BTIG Research Reiterates Buy Rating for ServiceNow (NYSE:NOW)

ServiceNow (NYSE:NOW)‘s stock had its “buy” rating restated by equities researchers at BTIG Research in a research note issued on Wednesday,Benzinga reports. They presently have a $150.00 target price on the information technology services provider’s stock. BTIG Research’s target price indicates a potential upside of 62.78% from the stock’s previous close.

A number of other research analysts have also commented on the company. Evercore increased their price objective on ServiceNow from $140.00 to $150.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $248.00 target price (up from $236.00) on shares of ServiceNow in a research report on Thursday. Stifel Nicolaus lowered their price target on ServiceNow from $135.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, April 23rd. Canaccord Genuity Group reduced their price objective on shares of ServiceNow from $200.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, April 23rd. Finally, Cantor Fitzgerald upped their price objective on shares of ServiceNow from $122.00 to $141.00 and gave the stock an “overweight” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $143.39.

ServiceNow Trading Down 3.5%

Shares of NYSE:NOW opened at $92.15 on Wednesday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $95.00 billion, a PE ratio of 57.59, a P/E/G ratio of 1.60 and a beta of 0.96. ServiceNow has a 1 year low of $81.24 and a 1 year high of $210.20. The firm has a fifty day moving average price of $104.70 and a 200 day moving average price of $107.77.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.04. ServiceNow had a return on equity of 16.63% and a net margin of 11.34%.The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. During the same period last year, the company earned $0.81 earnings per share. The business’s revenue was up 24.0% compared to the same quarter last year. Analysts expect that ServiceNow will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the sale, the director directly owned 44,930 shares of the company’s stock, valued at approximately $3,919,243.90. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anita M. Sands sold 16,445 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the completion of the sale, the director directly owned 30,090 shares of the company’s stock, valued at $2,712,312.60. This represents a 35.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 19,144 shares of company stock valued at $1,730,097 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

Several large investors have recently bought and sold shares of the stock. Millstone Evans Group LLC lifted its stake in shares of ServiceNow by 400.0% in the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 132 shares during the period. CBIZ Investment Advisory Services LLC grew its position in ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after buying an additional 135 shares in the last quarter. Blueline Advisors LLC bought a new position in ServiceNow during the fourth quarter valued at about $25,000. Measured Wealth Private Client Group LLC increased its stake in ServiceNow by 560.0% during the fourth quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 140 shares during the period. Finally, Wealth Watch Advisors INC raised its holdings in ServiceNow by 432.3% in the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 134 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow beat Q2 earnings and revenue estimates, showing that demand for its workflow and AI products remains healthy.
• Positive Sentiment: The company raised its annual subscription revenue forecast again, which signals management confidence in continued growth.
• Positive Sentiment: AI-related momentum was a major highlight, with AI contract value topping $1 billion and multiple reports saying customers are adopting ServiceNow’s AI platform more aggressively.
• Positive Sentiment: Several analysts turned more constructive after earnings, including price-target increases and reaffirmed buy/overweight ratings.
• Neutral Sentiment: New partnerships and customer wins, including Experian, Leidos, TeamViewer, and Exclusive Networks, support the long-term platform story but are less likely to move the stock immediately. Article Title
• Negative Sentiment: Some investors remain worried that new AI tools from OpenAI and others could pressure legacy enterprise software, which has created volatility even after the earnings beat.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.