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 report released on Tuesday morning, Benzinga reports. Needham & Company LLC currently has a $900.00 target price on the information technology services provider’s stock.

A number of other research firms have also recently commented on NOW. Guggenheim reissued a neutral rating on shares of ServiceNow in a research report on Monday, April 15th. The Goldman Sachs Group raised their price target on shares of ServiceNow from $800.00 to $910.00 and gave the stock a buy rating in a report on Thursday, January 25th. Oppenheimer raised their price target on shares of ServiceNow from $750.00 to $800.00 and gave the stock an outperform rating in a report on Thursday, January 18th. JMP Securities raised their price target on shares of ServiceNow from $665.00 to $825.00 and gave the stock a market outperform rating in a report on Monday, January 22nd. Finally, KeyCorp initiated coverage on shares of ServiceNow in a report on Thursday, March 21st. They issued an overweight rating and a $1,000.00 price target for the company. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $780.37.

ServiceNow Price Performance

NYSE NOW opened at $714.21 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06. The firm’s 50 day moving average price is $764.19 and its 200-day moving average price is $701.74. ServiceNow has a 52-week low of $427.68 and a 52-week high of $815.32. The company has a market cap of $146.68 billion, a PE ratio of 84.92, a P/E/G ratio of 4.62 and a beta of 0.97.

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

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now owns 17,177 shares in the company, valued at $12,935,655.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now owns 17,177 shares in the company, valued at $12,935,655.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Paul John Smith sold 5,159 shares of ServiceNow stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the sale, the insider now owns 5,453 shares in the company, valued at approximately $4,064,229.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,164 shares of company stock worth $9,940,303. 0.25% of the stock is owned by company insiders.

Institutional Trading of ServiceNow

Institutional investors have recently modified their holdings of the stock. RB Capital Management LLC lifted its stake in shares of ServiceNow by 25.2% in the first quarter. RB Capital Management LLC now owns 954 shares of the information technology services provider’s stock worth $531,000 after buying an additional 192 shares in the last quarter. Zions Bancorporation N.A. lifted its stake in shares of ServiceNow by 17.9% in the first quarter. Zions Bancorporation N.A. now owns 875 shares of the information technology services provider’s stock worth $487,000 after buying an additional 133 shares in the last quarter. Brown Brothers Harriman & Co. lifted its stake in shares of ServiceNow by 728.0% in the first quarter. Brown Brothers Harriman & Co. now owns 1,921 shares of the information technology services provider’s stock worth $1,070,000 after buying an additional 1,689 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of ServiceNow by 9.0% in the first quarter. Parkside Financial Bank & Trust now owns 350 shares of the information technology services provider’s stock worth $195,000 after buying an additional 29 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of ServiceNow by 0.7% in the first quarter. NewEdge Advisors LLC now owns 11,671 shares of the information technology services provider’s stock worth $6,499,000 after buying an additional 86 shares in the last quarter. Institutional investors and hedge funds 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.