ServiceNow’s (NOW) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a $900.00 target price on the information technology services provider’s stock.

A number of other research firms have also recently issued reports on NOW. Robert W. Baird lifted their price target on shares of ServiceNow from $780.00 to $870.00 and gave the company an outperform rating in a research note on Thursday, January 25th. Guggenheim reissued a neutral rating on shares of ServiceNow in a research note on Monday. Jefferies Financial Group lifted their price target on shares of ServiceNow from $885.00 to $900.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Royal Bank of Canada lifted their price target on shares of ServiceNow from $840.00 to $850.00 and gave the company an outperform rating in a research note on Thursday, January 25th. Finally, Piper Sandler lifted their price target on shares of ServiceNow from $750.00 to $830.00 and gave the company an overweight rating in a research note on Thursday, January 25th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $780.00.

ServiceNow Price Performance

NYSE:NOW opened at $744.64 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market cap of $152.93 billion, a price-to-earnings ratio of 88.54, a price-to-earnings-growth ratio of 4.86 and a beta of 0.97. The company has a 50 day moving average price of $768.63 and a 200-day moving average price of $700.17. ServiceNow has a 1-year low of $427.68 and a 1-year high of $815.32.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.34. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.40 billion. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The business’s quarterly revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.88 EPS. Equities research analysts forecast that ServiceNow will post 6.16 EPS for the current year.

Insider Activity

In other news, insider Paul John Smith sold 1,795 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the transaction, the insider now owns 994 shares of the company’s stock, valued at approximately $776,373.64. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Paul John Smith sold 1,795 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total value of $1,402,002.70. Following the sale, the insider now directly owns 994 shares in the company, valued at approximately $776,373.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, the chief executive officer now owns 17,177 shares in the company, valued at $12,935,655.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,164 shares of company stock valued at $9,940,303. 0.25% of the stock is currently owned by insiders.

Institutional Trading of ServiceNow

Several institutional investors and hedge funds have recently bought and sold shares of the stock. PFG Private Wealth Management LLC purchased a new stake in ServiceNow during the third quarter worth about $28,000. University of Texas Texas AM Investment Managment Co. purchased a new stake in ServiceNow during the fourth quarter worth about $29,000. First Capital Advisors Group LLC. purchased a new stake in ServiceNow during the second quarter worth about $29,000. High Net Worth Advisory Group LLC purchased a new stake in ServiceNow during the first quarter worth about $29,000. Finally, AdvisorNet Financial Inc increased its stake in ServiceNow by 266.7% during the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 32 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.