Needham & Company LLC Reaffirms “Buy” Rating for ServiceNow (NYSE:NOW)

Needham & Company LLC reaffirmed their buy rating on shares of ServiceNow (NYSE:NOW) in a research note published on Monday, Benzinga reports. The firm currently has a $900.00 price target on the information technology services provider’s stock.

NOW has been the subject of a number of other research reports. Canaccord Genuity Group reissued a buy rating and issued a $835.00 target price on shares of ServiceNow in a report on Tuesday, July 23rd. JMP Securities boosted their price objective on shares of ServiceNow from $825.00 to $850.00 and gave the stock a market outperform rating in a report on Thursday, July 25th. Stifel Nicolaus increased their target price on shares of ServiceNow from $820.00 to $900.00 and gave the company a buy rating in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft boosted their price target on ServiceNow from $875.00 to $900.00 and gave the stock a buy rating in a research note on Thursday, July 25th. Finally, Truist Financial raised their price objective on ServiceNow from $750.00 to $780.00 and gave the company a hold rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $849.62.

ServiceNow Trading Up 1.7 %

Shares of ServiceNow stock opened at $875.17 on Monday. The firm has a market cap of $179.41 billion, a price-to-earnings ratio of 93.60, a price-to-earnings-growth ratio of 4.95 and a beta of 0.98. ServiceNow has a 52-week low of $527.24 and a 52-week high of $877.62. The company’s 50-day simple moving average is $803.76 and its 200-day simple moving average is $764.97. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.85 by $0.28. The company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.77 EPS. As a group, equities research analysts anticipate that ServiceNow will post 6.78 earnings per share for the current year.

Insider Buying and Selling

In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of ServiceNow stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at approximately $3,027,502.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total value of $1,485,000.00. Following the transaction, the chief financial officer now owns 11,490 shares in the company, valued at $9,479,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,914 shares of company stock worth $5,608,936. 0.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On ServiceNow

Hedge funds and other institutional investors have recently modified their holdings of the company. Morling Financial Advisors LLC lifted its position in ServiceNow by 2.5% during the second quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock valued at $415,000 after buying an additional 13 shares in the last quarter. Optas LLC boosted its position in ServiceNow by 1.7% during the 1st quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock worth $621,000 after purchasing an additional 14 shares during the period. Cedar Wealth Management LLC boosted its position in shares of ServiceNow by 5.5% in the first quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock worth $204,000 after buying an additional 14 shares during the period. Financial Advocates Investment Management grew its stake in shares of ServiceNow by 2.7% in the second quarter. Financial Advocates Investment Management now owns 527 shares of the information technology services provider’s stock valued at $415,000 after buying an additional 14 shares in the last quarter. Finally, Ndwm LLC raised its holdings in shares of ServiceNow by 0.6% during the 2nd quarter. Ndwm LLC now owns 2,415 shares of the information technology services provider’s stock valued at $1,900,000 after buying an additional 14 shares during the period. 87.18% of the stock is 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.