ServiceNow (NYSE:NOW) Trading 1.1% Higher After Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s share price was up 1.1% during mid-day trading on Tuesday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The company traded as high as $830.90 and last traded at $825.0490. Approximately 1,394,370 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 1,640,177 shares. The stock had previously closed at $815.84.

Several other equities analysts also recently issued reports on NOW. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $1,200.00 price objective on shares of ServiceNow in a report on Thursday, October 30th. Stifel Nicolaus set a $1,150.00 price target on shares of ServiceNow in a research report on Thursday, October 30th. DA Davidson set a $1,250.00 price objective on ServiceNow in a report on Thursday, October 30th. Morgan Stanley set a $1,315.00 price objective on ServiceNow and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Finally, Barclays increased their target price on ServiceNow from $1,210.00 to $1,225.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $1,149.67.

Insider Transactions at ServiceNow

In related news, insider Paul Fipps sold 305 shares of ServiceNow stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $817.55, for a total transaction of $249,352.75. Following the transaction, the insider owned 541 shares in the company, valued at approximately $442,294.55. This trade represents a 36.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $827.08, for a total value of $77,745.52. Following the completion of the sale, the insider directly owned 3,027 shares of the company’s stock, valued at $2,503,571.16. This trade represents a 3.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 8,587 shares of company stock valued at $7,730,037. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors have recently bought and sold shares of the company. Wealth Preservation Advisors LLC purchased a new stake in ServiceNow during the 1st quarter worth about $382,000. Corient IA LLC purchased a new position in shares of ServiceNow in the 1st quarter valued at about $796,000. ASR Vermogensbeheer N.V. acquired a new position in shares of ServiceNow during the first quarter worth about $19,278,000. Goldman Sachs Group Inc. increased its stake in shares of ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock worth $1,178,706,000 after buying an additional 840,731 shares during the period. Finally, Cascade Investment Group Inc. raised its holdings in ServiceNow by 12.8% in the first quarter. Cascade Investment Group Inc. now owns 451 shares of the information technology services provider’s stock valued at $359,000 after acquiring an additional 51 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Up 1.1%

The company’s fifty day moving average is $898.43 and its two-hundred day moving average is $941.61. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $171.61 billion, a price-to-earnings ratio of 99.76, a PEG ratio of 4.11 and a beta of 0.94.

ServiceNow shares are going to split before the market opens on Friday, December 5th. The 5-1 split was announced on Wednesday, October 29th. The newly issued shares will be issued to shareholders after the closing bell on Thursday, December 4th.

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

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.