ServiceNow (NYSE:NOW) Coverage Initiated at Redburn Atlantic

Investment analysts at Redburn Atlantic assumed coverage on shares of ServiceNow (NYSE:NOW - Get Free Report) in a note issued to investors on Wednesday, MarketBeat.com reports. The brokerage set a "buy" rating on the information technology services provider's stock.

Several other brokerages have also recently issued reports on NOW. Wells Fargo & Company lifted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an "overweight" rating in a research note on Thursday, December 5th. Guggenheim reissued a "sell" rating and issued a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. Oppenheimer upped their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Citigroup decreased their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. Finally, Mizuho boosted their target price on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and a consensus target price of $1,129.72.

ServiceNow Price Performance

Shares of NOW traded down $30.19 during mid-day trading on Wednesday, hitting $937.79. 2,001,299 shares of the company were exchanged, compared to its average volume of 1,645,842. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock has a market cap of $193.18 billion, a price-to-earnings ratio of 137.30, a price-to-earnings-growth ratio of 4.60 and a beta of 0.99. The company has a 50 day moving average of $1,054.69 and a 200-day moving average of $977.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting analysts' consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Analysts expect that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares in the company, valued at $11,710,600. This trade represents a 16.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicholas Tzitzon sold 313 shares of the company's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the transaction, the insider now owns 3,649 shares of the company's stock, valued at $3,884,725.40. This represents a 7.90 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,806 shares of company stock valued at $16,065,122. 0.25% of the stock is currently owned by corporate insiders.

Institutional Trading of ServiceNow

Several institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP purchased a new stake in ServiceNow in the fourth quarter valued at approximately $27,000. Atala Financial Inc acquired a new position in shares of ServiceNow in the 4th quarter valued at $28,000. Truvestments Capital LLC acquired a new position in shares of ServiceNow in the 3rd quarter valued at $30,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow in the 4th quarter valued at $32,000. Finally, FPC Investment Advisory Inc. boosted its stake in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after purchasing an additional 29 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.