ServiceNow (NYSE:NOW) Now Covered by Analysts at Redburn Atlantic

Redburn Atlantic initiated coverage on shares of ServiceNow (NYSE:NOW) in a research note issued to investors on Wednesday, MarketBeat.com reports. The brokerage issued a buy rating on the information technology services provider’s stock.

NOW has been the subject of a number of other reports. Robert W. Baird lowered their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Scotiabank assumed coverage on shares of ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price for the company. Canaccord Genuity Group raised their target price on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Barclays raised 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. Finally, Stifel Nicolaus boosted their target price on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Stock Down 3.1 %

Shares of NYSE:NOW opened at $937.79 on Wednesday. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock’s 50-day moving average price is $1,054.69 and its 200-day moving average price is $977.09. The stock has a market capitalization of $193.18 billion, a P/E ratio of 137.30, a price-to-earnings-growth ratio of 4.60 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, equities analysts anticipate that ServiceNow will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has approved a stock buyback plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 2,404 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total transaction of $2,356,040.20. Following the sale, the insider now directly owns 6,244 shares in the company, valued at approximately $6,119,432.20. This trade represents a 27.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $297,124.60. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,806 shares of company stock valued at $16,065,122. 0.25% of the stock is owned by insiders.

Institutional Trading of ServiceNow

A number of institutional investors have recently made changes to their positions in the stock. Quarry LP purchased a new stake in ServiceNow in the fourth quarter worth approximately $27,000. Atala Financial Inc purchased a new position in shares of ServiceNow in the 4th quarter worth $28,000. Truvestments Capital LLC purchased a new position in shares of ServiceNow in the 3rd quarter worth $30,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow in the 4th quarter worth $32,000. Finally, FPC Investment Advisory Inc. boosted its stake in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares during the last quarter. Hedge funds and other 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.