ServiceNow (NYSE:NOW) Coverage Initiated by Analysts at Scotiabank

Equities researchers at Scotiabank assumed coverage on shares of ServiceNow (NYSE:NOW - Get Free Report) in a report issued on Tuesday, MarketBeat Ratings reports. The firm set a "sector outperform" rating and a $1,230.00 price target on the information technology services provider's stock. Scotiabank's target price points to a potential upside of 20.36% from the company's current price.

A number of other analysts have also commented on NOW. Royal Bank of Canada boosted their price target on shares of ServiceNow from $985.00 to $1,045.00 and gave the company an "outperform" rating in a research note on Thursday, October 24th. Canaccord Genuity Group increased their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a "buy" rating in a report on Thursday, October 24th. Barclays boosted their price target on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. Morgan Stanley cut shares of ServiceNow from an "overweight" rating to an "equal weight" rating and boosted their price target for the stock from $900.00 to $960.00 in a report on Monday, October 21st. Finally, JPMorgan Chase & Co. boosted their price target on shares of ServiceNow from $820.00 to $950.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $986.39.

ServiceNow Trading Up 1.7 %

NYSE:NOW traded up $16.62 during mid-day trading on Tuesday, hitting $1,021.96. 1,341,936 shares of the company's stock were exchanged, compared to its average volume of 1,283,503. The company has a 50 day simple moving average of $935.45 and a 200-day simple moving average of $827.30. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,061.66. The firm has a market capitalization of $210.52 billion, a P/E ratio of 156.35, a PEG ratio of 5.80 and a beta of 0.98.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm's revenue was up 22.2% compared to the same quarter last year. During the same period last year, the company earned $1.21 EPS. As a group, research analysts expect that ServiceNow will post 7.07 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the sale, the insider now owns 3,027 shares in the company, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the sale, the director now 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 90 days, insiders have sold 5,231 shares of company stock worth $4,947,292. Company insiders own 0.25% of the company's stock.

Institutional Investors Weigh In On ServiceNow

Several institutional investors and hedge funds have recently modified their holdings of the stock. Soltis Investment Advisors LLC increased its position in ServiceNow by 3.5% in the third quarter. Soltis Investment Advisors LLC now owns 568 shares of the information technology services provider's stock worth $508,000 after purchasing an additional 19 shares during the last quarter. Coldstream Capital Management Inc. increased its position in ServiceNow by 65.5% in the third quarter. Coldstream Capital Management Inc. now owns 5,915 shares of the information technology services provider's stock worth $5,647,000 after purchasing an additional 2,342 shares during the last quarter. RB Capital Management LLC increased its position in ServiceNow by 1.8% in the third quarter. RB Capital Management LLC now owns 1,223 shares of the information technology services provider's stock worth $1,094,000 after purchasing an additional 22 shares during the last quarter. Geode Capital Management LLC increased its position in ServiceNow by 1.9% in the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider's stock worth $3,753,828,000 after purchasing an additional 78,378 shares during the last quarter. Finally, Resources Management Corp CT ADV boosted its stake in ServiceNow by 1.6% during the third quarter. Resources Management Corp CT ADV now owns 1,286 shares of the information technology services provider's stock worth $1,150,000 after buying an additional 20 shares during the period. 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.