ServiceNow's (NOW) "Overweight" Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of ServiceNow (NYSE:NOW - Free Report) in a research report released on Wednesday morning,Benzinga reports. Cantor Fitzgerald currently has a $1,048.00 price objective on the information technology services provider's stock.

A number of other research firms have also issued reports on NOW. Stifel Nicolaus dropped their target price on shares of ServiceNow from $1,175.00 to $950.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Scotiabank dropped their price objective on shares of ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating for the company in a research note on Monday, March 17th. UBS Group decreased their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating on the stock in a research note on Tuesday, March 11th. Royal Bank of Canada set a $986.00 price target on ServiceNow in a research report on Tuesday, March 11th. Finally, Raymond James reduced their price objective on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $1,057.17.

ServiceNow Price Performance

Shares of NOW stock traded down $24.48 on Wednesday, reaching $772.18. 1,802,088 shares of the company were exchanged, compared to its average volume of 1,480,412. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The business has a 50-day moving average price of $852.94 and a 200 day moving average price of $969.52. The company has a market cap of $159.84 billion, a price-to-earnings ratio of 113.06, a P/E/G ratio of 4.51 and a beta of 1.08.

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%. Equities research analysts forecast that ServiceNow will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has approved a stock buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the business's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,250 shares of company stock worth $19,853,273 in the last quarter. 0.38% of the stock is owned by company insiders.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently bought and sold shares of NOW. Quarry LP acquired a new stake in shares of ServiceNow during the 4th quarter worth about $27,000. Atala Financial Inc purchased a new position in ServiceNow in the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow during the fourth quarter worth approximately $32,000. Noble Wealth Management PBC purchased a new stake in shares of ServiceNow during the 4th quarter worth approximately $34,000. Finally, FPC Investment Advisory Inc. boosted its holdings in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after buying an additional 29 shares in the last quarter. 87.18% of the stock is currently 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.