ServiceNow (NYSE:NOW) Upgraded at Cantor Fitzgerald

ServiceNow (NYSE:NOW) was upgraded by investment analysts at Cantor Fitzgerald to a “strong-buy” rating in a report issued on Thursday, MarketBeat reports. The brokerage presently has a $1,332.00 price objective on the information technology services provider’s stock. Cantor Fitzgerald’s target price would indicate a potential upside of 24.25% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. Raymond James started coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price target for the company. Needham & Company LLC upped their price target on ServiceNow from $1,075.00 to $1,150.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. TD Cowen increased their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Stifel Nicolaus boosted their price objective on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Finally, Wells Fargo & Company raised their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,080.38.

ServiceNow Stock Performance

NOW stock opened at $1,072.02 on Thursday. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,157.90. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average price of $1,068.39 and a 200-day moving average price of $929.31. The firm has a market cap of $220.84 billion, a PE ratio of 166.72, a price-to-earnings-growth ratio of 4.65 and a beta of 0.99.

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

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction on 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jacqueline P. Canney sold 76 shares of ServiceNow stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,060,115.38. This represents a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,731 shares of company stock worth $21,016,751 in the last ninety days. 0.25% of the stock is currently owned by insiders.

Institutional Trading of ServiceNow

A number of hedge funds have recently bought and sold shares of the company. Redhawk Wealth Advisors Inc. grew its position in ServiceNow by 2.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after acquiring an additional 10 shares during the last quarter. Catalyst Financial Partners LLC raised its position in ServiceNow by 1.0% in the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after purchasing an additional 11 shares during the period. First Affirmative Financial Network lifted its stake in ServiceNow by 1.4% in the third quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock worth $801,000 after purchasing an additional 12 shares during the last quarter. Capital Advisors Ltd. LLC boosted its position in ServiceNow by 14.6% during the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after buying an additional 12 shares during the period. Finally, BluePointe Capital Management LLC grew its stake in shares of ServiceNow by 0.6% during the third quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock valued at $1,801,000 after buying an additional 12 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

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.