ServiceNow (NYSE:NOW) Coverage Initiated at Scotiabank

Investment analysts at Scotiabank assumed coverage on shares of ServiceNow (NYSE:NOW) in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The brokerage set a “sector outperform” rating and a $1,230.00 price target on the information technology services provider’s stock. Scotiabank’s price target points to a potential upside of 22.45% from the stock’s previous close.

A number of other equities research analysts have also commented on NOW. Wells Fargo & Company increased their price target on ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 12th. Royal Bank of Canada lifted their target price on ServiceNow from $985.00 to $1,045.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. BMO Capital Markets lifted their price objective on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. UBS Group increased their price objective on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Evercore ISI raised their price objective on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $983.18.

ServiceNow Trading Down 0.7 %

NYSE:NOW opened at $1,004.53 on Tuesday. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,061.66. The stock has a market cap of $206.93 billion, a price-to-earnings ratio of 156.23, a PEG ratio of 5.80 and a beta of 0.98. The business has a fifty day moving average of $935.45 and a 200-day moving average of $827.30. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the previous year, the company posted $1.21 EPS. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. Equities analysts predict that ServiceNow will post 7.07 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the sale, the director now directly owns 42,920 shares in the company, valued at approximately $43,740,630.40. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,231 shares of company stock valued at $4,947,292. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Catalyst Financial Partners LLC lifted its position in ServiceNow by 1.0% in the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after buying an additional 11 shares during the last quarter. First Affirmative Financial Network raised its stake in shares of ServiceNow by 1.4% in the third quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock valued at $801,000 after acquiring an additional 12 shares during the period. Capital Advisors Ltd. LLC lifted its holdings in shares of ServiceNow by 14.6% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock worth $84,000 after acquiring an additional 12 shares during the last quarter. BluePointe Capital Management LLC boosted its stake in shares of ServiceNow by 0.6% during the 3rd quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock worth $1,801,000 after purchasing an additional 12 shares during the period. Finally, Morling Financial Advisors LLC grew its holdings in ServiceNow by 2.5% during the 2nd quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock valued at $415,000 after purchasing an additional 13 shares during the last quarter. Hedge funds and other institutional investors 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.