Needham & Company LLC Reaffirms Buy Rating for ServiceNow (NYSE:NOW)

Needham & Company LLC restated their buy rating on shares of ServiceNow (NYSE:NOW) in a research report report published on Thursday, Benzinga reports. Needham & Company LLC currently has a $900.00 price target on the information technology services provider’s stock.

A number of other brokerages have also weighed in on NOW. The Goldman Sachs Group increased their target price on ServiceNow from $800.00 to $910.00 and gave the stock a buy rating in a research note on Thursday, January 25th. UBS Group increased their price target on ServiceNow from $885.00 to $920.00 and gave the stock a buy rating in a research report on Monday, April 15th. KeyCorp began coverage on ServiceNow in a research report on Thursday, March 21st. They set an overweight rating and a $1,000.00 price target on the stock. Royal Bank of Canada increased their price target on ServiceNow from $840.00 to $850.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Finally, Oppenheimer increased their price target on ServiceNow from $750.00 to $800.00 and gave the stock an outperform rating in a research report on Thursday, January 18th. Four analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $792.00.

ServiceNow Price Performance

Shares of NYSE NOW opened at $723.55 on Thursday. The firm has a market cap of $148.60 billion, a P/E ratio of 77.39, a price-to-earnings-growth ratio of 4.57 and a beta of 0.97. The company has a current ratio of 1.05, a quick ratio of 1.06 and a debt-to-equity ratio of 0.18. ServiceNow has a 1-year low of $427.68 and a 1-year high of $815.32. The business’s 50 day moving average is $759.21 and its 200-day moving average is $708.95.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.34. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. The firm’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 earnings per share. Equities research analysts predict that ServiceNow will post 6.16 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Paul John Smith sold 1,180 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total transaction of $905,201.60. Following the sale, the insider now owns 1,392 shares in the company, valued at approximately $1,067,831.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the sale, the chief executive officer now owns 17,177 shares in the company, valued at approximately $12,935,655.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul John Smith sold 1,180 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total value of $905,201.60. Following the sale, the insider now owns 1,392 shares in the company, valued at approximately $1,067,831.04. The disclosure for this sale can be found here. Insiders have sold 13,164 shares of company stock worth $9,940,303 in the last 90 days. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. PFG Private Wealth Management LLC acquired a new position in ServiceNow during the 3rd quarter worth about $28,000. University of Texas Texas AM Investment Managment Co. acquired a new position in ServiceNow during the 4th quarter worth about $29,000. AdvisorNet Financial Inc lifted its holdings in ServiceNow by 266.7% during the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after buying an additional 32 shares during the period. Steward Financial Group LLC lifted its holdings in ServiceNow by 125.0% during the 3rd quarter. Steward Financial Group LLC now owns 63 shares of the information technology services provider’s stock worth $35,000 after buying an additional 35 shares during the period. Finally, Princeton Global Asset Management LLC acquired a new position in ServiceNow during the 3rd quarter worth about $35,000. Institutional investors own 87.18% of the company’s stock.

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.