the stock’s current price.

Several other equities research analysts also recently commented on the stock. The Goldman Sachs Group reissued a “buy” rating and set a $1,250.00 target price on shares of ServiceNow in a research report on Thursday. DA Davidson boosted their target price 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, July 24th. Jefferies Financial Group boosted their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Wells Fargo & Company set a $1,275.00 target price on shares of ServiceNow in a research report on Thursday. Finally, Needham & Company LLC boosted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,159.66.

ServiceNow Trading Down 1.8%

NOW opened at $918.22 on Thursday. ServiceNow has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $190.99 billion, a P/E ratio of 111.03, a price-to-earnings-growth ratio of 4.11 and a beta of 0.92. The company has a fifty day moving average price of $922.19 and a two-hundred day moving average price of $946.81.

ServiceNow shares are scheduled to split on Friday, December 5th. The 5-1 split was announced on Wednesday, October 29th. The newly created shares will be payable to shareholders after the market closes on Thursday, December 4th.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 29th. The information technology services provider reported $4.82 earnings per share for the quarter, beating the consensus estimate of $4.21 by $0.61. The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.35 billion. ServiceNow had a net margin of 13.66% and a return on equity of 19.23%. The business’s revenue was up 21.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.72 earnings per share. Analysts predict that ServiceNow will post 8.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares of the company’s stock, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares of the company’s stock, valued at $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,980 shares of company stock worth $16,049,017 in the last ninety days. 0.38% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NOW. Bogart Wealth LLC grew its position in shares of ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 17 shares during the period. Kilter Group LLC bought a new position in shares of ServiceNow during the 2nd quarter valued at approximately $25,000. Graybill Wealth Management LTD. bought a new position in shares of ServiceNow during the 1st quarter valued at approximately $26,000. Global X Japan Co. Ltd. bought a new position in shares of ServiceNow during the 2nd quarter valued at approximately $30,000. Finally, Total Investment Management Inc. bought a new position in shares of ServiceNow during the 2nd quarter valued at approximately $31,000. 87.18% of the stock is owned by 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.