ServiceNow (NYSE:NOW) Now Covered by Raymond James

Raymond James assumed coverage on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Tuesday, MarketBeat.com reports. The brokerage issued an outperform rating and a $1,200.00 price objective on the information technology services provider’s stock.

A number of other equities analysts have also recently issued reports on the stock. Robert W. Baird boosted their price objective on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Citigroup upped their price target on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research report on Friday, October 25th. BMO Capital Markets increased their price objective on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Canaccord Genuity Group boosted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Scotiabank assumed coverage on ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,048.00.

ServiceNow Trading Up 1.6 %

Shares of NOW opened at $1,105.56 on Tuesday. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,157.90. The firm has a market cap of $227.75 billion, a price-to-earnings ratio of 171.94, a PEG ratio of 6.43 and a beta of 0.99. The firm has a 50 day moving average price of $1,026.11 and a 200-day moving average price of $890.62. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

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

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 76 shares of ServiceNow stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,060,115.38. The trade was a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,629 shares of company stock worth $20,861,626 in the last three months. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOW. Truvestments Capital LLC purchased a new stake in ServiceNow during the 3rd quarter valued at $30,000. Ridgewood Investments LLC purchased a new stake in ServiceNow during the second quarter valued at $32,000. DT Investment Partners LLC lifted its holdings in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares during the period. American Capital Advisory LLC purchased a new position in ServiceNow in the second quarter worth about $39,000. Finally, Semmax Financial Advisors Inc. bought a new stake in shares of ServiceNow during the 2nd quarter valued at about $39,000. Hedge funds and other 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.