ServiceNow (NYSE:NOW) Coverage Initiated at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage on shares of ServiceNow (NYSE:NOW - Free Report) in a research note released on Friday, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $1,332.00 price target on the information technology services provider's stock.

Several other equities analysts have also recently weighed in on the company. Oppenheimer lifted their price objective on ServiceNow from $1,020.00 to $1,150.00 and gave the company an "outperform" rating in a report on Tuesday, December 3rd. Piper Sandler lifted their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Mizuho increased their price objective on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. Morgan Stanley cut shares of ServiceNow from an "overweight" rating to an "equal weight" rating and boosted their price objective for the company from $900.00 to $960.00 in a research report on Monday, October 21st. Finally, Needham & Company LLC increased their target price on ServiceNow from $1,075.00 to $1,150.00 and gave the stock a "buy" rating in a report on Monday, November 25th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,080.38.

ServiceNow Trading Up 1.6 %

NYSE NOW traded up $17.32 during trading on Friday, reaching $1,074.48. 659,228 shares of the stock traded hands, compared to its average volume of 1,131,670. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,157.90. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The firm has a market cap of $221.34 billion, a price-to-earnings ratio of 167.04, a price-to-earnings-growth ratio of 4.65 and a beta of 0.99. The stock's 50-day moving average price is $1,067.55 and its 200 day moving average price is $928.41.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.21 EPS. Analysts predict that ServiceNow will post 7.07 EPS for the current year.

Insider Transactions at ServiceNow

In other news, Director Jeffrey A. Miller sold 2,879 shares of the firm's 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 transaction, the director now directly owns 42,920 shares of the company's stock, valued at approximately $43,740,630.40. This trade represents a 6.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company's stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,276 shares of company stock worth $20,535,115. Company insiders own 0.25% of the company's stock.

Hedge Funds Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Truvestments Capital LLC acquired a new position in ServiceNow in the third quarter valued at about $30,000. DT Investment Partners LLC increased its holdings in ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider's stock valued at $35,000 after buying an additional 17 shares during the period. Oakworth Capital Inc. raised its position in shares of ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider's stock valued at $39,000 after buying an additional 14 shares in the last quarter. Semmax Financial Advisors Inc. bought a new stake in shares of ServiceNow during the 2nd quarter worth approximately $39,000. Finally, Dunhill Financial LLC boosted its position in shares of ServiceNow by 70.0% during the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider's stock worth $46,000 after acquiring an additional 21 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

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.