ServiceNow (NYSE:NOW) Coverage Initiated at Cantor Fitzgerald

Investment analysts at Cantor Fitzgerald initiated coverage on shares of ServiceNow (NYSE:NOW) in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set an “overweight” rating and a $1,332.00 price target on the information technology services provider’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 25.99% from the stock’s current price.

NOW has been the topic of a number of other research reports. Canaccord Genuity Group raised their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Royal Bank of Canada raised their price objective on ServiceNow from $1,045.00 to $1,210.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. UBS Group upped their target price on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. 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 on the stock. Finally, KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,080.38.

ServiceNow Stock Up 0.3 %

Shares of NYSE:NOW opened at $1,057.20 on Friday. 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 $217.78 billion, a P/E ratio of 164.42, a P/E/G ratio of 4.65 and a beta of 0.99. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,157.90. The stock’s fifty day simple moving average is $1,067.55 and its 200-day simple moving average is $928.41.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the previous year, the company posted $1.21 EPS. The firm’s revenue for the quarter 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 fiscal year.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 76 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,060,115.38. This trade represents a 2.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,276 shares of company stock valued at $20,535,115. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Hedge funds and other institutional investors have recently modified their holdings of the stock. Truvestments Capital LLC bought a new position in shares of ServiceNow during the third quarter worth about $30,000. DT Investment Partners LLC raised its stake in ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares in the last quarter. Semmax Financial Advisors Inc. bought a new position in ServiceNow during the 2nd quarter worth approximately $39,000. Oakworth Capital Inc. increased its holdings in shares of ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after acquiring an additional 14 shares during the last quarter. Finally, Dunhill Financial LLC raised its position in shares of ServiceNow by 70.0% during the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock valued at $46,000 after acquiring an additional 21 shares in 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.