ServiceNow (NYSE:NOW) Upgraded by Cantor Fitzgerald to “Strong-Buy” Rating

Cantor Fitzgerald upgraded shares of ServiceNow (NYSE:NOW) to a strong-buy rating in a research report report published on Thursday, MarketBeat Ratings reports. The firm currently has $1,332.00 price objective on the information technology services provider’s stock.

A number of other brokerages have also commented on NOW. Scotiabank assumed coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target on the stock. Barclays increased their target price on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Robert W. Baird boosted their price target on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Stifel Nicolaus increased their price objective on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $900.00 to $960.00 in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,080.38.

ServiceNow Stock Up 1.4 %

NYSE:NOW opened at $1,072.02 on Thursday. The firm has a market capitalization of $220.84 billion, a price-to-earnings ratio of 166.72, a price-to-earnings-growth ratio of 4.65 and a beta of 0.99. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,157.90. The stock’s 50 day moving average price is $1,068.39 and its two-hundred day moving average price is $929.31. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. 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 company posted $1.21 EPS. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. Equities research analysts expect that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 76 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,060,115.38. This represents a 2.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Edward Chamberlain sold 300 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total value of $314,385.00. Following the sale, the director now directly owns 10,467 shares in the company, valued at approximately $10,968,892.65. This trade represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,731 shares of company stock worth $21,016,751 in the last three months. 0.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOW. Bradley Foster & Sargent Inc. CT bought a new position in ServiceNow during the 2nd quarter worth $256,000. Mercer Global Advisors Inc. ADV raised its position in shares of ServiceNow by 33.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 10,371 shares of the information technology services provider’s stock worth $8,159,000 after acquiring an additional 2,595 shares during the last quarter. Intech Investment Management LLC boosted its holdings in ServiceNow by 7.6% in the second quarter. Intech Investment Management LLC now owns 6,388 shares of the information technology services provider’s stock valued at $5,025,000 after acquiring an additional 450 shares during the last quarter. Brighton Jones LLC increased its position in ServiceNow by 0.7% during the 2nd quarter. Brighton Jones LLC now owns 2,959 shares of the information technology services provider’s stock valued at $2,328,000 after purchasing an additional 20 shares during the period. Finally, Benjamin F. Edwards & Company Inc. raised its stake in ServiceNow by 24.7% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 9,569 shares of the information technology services provider’s stock worth $7,528,000 after buying an additional 1,893 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.