ServiceNow (NYSE:NOW) Upgraded to Strong-Buy at Scotiabank

Scotiabank upgraded shares of ServiceNow (NYSE:NOW) to a strong-buy rating in a research note published on Monday,Zacks.com reports.

NOW has been the topic of a number of other research reports. Royal Bank of Canada boosted their target price on shares of ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. TD Cowen boosted their price objective on shares of ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Jefferies Financial Group boosted their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Oppenheimer boosted their price objective on shares of ServiceNow from $825.00 to $1,020.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, BMO Capital Markets boosted their price objective on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $986.39.

ServiceNow Trading Up 2.5 %

Shares of NOW stock opened at $1,048.34 on Monday. The firm has a 50 day moving average price of $944.90 and a two-hundred day moving average price of $832.32. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $215.96 billion, a PE ratio of 163.04, a price-to-earnings-growth ratio of 5.87 and a beta of 0.98. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,061.66.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the previous year, the business earned $1.21 earnings per share. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. As a group, analysts predict that ServiceNow will post 7.07 earnings per share for the current year.

Insider Transactions at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 1,867 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the sale, the general counsel now directly owns 6,843 shares in the company, valued at $7,007,026.71. This represents a 21.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,644 shares of company stock valued at $19,381,744 over the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

Hedge funds have recently added to or reduced their stakes in the stock. Anchor Investment Management LLC boosted its holdings in shares of ServiceNow by 6.1% in the third quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider’s stock valued at $1,220,000 after acquiring an additional 78 shares during the period. Virtu Financial LLC acquired a new stake in ServiceNow in the third quarter valued at $9,833,000. Soltis Investment Advisors LLC increased its position in shares of ServiceNow by 3.5% in the third quarter. Soltis Investment Advisors LLC now owns 568 shares of the information technology services provider’s stock valued at $508,000 after buying an additional 19 shares in the last quarter. Coldstream Capital Management Inc. increased its position in shares of ServiceNow by 65.5% in the third quarter. Coldstream Capital Management Inc. now owns 5,915 shares of the information technology services provider’s stock valued at $5,647,000 after buying an additional 2,342 shares in the last quarter. Finally, RB Capital Management LLC increased its position in ServiceNow by 1.8% during the 3rd quarter. RB Capital Management LLC now owns 1,223 shares of the information technology services provider’s stock worth $1,094,000 after purchasing an additional 22 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other 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.